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Reducing Taxes Offshore: The World's Top Tax Havens |
By:
Joseph Breckenburger |
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Reducing Taxes Offshore: The World's Top Tax Havens
Joseph Breckenburger
When it comes to top tax havens, Panama and Switzerland are the favorite offshore jurisdictions of investors. For many years, investors viewed Switzerland as the go-to place when desiring to place money in an offshore account. Panama has joined Switzerland in these ranks and now the two are the most sought after jurisdictions for investors world wide.
Panama and Switzerland are both great at gaurding your personal and financial data since the reputations they have built are literally worth billions of dollars to uphold. Since Switzerland has tightened it's restrictions and now requires a larger investment Panama has picked up the slack from the mid sized and smaller businesses since they do not have the capital requirements that Switzerland does.
Panama does not have MLAT treaties with other countries, except the United States in a limited capacity, and hence has a well deserved reputation for privacy in it's banking system. A tax offense may be serious business in other countries but Panama treats it as a minor offense. Switzerland, under enormous foreign pressure, has bowed down on tax investigations in recent times soiling their reputation slightly.
This is not to mean that Switzerland is no longer a tax haven because it still is one of the best. Having an offshore destination in a country in Europe with the stability that it offers as well as a long and storied reputation is quite a draw for many people. Most Swiss banks have been around for a long time and are well established and knowledgeable about what they do. They are a "safe" tax haven choice. The security that a Swiss bank can offer is hard to duplicate anywhere else in the world currently.
Many investor's are surprised when they learn that banks in Panama are actually quite massive operations. They are legitimate and real banks for locals and foreigners alike. They are not fly by night operations set up solely to grab investor's cash. You can walk in to a bank in Panama and be treated to the same level of service as you would expect in North America or Europe. Many bank towers dot the cities skyline, often times more than 50 - 60 stories in height. This is shocking for many investor's who think Panama is a third world country not to be trusted as a tax haven.
Panama will not lift their strict banking secrecy laws for just anyone who comes asking. It is up to the authorities to prove that a serious crime has been committed and hence the information must be released to stop this criminal activity. Serious offenses such as drug dealing or money laundering are not tolerated in Panama but tax offenses are not treated as serious. In any event the authorities must get a court order to have this information released, they cannot simply ask the bank to release it. They won't!
There are of course many other countries and jurisdictions available for you to establish an offshore banking account or an offshore incorporation. While many of these countries are also viewed as tax havens and top choices for investment, if you are looking for the best you should consider placing your investment into a facility that is located in a Switzerland or Panamanian jurisdiction. That way, you can rest assured that your money is in an established facility that will offer you the protection that your assets need.
Find out more information about http://www.offshorelegal.org/asset-protection/switzerland-asset-protection/switzerland-asset-protection--a-financial-tax-haven.html swiss offshore tax reduction or http://www.offshorelegal.org/bullet-proof-asset-protection.html offshore asset protection at the author's website.
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Article Source: http://www.PopularArticles.com/article152483.html |
Article: Reducing Taxes Offshore: The World's Top Tax Havens
Author: Joseph Breckenburger
Total Views: 35
Word Count: 595
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