But are you really safe?
In the last few years, laws such as the Patriot Act in the US have been approved that effectively take your rights to privacy and financial well being away.
These same laws that were meant to protect us are now instead being used as a loophole by high power lawyers and government agencies to access your banking records, garnish money and freeze your assets.
In fact, currently US banks automatically report to government agencies on the activities of their clients, including you. What's worse, your hard earned savings can now be legally garnished from your bank account by government agencies and creditors who may believe they have a claim against you. In the US alone you stand a 1 in 4 chance of being sued if your net worth exceeds $100,000. Not a lot of money!
Can you sleep at night?
Many offshore tax havens are no longer safe either. The Patriot act has enabled the US to attack the privacy laws in the Bahamas, and the UK has even forced the Jersey Islands to fully disclose beneficial ownership information.
Indeed there are very few places now with real asset protection. However, the tax haven of Panama is one such place that still enjoys complete company formation privacy and asset protection.
Panama constitution provides the highest levels of banking and corporate privacy laws in the world. With Britain's proposed regulation for removal of bank and corporate book secrecy in the UK offshore territories, it is clear that Panama will remain one of the only secure offshore financial centers in terms of privacy and confidentiality that is not only respected, but vigorously protected by constitutional law. Panama has no mutual legal assistance treaties for sharing of banking information with any other nation, and does not recognize court rulings from other countries. In fact, revealing banking information to third parties is a crime in Panama, punishable by imprisonment. There is no such thing as "piercing the corporate veil" in Panama. Panama Corporations also offer "Bearer Shares," allowing shareholders to maintain 100% privacy and confidentiality.
Richard Price is the owner and author of http://www.confidentialbanking.com, a source for offshore banking services.
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