Reducing Taxes Offshore: The World’s Top Tax Havens

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Home \| Business \| Others \| Reducing Taxes Offsh ... Reducing Taxes Offshore: The World’s Top Tax Havens Submitted by Joseph on 2008-04-10 and viewed 96 times.

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With more wealth in the world today than any time in man’s history that means there are many people with crippling tax burdens who seek out the relief that can be found through the use of offshore tax havens. The best jurisdictions for investors today are Switzerland and Panama due to their rock solid banking secrecy laws and advantageous tax laws that encourage foreign investment.

With more wealth in the world today than any time in man’s history that means there are many people with crippling tax burdens who seek out the relief that can be found through the use of offshore tax havens. The best jurisdictions for investors today are Switzerland and Panama due to their rock solid banking secrecy laws and advantageous tax laws that encourage foreign investment.

Both countries offer a high level of security for both your financial and personal information, though in recent years, Panama has come to offer a higher level of security and anonymity. When opening a bank account in Switzerland, one must now provide such information as a social security number, whereas in Panama this information is not required.

Panama does not have any tax treaties with other governments except for the the United States which is only enforced in extreme cases. Since Panama has bearer share corporations without necessarily the true owner’s identity attached to the corporate documents proving a tax offense can be costly and difficult. Switzerland recently amended their tax treaties and with certain countries under foreign pressure to do so.

This should not deter you from choosing to bank in Switzerland though. Compared to the other offshore jurisdictions that you have to choose from, both Panama and Switzerland are still the best offshore companies for tax breaks. Most Swiss banks are long standing, well established facilities that provide a measure of protection for investors if for no other reason than the fact that they have a long business history of providing safe banking. With so many offshore scams popping up and stealing money from investors, the many people feel secure using Swiss banks because of the long history they provide.

Most people really underestimate Panama thinking it is a third world country in Central America as such should not be trusted as a tax haven. Many first time visitors to Panama City are surprised to see the 50 and 60 floor banking buildings that are located there. They are quite a site to behold and there are a lot of them. What you won’t find is Panama mentioned at the heart of a tax investigation as a place that gives up people’s names. I challenge any reader to find a story where a Panama bank official has turned over lists of people using their bank like has happened in so many other jurisdictions.

Panamanian banks do provide a higher level of asset protection, if only for the fact that they operate without any tax treaties from other countries and will not release an individuals information. The only case of bank secrecy being lifted in Panama is in the case of a severe criminal investigation, and even then the agency looking to lift the secrecy will have to make a strong case and go through the proper channels.

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.

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