Many in the world believe that the bank secret no longer exists in the United States and that the financial institutions share their clients’ personal information with the Government; however, a recent report by the Tax Justice Network shows the United States appears in third place, led only by Switzerland and Hong Kong, among the countries that most respect the bank secret.Three years ago, this same report placed the United…
The times when foreign bank accounts were protected by banking secrecy, above all in offshore jurisdictions, can be considered officially over. Those who resorted to this tax engineering tool now know that their personal information can be exposed, because the banks are becoming increasingly fearful and faced with increasing requests from State governments, they share their clients’ personal information. E-wallets are replacing foreign bank accounts.So, what went on before? Faced…
Alarms are ringing on every side after the leaks in WhatsApp’s new confidentiality policy, which allows it to share its users’ data with other businesses in it group; in addition, this is combined with an investigation of the computer company InTheCyber in which they confirmed that any person, even without high technical knowledge, can exploit a weakness in WhatsApp and Telegram to access everything sent and received on these services.…
Important changes in the Panama’s offshore legislation have been implemented with the adoption of Law 52 of 2016, which establishes the obligation to keep accounting records for those legal persons that do not conduct transactions that are perfected, consummated or have its effects within the Republic of Panama.   This new regulation is now in full force; therefore, it is important to read carefully and that all clients send us…
These are very low tax-laden jurisdictions, with very friendly tax regimes for those who decides to put their money in the banks. For pensioners and those who manages large fortunes, tax havens are very attractive places, because they allow them to carry out legal operations that affects a lower tax burden. But the map of tax havens, product of the pressure, is changing and more and more the jurisdictions that…
The Liberian Government decided to introduce a major change in the offshore companies registered in this African country: The issuance of shares to the bearer will no longer be accepted. This amendment of the law was adopted to meet international standards and eliminate the risks of illegal evasion, illicit flow of capital, money laundering and terrorist financing. Offshore companies previously registered in Liberia that had been authorized to use bearer…
By Matilde Calamai Interview with attorney Giovanni Caporaso, Italian expatriate and resident in Panama since 1991, owner of the law firm Caporaso & Partners Law Office. Why invest in real estate in Panama? Because it is a constantly growing market and offers opportunities for all budgets. Tax exemptions on new apartments and real estate properties with a cadastral value of less than USD 30,000 are also an excellent incentive.  …
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