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10 reasons to go your business to Panama

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1 year 9 months ago #14 by Administrator
There are at least 100 reasons to go your business to Panama, without changing your geographical area or work. Listed below are the Top 10.

Pay no income taxes on profits your firm as you will not remit to your home country. You should pay taxes if you are sending money back to your house country from your Panamanian corporation, whether in income or tax-advantaged capital or dividends gains. However, the corporation can pay a lot of your expenses as legitimate business expenses.

Pay no taxes in Panama. A non-resident Panamanian International Business Company or Private Interest Foundation does not pay any type of tax on its income or possessions and doesn't have any reporting requirements to the Panamanian government actually.

No Panamanian necessity to gather sales taxes from your own customers.
No capital benefits tax, no tax on interest income, simply no share transfer or sale taxes, no property tax, no gift tax.

Panama is one of the best government in Latin America, no army (it had been abolished by constitutional amendment in 1994; protection is supplied by the U.S.) and 70 years of the same offshore corporation rules. It has the second-largest free trade area in the global globe, following Hong Kong again, with almost 2,000 import/export businesses working inside it and more than 250,000 visitors a complete year. Products can be imported, warehoused, and delivered to customers in virtually any national nation in the world without spending import or export duties. There is no requirement of paid-in capital. Directors, officers, and shareholders could be of any nationality and have a home in any national country. Meetings of directors, officers, and shareholders may be held in any country (travel and entertainment expenses are 100% deductible), and accounting books could be kept in virtually any national country. Corporations conducting business beyond Panama do not need a commercial license for offshore business activities. You don't have to go to Panama to determine a corporation or Private Interest Foundation, carry out any form of business, move money around, or dissolve the entity.

Nevertheless, you shall want to visit there! Panama is a lovely country with world-class beaches on each ocean. If you want to sail, fish or scuba, it is paradise - and a cheap spot to retire still. There are excellent health care and a rich cultural life. Panama gets the lowest crime rate in every of South and Central America. The economy is undoubtedly probably the most stable generally, prosperous, and advanced in Latin America. Panama's legal tender may be the U.S. dollar, and there are no forex restrictions or controls. Inflation has been under 2% going back 40 years.

Through the Asian currency crisis, Panama was untouched. Panama is a significant node on the Global Crossing optical fiber backbone, so web pages load fast for Internet surfers all over the world remarkably.

Bulletproof asset protection. Panama does not allow piercing the organization veil. The Panama Private Interest Foundation is among the most useful asset safety and estate planning vehicles available all over the world.

Avoid Federal estate taxes completely, and there is absolutely no present tax. Panama shares certificates can be released as Bearer shares, an anonymous type of ownership.

After 9/11 even, Panama's bank secrecy laws, which are in its constitution, will be the greatest in the global globe. Revealing banking information to a third party is a serious crime, punishable by a jail and fine term. Panama does not have any mutual legal assistance treaties to talk about banking information with any other country, and will not recognize court rulings from other countries. The only exceptions are for drug money laundering and drug smuggling, as the national government wants to keep that component out of the country.

There are reliable, honest people in Panama to handle all of your business affair and web hosting, in sharp contrast to another offshore jurisdiction.

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