Who says Panama is a Tax Haven?

Hundreds of financial companies are urging American businesses to move to Panama, already the home of 350,000 subsidiaries. They give their reasons below, on their promotional websites, in their own words.

Offshore Legal Services:
Asset Protection Services in Panama
“To tighten the privacy up one needs to use an anonymous offshore corporation, an offshore trust, or an offshore foundation like the Panama Private Interest Foundation.”

Capital Conservator:
Panama Bank Secrecy
“Panama still holds some of the strongest bank secrecy laws in the world. While other countries have been forced to water down their legislation, these jurisdictions have up to date managed to avoid the spotlight and uphold their sovereignty.”

Panama: World Class Tax Haven
“The resurgence of Panama’s stature as a tax haven was helped by more than a billion dollars of aid and the repatriation of hundreds of millions of dollars of refugee funds. . . a 20-year exemption from income tax and exemption from restrictive clauses of the Labour Code are some of the benefits being offered . . “

Panama Legal Law Firm:
Offshore Banking, Offshore Corporation & Asset Protection
“We also have no name ATM cards good in ATM machines around the world. These ATM cards come in a folder with the pin number and you can just pick one out of a stack and leave with it. No chance of anything being embedded in the magnetic strip. No ID is given to the card operators.”

International Living:
An offshore investment hideaway better than Liechtenstein or Switzerland
“Any income derived from sources outside of Panama may be received in Panama free of any taxes. So interest or dividends you earn from sources outside of Panama are not taxable here.”

CPanama Corporation:
Panama Real Estate
“Often referred to as ‘the Switzerland of Latin America’ . . . With extremely rigid privacy laws, Panama is an offshore banking haven and offers many advantages and incentives to foreigners”

Asset Protection Company:
Offshore havens – the Republic of Panama
“Panama pioneered adopting offshore corporate and asset protection laws. Currently, the Republic of Panama is home to thousands of international business corporations, trusts and private foundations. The majority of these companies were created and are controlled by foreigners, and all of them are protected by guaranteed financial and banking privacy.”

Panama Legal Services:
Panama Bank Secrecy Laws
“Panama is the “new Switzerland”. These corporations have no ownership records.”

Tax Implications of Banking in Panama: Tax Evasion vs Tax Planning
“Except for the $300 corporation renewal there are no taxes to be paid.”

Asset Havens (Robert Bauman, former member of U.S. Congress)
Panama: Still the World’s Most Useful Asset Haven
“The highly independent Panamanian government, regardless of the party in power, has consistently rebuffed the demands of the Organization for Economic and Community Development (OECD) and other global busybodies. From the outset of the OECD’s shameful “harmful tax competition” initiative, Panama has made it clear that it will not abolish bank secrecy and begin exchanging information about those who use its financial services with tax authorities in other nations . . . “