panama questions

[realcat]

Hi.

Panama is on the list of AEOI.

If you were granted Friendly nations residency visa, would your personal or corporate bank account in Panama be reported to the country of citizenship (where you actually live) ?

 

[negon]

yes that's what the whole exercise is about 🙁

 

[suzy]

Forget about Panama. If you ask me I would find a different jurisdiction. Panama is dead as offshore jurisdiction after all the crap focus is 100% on Panama corps now!

 

[realcat]

I asked because i was under impression that only non-resident accounts are to be reported. If you become resident you should be on safe side.

 

[negon]

I don't think that to be true. You may find some official from a bank or something to dive deeper into it. It is important to understand the new reporting by the banks.

 

[JohnLocke]

Most of the countries that we thought would not enter into such agreements are forced to sign them! What I would look at is to check jurisdictions where the banks don't need to report corporate accounts same way as personal accounts. Cyprus seems to only report if the accounts not active. I read a post from EPB rep. here on the forum that they also are not forced to report anything so there may be more banks available.

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[negon]

To become resident in Panama is costs something like $15k or even 25K depending on who you ask to help you, or did you find something cheaper?

 

[realcat]

it works around 10k from what i was told. 5k needs to be deposited in bank account, but you still own that money.

 

[realcat]

Admin said:
I read a post from EPB rep. here on the forum that they also are not forced to report anything
Click to expand...

Hi, can you provide link to the post/thread ?

 

[JohnLocke]

hmm I can't find that thread any longer, just found this one Euro Pacific Bank affiliate payouts missing? username @David EPB maybe he can confirm it here.

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[realcat]

Do you believe they are saying that just to attract more customers? St. Vincent and the Grenadines has signed aeoi so they have to report account holders to comply with regulations.

 

[JohnLocke]

Sorry, my fault it was not the rep. of EPB here is the post Euro Pacific Bank Ltd was a long time since I read it.

I don't know what to say..

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[negon]

Can you please open a new thread Admin it is against the forum rules to post off topic 😀 troll¤##

 

[JohnLocke]

auric said:
Can you please open a new thread Admin it is against the forum rules to post off topic 😀 troll¤##
Click to expand...

Go away, you must go 😀

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[Internationaloff]

realcat said:
Hi.

Panama is on the list of AEOI.

If you were granted Friendly nations residency visa, would your personal or corporate bank account in Panama be reported to the country of citizenship (where you actually live) ?
Click to expand...

Only non-resident account are to be reported. If you are a resident, you are safe.

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[Internationaloff]

auric said:
To become resident in Panama is costs something like $15k or even 25K depending on who you ask to help you, or did you find something cheaper?
Click to expand...

To become resident in Panama the price is $ 8K Friendly Nations ($5/6K Italian Citizens) +
$ 5K deposited in bank account (Proof of Economic Solvency).

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[realcat]

That's exactly what i was saying. If that is true panama residency is worth investment in my opinion. I mean if you don't want your home country to find out about your offshore account this could be solution. As far as i know Panamiam residency is easiest one to obtain and maintain.

 

[JohnLocke]

How do you go about worldwide income tax issues with your second citizenship? What I mean is, as long as you live in your current country you will have to pay tax there or do you want to move to Panama?

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[realcat]

It's not citizenship, only permanent residency.

Yes, you have to pay tax where you live, but this setup could useful if you want to have offshore bank which no one knows about.

 

[Internationaloff]

realcat said:
It's not citizenship, only permanent residency.

Yes, you have to pay tax where you live, but this setup could useful if you want to have offshore bank which no one knows about.
Click to expand...

Panama is Tax Free for business and money outside Panama.
You can live example in Europe and use a Panamanian residency for business. Not for personal bank account in EU.
If your business and/or corporate bank account are outside Panama (example SVG Company + SVG Bank account), you are Tax Free in Panama. Not only. If your country dont' know about the new Panamanian residency, you are SAFE.

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