panama

[donald bathe]

since panama is a designated offshore center, if someone moves to panama and obtains permanent resident status there but decides to open an offshore bank account elsewhere, does panama oblige legal permanent residents to disclose their bank accounts? i guess what im saying here is if one is living somewhere that has been designated as an offshore financial center they in turn would or would not force legal residents to declare offshore bank accounts if they themselves are an offshore bank nation? does this make sense you guys?

 

[JohnLocke]

donald bathe said:
since panama is a designated offshore center, if someone moves to panama and obtains permanent resident status there but decides to open an offshore bank account elsewhere, does panama oblige legal permanent residents to disclose their bank accounts?
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Not if you give up your residence in your current country so they will have no obligation to do that!

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[donald bathe]

Admin said:
Not if you give up your residence in your current country so they will have no obligation to do that!
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but how can that be done to live in panama only as a legal permanent resident and keep ones residence in ones native country at the same time then? rsvp

 

[JohnSeed]

donald bathe said:
but how can that be done to live in panama only as a legal permanent resident and keep ones residence in ones native country at the same time then? rsvp
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Why would you do that. Isn't the whole point to switch to an country where you have to pay less- or no tax?!

 

[donald bathe]

moneynetwork said:
Why would you do that. Isn't the whole point to switch to an country where you have to pay less- or no tax?!
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well let me ask you this then, if i were to move to panama and only be a legal permanent resident of panama, would i have to report offshore bank accounts to their government since i was born in el salvador? rsvp

 

[negon]

donald bathe said:
well let me ask you this then, if i were to move to panama and only be a legal permanent resident of panama, would i have to report offshore bank accounts to their government since i was born in el salvador? rsvp
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No you will defiantly not need to report anything to your former home country thats for sure. If you get a perma. residential of Panama and open an account there then you are liable for tax in Panama whatever that means and you have to follow their laws not the laws in Salvador! It's the same on the entire Globe.

The problem is that people don't want to give up their citizens and open accounts in other countries i.e. offshore jurisdictions but don't want to pay tax!

 

[JohnSeed]

auric said:
No you will defiantly not need to report anything to your former home country thats for sure. If you get a perma. residential of Panama and open an account there then you are liable for tax in Panama whatever that means and you have to follow their laws not the laws in Salvador! It's the same on the entire Globe.

The problem is that people don't want to give up their citizens and open accounts in other countries i.e. offshore jurisdictions but don't want to pay tax!
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second that!

 

[donald bathe]

auric said:
No you will defiantly not need to report anything to your former home country thats for sure. If you get a perma. residential of Panama and open an account there then you are liable for tax in Panama whatever that means and you have to follow their laws not the laws in Salvador! It's the same on the entire Globe.

The problem is that people don't want to give up their citizens and open accounts in other countries i.e. offshore jurisdictions but don't want to pay tax!
Click to expand...

well if i were to move to panama but open in the seychelles or elsewhere would it be the same or not? youre confusing me here! rsvp