THE OFFSHORE ADVANTAGES OF THE REPUBLIC OF PANAMA The Republic of Panama is perhaps the ideal destination for anyone looking for

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Question: "Which offshore haven nation do you think is best?" "Which one do you recommend?"

These days, at the top of the list is the Republic of Panama.

Of course a person who plans to "go offshore" with banking, investments and business needs a special place that suits their own particular needs. And with the offshore financial world under attack from OECD bureaucrats and socialist nation tax collectors, you must choose carefully. Not only is the traditional freedom and sovereignty of offshore tax and asset haven nations at stake, so is your own wealth.

Safety, security and privacy are among the many reasons I choose Panama.

Panama is a modern, international financial center it has become. With over 50 foreign banks and an established offshore service sector, today the Republic of Panama is the ideal destination for anyone seeking guaranteed financial privacy and no taxes, corporate or personal. Its proximity to the growing Latin market makes it a natural base for world business operations and, because of its history, it isn't under the thumb of either the U.S. or, as is Bermuda and the Cayman Islands, the Labour government in London.

Many benefits await you in Panama. Read it! Use it!

THE OFFSHORE ADVANTAGES OF THE REPUBLIC OF PANAMA

The Republic of Panama is perhaps the ideal destination for anyone looking for serious financial privacy and no taxes, corporate or personal. Its proximity to the growing Latin market makes it a natural base for world business operations and, in spite of its history, it isn't directly under the thumb of either the U.S. or (unlike Bermuda and the Cayman Islands) the U.K.

Nearly every major world bank has a full-service branch office in Panama, with representation from Japan, Germany, Brazil, and the U.S. As in Wall Street or the City in London, Panama City's business district high-rises bear the logos of Chase, Lloyds, Dai-Ichi Kangyo, Swiss Bank Corp., Republic National, Credit Lyonnais, and Dresdner.

Derek Sambrook, an international bank regulator and trust expert based in Panama, points out: "Brass plate banks represented by a law firm, for example, are not permitted in Panama, and the 102 banks that do operate are fully staffed and functional. Compare that with the Cayman Islands, which has more than 500 banks, but fewer than 10 that are full-service retail banks."

Admittedly, it's taken time for the banking sector's reputation to recover from the aftermath of the 1988 U.S.
military invasion. That left nearly every financial institution in Panama under suspicion of drug money
activity. Under the direction of DEA and FBI agents, invading U.S. troops hauled away bank records alleged to
show criminal conduct by the deposed president Noriega and his regime accused of drug trafficking.

Since then, Panama's bankers have been anxious to reassert the sanctity of their banking secrecy laws...which have a long history in this country. Along with Luxembourg and Liechtenstein, Panama adopted specific tax haven legislation in the 1920s.

A central part of that long tax haven tradition has been statutory guarantees of financial privacy and
confidentiality. Violators can suffer civil and criminal penalties. There is no requirement to reveal beneficial
trust or corporate ownership to Panama authorities. Bearer shares are permitted. And Panama has no double-taxation agreements and no tax information exchange agreements with other countries.

While "dollarization" is debated as a novel concept elsewhere in Latin America, the U.S. dollar has been
Panama's official paper currency since 1904. (The local equivalent is the balboa, and there are Panamanian coins
that circulate along with U.S. coins).

Panama has no central bank to print money, and, as Juan Luis Moreno-Villalaz, an economic adviser to Panama's Ministry of Economy and Finance, recently noted, "In Panama...there has never been a systemic banking crisis. Indeed, in several instances, international banks have acted as the system's lender of last resort. The Panamanian system provides low interest rates, around 9% on mortgages and commercial loans. Credit is ample, with 30-year mortgages readily available. These are unusual conditions for a developing country and are largely achieved because there is no exchange-rate risk, a low risk of financial crises, and ample flow of funds from abroad."

Panama grew as an international financial center after enactment of Decree No. 238 in July 1970, a liberal banking law that also abolished currency controls. The law exempts offshore business in Panama from income tax and from taxes on interest earned from domestic savings accounts and offshore transactions. Since February 1999 a new comprehensive Banking Law has been in place, which could prove to be the legal structure that will confirm Panama as a leading world offshore finance center.

Panama's growing financial sector also includes its active Stock Exchange, captive insurance and re-insurance
companies, and financial and leasing companies. At the Atlantic end of the Canal is the Colon Free Zone, a
tax-free transshipment facility for world trade. However suspect it may have been in the past, Panama is
fast becoming one of the world's major financial crossroads. Base your business there and you're connected
everywhere.

A newly negotiated US-United Kingdom tax treaty Under the new treaty for the first time the UK can provide the US IRS with bank account and other financial information about US citizens who are not resident in the UK, but who bank, do business or have assets there. This would help the IRS track down assets of US tax exiles living in third countries. The UK taxes only residents, rather than all UK citizens, so it doesn't chase Brits living abroad for taxes, as does the US, where the worldwide income of all citizens is taxed.

Bahamas' 51st U.S. state? NASSAU. Having complied with OECD, FATF and US Treasury orders to
eviscerate its offshore laws, The Bahamas now requires reporting to the government all cash transactions exceeding $10,000, including travelers checks, bearer shares, postal and other money orders.

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