« on: November 07, 2008, 01:29:21 AM »
Panamanian Offshore Corporations
Excelling as a tax planning instrument, Panamanian corporations are widely known and used throughout the world. Panamanian corporations offer many tax benefits when used as Offshore Corporations or IBC?s, as called in other jurisdictions, also taking into account that the Republic of Panama is considered a tax haven country.
Panamanian corporations are easy to manage offering versatility and security. Ruled by Law 32 of 1927, Panamanian corporations can also be used for establishing local business, within the Republic of Panama.
Panamanian corporations can function as a holding company or own assets kept anywhere or real estate property located in any country without having to pay taxes in Panama for those properties held outside the Country.
Panamanian corporations thus serve businessmen, investors, or foreign companies for making savings on tax payments.
An offshore corporation may open bank accounts in or outside Panama and own property located outside Panama without having to pay taxes in Panama.
No reporting requirements (since Panama has a territorial tax system, while the income is earned offshore or from exempt sources, such as interest in bank, brokerage or forex accounts, then the corporation is not required to present tax returns or audited accounts).
It is possible to keep a business under direct control while maintaining complete confidentiality. This is possible because the names and details of the beneficial owners are not publicly available, since they are not filed at the public registry.
Reduction in legal liabilities, since the company has limited liability
No annual tax return requirements