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The World's Top Tax Havens
The World's Top Tax Havens When it comes to top tax havens, Panama and Switzerland are the favorite offshore jurisdictions of investors. For many years, investors viewed Switzerland as the go-to place when desiring to place money in an offshore account. Panama has joined Switzerland in these ranks and now the two are the most sought after jurisdictions for investors world wide.
Both countries offer a high level of security for both your financial and personal information, though in recent years, Panama has come to offer a higher level of security and anonymity. When opening a bank account in Switzerland, one must now provide such information as a social security number, whereas in Panama this information is not required.
Due to the high pressure from other countries, and tax treaties with certain countries, Switzerland has undergone changes in its banking policies and security laws. Panama however, does not have tax treaties with other countries (except in a limited capacity with the US) and operates independently, so it is able to uphold the laws that it has in place.
This should not deter you from choosing to bank in Switzerland though. Compared to the other offshore jurisdictions that you have to choose from, both Panama and Switzerland are still the best offshore companies for tax breaks. Most Swiss banks are long standing, well established facilities that provide a measure of protection for investors if for no other reason than the fact that they have a long business history of providing safe banking. With so many offshore scams popping up and stealing money from investors, the many people feel secure using Swiss banks because of the long history they provide.
Though Panamanian banks do not have as long of a history as the Swiss, many people are so impressed with their level of bank secrecy laws and practices that they are willing to take a chance and invest their money in Panama instead. For those that are highly concerned about their tax information being exchanged with other agencies or authorities, Panama banks can provide the level of protection and anonymity that they are looking for.
Panamanian banks do provide a higher level of asset protection, if only for the fact that they operate without any tax treaties from other countries and will not release an individual's information. The only case of bank secrecy being lifted in Panama is in the case of a severe criminal investigation, and even then the agency looking to lift the secrecy will have to make a strong case and go through the proper channels including the Panama court system.
There are of course many other countries and jurisdictions available for you to establish an offshore banking account or an offshore incorporation. While many of these countries are also viewed as tax havens and top choices for investment, if you are looking for the best you should consider placing your investment into a facility that is located in a Switzerland or Panamanian jurisdiction. That way, you can rest assured that your money is in an established facility that will offer you the protection that your assets need.
About the Author:
For more information about reducing your taxes through offshore techniques please visit: www.offshorelegal.org/
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