If you would like to keep your banking offshore for the tax benefits, Panama is the “new” Switzerland, and there are many ways to move your funds offshore, and indeed “hide” assets, including shares and property. I’m personally interested in opening up an offshore savings account.. I’d love to squirrel away a bit of money that nobody knows about. I think everyone should have some assets up their sleeve just in case! But how to start? Apparently Panama banks don’t like hearing from non-Panama nationals about opening bank accounts - it’s much better to go through a law firm. Once such law firm is www.panamalaw.org which is packed with great information for starting up international Panama accounts.
They mention that some of the Panama banks have interest rates of seven percent, which is great considering the tax free aspect of this interest! It is certainly better than what we would get back home!
I’m just thinking of putting some of the funds I earn from blogging into a Panama bank account. With that great rate of interest and no tax, it could build into quite a good nest egg in a short period of time. Panama has no taxation for offshore derived income, and Panama also has no capital gains which is great if you like trading the stock exchange, and of course means your bank interest is not taxed either. Panama has no probate, no inheritance, and no estate taxes, so all that you make is yours to keep.
Like the idea? Check out all of the information you need to know about opening a panama bank account at Panama Legal.
