Swiss asset protection vs Panama asset protection

Making a decision as to where you will protect your assets can be difficult. Asset protection in Panama is the best alternative to Switzerland today.

While Switzerland is well respected with a long history, it no longer lives up to it's reputation. Many people struggle with deciding between the reputation of Swiss asset protection, and the many benefits available in Panama today. Panama now offers what Switzerland was once famous for but has now closed down due to pressures from the United States.

Swiss banks have large minimum deposit requirements. A well established bank in Switzerland requires a minimum balance of $250,000 USD. There are some smaller banks with minimum deposit amounts of $10,000 USD. Their goal is to avoid all clients that do not have significant wealth. It makes little sense to Panama bankers who welcome everyone. Panama is not "snooty" like Switzerland.

Swiss bankers do not like a declining balance over several months. If you operate your account in this way, depending on the age of your account, you may be asked to close your account. This is a very snobbish attitude, but very real. A new Swiss bank account holder should be wary of this restriction. Panama banks do not take issue with a large deposit followed by regular withdrawals.

The banks in Switzerland are large and well respected. They do provide a safe place to store your money. The problem is that bank secrecy in Switzerland has eroded so much that they now ask you for social security number (if you are US citizen). Panama, of course, does not have this requirement and has strong bank secrecy laws, both on the books, and in practice.

Switzerland banks are required to co-operated with other country's tax authorities. They have many tax treaties allowing tax information to flow freely. This makes them a poor offshore jurisdiction choice. Panama on the other hand does not co-operate with anyone regarding banking information. The only time this is broken is for criminal investigations, and then, the burden of proof by the requesting country is extremely high. (Tax evasion is not a crime in Panama and no MLAT requests are honored for tax evasion cases.)

Switzerland banks have huge sums of money under management. To the average depositor, interested in protecting their hard earned assets, this can be an attraction. On the other hand, as people become educated they realize that Swiss bank secrecy is now an artifact of the past. Panama is the fastest growing offshore jurisdiction, with large well established banks, ready to protect your assets.

Article Source: http://www.myaddirectory.com

If you are considering setting up an Asset Protection structure in Panama or Switzerland please consider read other OffshoreLegal.org information on www.offshorelegal.org/asset-protection/panama-offshore-asset-protection/panama-asset-protection.html

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