Asset Protection through Offshore Banking in Panama

Learning about the tax aspect of offshore banking in Panama is very important. When looking to place your assets offshore for increased protection, there are many aspects to take into consideration. The following are some pointers about taxation in Panama.

With a bearer share corporation regular income of the corportation is not taxable if it has been generated outside of Panama. There is an annual government fee. The annual fee for corporations is $300. The banks charge service charges but that is not tax related. There are some tax charges to remember though. If there has been a sale of corporate shares, a capital gains tax is the owed.

This is because the shares exist in Panama and the gain has then occured in Panama. This is written in Section 701(e) of the Panama tax code; "profits derived from the sale of corporate shares and personal property are taxable income...the taxpayer will be subject to Capital Gains tax at a fixed rate of 10%".

There are some tax charges to remember though. If there has been a sale of corporate shares, a capital gains tax is the owed. This is because the shares exist in Panama and the gain has then occured in Panama. This is written in Section 701(e) of the Panama tax code; "profits derived from the sale of Corporate shares and personal property are taxable income...the taxpayer will be subject to Capital Gains tax at a fixed rate of 10%".

When looking to place your assets offshore for increased protection, there are many aspects to take into consideration. Learning about the tax aspect of offshore banking in Panama is very important. Make sure you are informed.

By: William Nederost

William writes regularly about asset protection in Panama through the use of foundations at the OffshoreLegal website.

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