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Has anyone opened a business and bank account in Panama? If so do you have any advice to share?
Has anyone opened a business and bank account in Panama? If so do you have any advice to share?
Panama business
Any particular reason you're looking at Panama? You can get incorporated (LLC) in Hong Kong for about $1000USD, all done for you. Only catch is you actually have to fly there and do it in person.
You have to hire a lawyer and he will set up the company for you. Costs several hundred USD and you have to pay an annual fee. Apparently, its really hassle free and easy to do, only thing is that you have to do it in person, as well. Havent done myself, but I worked in Panama and know a lawyer who does this sort of thing.
Also interested in OPs question. From what I understand, Panama is the most stable place in LatAm to bank/incorporate. Anyone have recent intel?
Costa Rica is the safest place to bank in Latin America and maybe the world.
Which country is the business currently in ? This makes all the difference in the world to even see if what you are contemplating is even feasible.
If you are american, good luck. Most banks cant be bothered to take an american as a client now.
If you are looking at avoiding taxes I would advise that you do not attempt that. Gone are the days of people building wealth secretly without the government knowing. My best is advice is to go where all the criminals go to launder their money or avoid paying taxes elsewhere but within a certain countries rules.
That wonderful place is America. You only need to be scared of the IRS if you are american. If not, you pretty much have nothing to worry about. Especially if you are Canadian.
The US tax code is fucked and completely ridiculous if you are an American. But if you come from a country that has a tax agreement with the US then you are golden. The beauty of it is the taxes are so low if you are a foreigner, plus if you end up paying income in your home country the IRS will usually reimburse you. I kid you not. Americans would fucking faint if they knew how the US government treated foreign income. The reason being is the US can at will basically change the tax code on its own citizens but it cannot do it to foreigners because both countries have to agree to to it first. I know in Canada's case they usually add one line of code every decade or so. The changes take so long to take effect that you have more than enough time to prepare.
Also the US doesn't care if you come in with stolen money and buy real estate. The high end real estate market in the US is being propped up by money launderers as NAR does not track the proceed of funds.
Some of the other ridiculous things I have found out recently between Canada and the US tax agreement is in Canada we have old age pension which kicks in after you are 75. Most canadians even though they paid into for their whole life will never see it. You have to be dirt poor in order to collect it on top of you CPP. If you have a modest income the government taxes it at 100% so you never see it. But if you reside in the US part time the IRS will give you a tax rebate of 85% of the total. I kid you not the IRS will cut a Canadian a cheque every year you are 75 and older living in the US. There are fucking way more gifts the US government will give you but I am drawing a blank right now. That was one of the most ridiculous ones though I can remember that I know is a fact.
Depending in what state you set up a company, you can pay probably as little as 4% tax. Not to mention if you set it up right you can gain access to medicare and medicaid and can have access to some of the finest doctors on the planet without having to pay very much. You can have routine checkups in your home country and since most people have socialized medicine then it is basically " free " and if something bad happens you can have surgery or expensive medication all compliments of Uncle Sam. The best part of the medical system is no waiting like you have to do in most socialist countries.
These are just a few of things to consider when setting up shop in a different country. Trust me, I learned the expensive way about trying to bank offshore and generate income tax free. Now I just play within the rules and just make sure I take more than I give
Which country is the business currently in ? This makes all the difference in the world to even see if what you are contemplating is even feasible.
If you are american, good luck. Most banks cant be bothered to take an american as a client now.
If you are looking at avoiding taxes I would advise that you do not attempt that. Gone are the days of people building wealth secretly without the government knowing. My best is advice is to go where all the criminals go to launder their money or avoid paying taxes elsewhere but within a certain countries rules.
That wonderful place is America. You only need to be scared of the IRS if you are american. If not, you pretty much have nothing to worry about. Especially if you are Canadian.
The US tax code is fucked and completely ridiculous if you are an American. But if you come from a country that has a tax agreement with the US then you are golden. The beauty of it is the taxes are so low if you are a foreigner, plus if you end up paying income in your home country the IRS will usually reimburse you. I kid you not. Americans would fucking faint if they knew how the US government treated foreign income. The reason being is the US can at will basically change the tax code on its own citizens but it cannot do it to foreigners because both countries have to agree to to it first. I know in Canada's case they usually add one line of code every decade or so. The changes take so long to take effect that you have more than enough time to prepare.
Also the US doesn't care if you come in with stolen money and buy real estate. The high end real estate market in the US is being propped up by money launderers as NAR does not track the proceed of funds.
Some of the other ridiculous things I have found out recently between Canada and the US tax agreement is in Canada we have old age pension which kicks in after you are 75. Most canadians even though they paid into for their whole life will never see it. You have to be dirt poor in order to collect it on top of you CPP. If you have a modest income the government taxes it at 100% so you never see it. But if you reside in the US part time the IRS will give you a tax rebate of 85% of the total. I kid you not the IRS will cut a Canadian a cheque every year you are 75 and older living in the US. There are fucking way more gifts the US government will give you but I am drawing a blank right now. That was one of the most ridiculous ones though I can remember that I know is a fact.
Depending in what state you set up a company, you can pay probably as little as 4% tax. Not to mention if you set it up right you can gain access to medicare and medicaid and can have access to some of the finest doctors on the planet without having to pay very much. You can have routine checkups in your home country and since most people have socialized medicine then it is basically " free " and if something bad happens you can have surgery or expensive medication all compliments of Uncle Sam. The best part of the medical system is no waiting like you have to do in most socialist countries.
These are just a few of things to consider when setting up shop in a different country. Trust me, I learned the expensive way about trying to bank offshore and generate income tax free. Now I just play within the rules and just make sure I take more than I give
" I'M NOT A CHRONIC CUNT LICKER "
Canada, where the women wear pants and the men wear skinny jeans
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