The nations leading the pack out of the recession are the second tier economies of Asia. Their currencies are predicted to advance against the dollar, Euro, and Yen over the next few years. Meanwhile lawmakers in the United States are talking about raising taxes. To those who have scrimped and saved for years to put together a nest egg for retirement this may be ominous news. The PIIGS affair lays a cloud of depression over the EU. For some the attraction of doing business outside of North America or Europe is increasing.
With current worldwide economic realities in mind where are you going to do business next? The United States and Europe do not need to be on either end of your supply chain. You bank does not need to be in the USA. Your company can be offshore. You can arrange your affairs in such a way as to make yourself the beneficiary of a Panama Foundation and enjoy the fruits of your labors in privacy.
The Argument for Moving Offshore
There are many tax advantaged jurisdictions such as Belize and Panama. Going "offshore" in these countries and you will not have any local taxes on international income. Using a combination of Panama and Belize entities there are legal vehicles for incorporation, for banking, and for Private Interest Foundations that help you keep your private business private. You can do business with the emerging economies of Asia. Sell to the emerging middle class of South America and never pay a cent of taxes from the profits of your international (offshore) business in either Belize or Panama
A Strong Offshore Combination
An effective offshore combination consists of banking and an offshore company in Belize, owned by a Panama Private Interest Foundation.
Panama Private Interest Foundation
A Panama Private Interest Foundation can own bank accounts, companies, royalties, jewelry, airplanes, and boats. This includes corporations can own corporations, and so forth. This business entity has no owner and its beneficiary, you, need never appear in any public record. A Panama foundation of this type (there are public ones too for different purposes) is an excellent alternative to a trust for passing inheritance to your heirs without tax consequences. Panama does not tax income that is not earned in Panama. In the matter of benefiting from international business opportunities, a Panama foundation can own a Belize corporation.
A Belize Offshore Corporation
Belize is a tax advantaged jurisdiction. If your corporation does business outside of Belize it pays no taxes in Belize. You can set up a Belize offshore corporation and never have your name in a public record. A company headquartered in Belize can buy manufactured goods from Indonesia, and ship via the Panama Canal to the Colon Free Zone (CFZ) where 40% of Latin American container traffic passes. From the CFZ goods can be rerouted to ports from Cartagena, Colombia to Rio De Janiero, Argentina to sell to Latin American increasingly prosperous middle class. Likewise, agricultural products from Brazil and Argentina can be shipped to Singapore. None of this involves North American or Europe. Income earned on business operations will not be taxed in Belize and, if the Belize Corporation is owned by a Panama Private Interest Foundation, it will not be taxed in Panama either. Of course, with an international business you will need a bank to transfer money and to hold profits. For this situation banking in Belize works perfectly fine.
Belize Offshore Banking
Interest in an offshore Belize bank account is not taxed when paid. It is not taxed in Belize unless income was derived from Belize. A Belize bank account can be owned by an offshore corporation whose shareholders are not in a public record.
The combination of banking in Belize with an international business in Belize owned by a foundation in Panama can be a strong base from which to do business internationally.
An offshore formations and banking specialist working for several companies regarding offshore structures, formation of companies, foundations, banks and financial institutions. Working for User Bancorp Ltd, which is providing private and corporate accounts, merchant accounts, offshore companies such as Belize IBC's (International Business Company), Panama corporations and foundations, wire transfer services, managed funds/Forex, credit- debit- and prepaid card issuing.
Contact me on e-mail: gary.edwards@userbancorp.com
Author: Gary H. Edwards
Article Source: EzineArticles.com
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