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  1. #1
    Join Date : Sep 2006
    Location : www.offshore-corporations.info
    Posts : 2,360

    Exclamation WARNING to US citizens with Panama Foundation, Corporations or Banking

    Due to the impending US-Panama tax agreement any US citizens should be warned that any Panama corporations, Panama foundations or Panama bank account may no longer be safe.

    Tax agreements typically require the disclosure of all bank account signers, foundation and corporation beneficiaries if the nominee service is also based in Panama which is required.

    See details on the impending agreement below

    http://www.talkgold.com/forum/r310796-.html


  2. #2
    Join Date : Nov 2010
    Posts : 32

    Default Re: WARNING to US citizens with Panama Foundation, Corporations or Banking

    Really did not expect this one to be truthful. Thought Panama would stay away from signing agreements with the US. Nice not to be a US citizen.

  3. #3
    Join Date : Jun 2005
    Location : Panama, Costa rica y el mundo
    Posts : 1,704

    Default Re: WARNING to US citizens with Panama Foundation, Corporations or Banking

    US government is going for all the money they can get

  4. #4
    Join Date : Sep 2010
    Posts : 41

    Default Re: WARNING to US citizens with Panama Foundation, Corporations or Banking

    One question.
    If you have a corporation or foundation incorpored in Panama but this company have the bank account/s in other jurisdiction, these USA citizens are in problems?
    I understand that USA IRS can obtain the beneficiaries or owners of the companies registered in Panama but if this people has their bank account in another jurisdiction the IRS can't reach their bank accounts, is this correct?

  5. #5
    Join Date : Jun 2005
    Location : Panama, Costa rica y el mundo
    Posts : 1,704

    Default Re: WARNING to US citizens with Panama Foundation, Corporations or Banking

    depend where they have account and if US have any TIEA with that country

  6. #6
    Join Date : Sep 2010
    Posts : 41

    Default Re: WARNING to US citizens with Panama Foundation, Corporations or Banking

    Ok, I suppose that the US citizen doesn't have a bank account with a TIEA country.
    So the only US citizens that may move quickly outside Panama are the ones that have a bank account in Panama

  7. #7
    Join Date : Sep 2006
    Location : www.offshore-corporations.info
    Posts : 2,360

    Default Re: WARNING to US citizens with Panama Foundation, Corporations or Banking

    Quote Originally Posted by sk4k3r View Post
    Ok, I suppose that the US citizen doesn't have a bank account with a TIEA country.
    So the only US citizens that may move quickly outside Panama are the ones that have a bank account in Panama

    Currently if the client has an account with a country that does not have tax agreement with the US they would be ok, but, that is changing every few months and long term this sort of planning is not going to work as you will run out of places that accept US citizens and do not have an agreement with the US.

  8. #8
    Join Date : Nov 2009
    Posts : 9

    Default Re: WARNING to US citizens with Panama Foundation, Corporations or Banking

    wow glad not to be a US citizen.

  9. #9
    Join Date : Jun 2005
    Location : Panama, Costa rica y el mundo
    Posts : 1,704

    Default Re: WARNING to US citizens with Panama Foundation, Corporations or Banking

    you are ok as long as country where you have account does not have agreement with US, but keep in mind that beside account only under agreement the beneficiaries of the foundations in Panama can be disclosed, but important thing is that this is not done automatically, so it is important that you run everything safe

  10. #10
    Join Date : Oct 2010
    Location : Europe
    Posts : 110

    Default Re: WARNING to US citizens with Panama Foundation, Corporations or Banking

    I am also glad that I am not a US citizen, even though in the past I thought otherwise.

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