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Switzerland vs Panama Asset Protection

A great number of factors go into making a decision between protecting your assets in Panama vs Switzerland.

Although Switzerland was once the offshore asset protection capital of the world, it has caved in to pressure from the US and other countries. Switzerland now regularly co-operates with tax authorities from other countries under myriad of tax treaties. It also co-operates with tax evasion investigations. Bank secrecy in Switzerland is all but gone. Panama, however, having no tax treaties, does not co-operate with any other countries inquiries. Panama does not consider tax evasion a crime and as such does not help other countries in their investigations. This includes MLAT requests.

Switzerland was once "down to earth", protecting those oppressed by offering them numbered accounts. Those days are long gone. Now Switzerland bankers walk around with their "noses in the air". Minimum deposit requirements are now at a staggering $250K for the well established banks. Even the small banks require a $10k minimum balance.

Swiss banks do not like a large deposit followed by a declining balance over several months. If this happens, by about the 4th month, your account will be closed. A Panama bank will allow this type of behavior without any questions.

Swiss banks are stable and well respected, but it comes at a price. In fact a Swiss bank require US citizens to provide their social security number! Such a requirement make bank secrecy almost a joke. Banks in Panama, on the other hand, have no such requirement.

The Swiss banks, under Swiss law, must exchange tax information freely, under their many tax treaties (including a USA - Swiss Tax Treaty). Sadly, this has caused the demise of the once world famous Swiss bank secrecy. Today Panama is the new Country of choice when it comes to asset protection and bank secrecy. Panama does not co-operate with any countries and has no tax treaties. Only in severe criminal investigations is bank secrecy lifted. Panama doesn't recognize tax evasion as a crime, since it is not a crime in Panama.

Although Swiss banks are larger than Panama banks, many people are now choosing Panama to protect their assets. Panama has much stronger bank secrecy laws, both on the books, and in practice. Panama banks are also very large and well established by anyone's standards.

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If you are considering setting up an Asset Protection plan 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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