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Switzerland is the established, well respected jurisdiction, while Panama is the up and coming jurisdiction. So many people ask struggle with this choice that we have decided to produce this article to help you make your asset protection decision. Switzerland minimum balances are $10,000 for a small bank, $25,000 for a medium bank, and $250,000 for a large well established bank. Panama banks on the other hand expect a very small minimum deposit. Financial institutions in Switzerland are particular about how you operate your bank account. If you deposit a large sum of money and then withdraw money each month, showing an overall declining balance you will be asked to leave the bank after a few months. Bankers in Panama do not have a problem with a declining balance. The banks in Switzerland are large and well respected. They do provide a safe place to store your money. The problem is that bank secrecy in Switzerland has eroded so much that they now ask you for social security number (if you are US citizen). Panama, of course, does not have this requirement and has strong bank secrecy laws, both on the books, and in practice. 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. Article Source: http://www.articlewheel.com
If you are thinking about setting up an Asset Protection structure in Panama or Switzerland please consider read other OffshoreLegal.org articles on www.offshorelegal.org/asset-protection/panama-offshore-asset-protection/panama-asset-protection.html
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