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Panama Analysis as an Offshore Tax Haven – February 2010Anonymous Master Card and Visa
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Think Again! Read below for a comparison.
Andorra has in some circles been thought to be a reasonable offshore tax haven and privacy jurisdiction for offshore incorporation and offshore banking. We’ll take a look at Andorra and explain why it is a has been offshore jurisdiction.
Background – Andorra is located between France and Spain in the Pyrenees Mountains. It has some affiliations with France and Spain but remains autonomous. They speak a language called Catalan and some French. Forget English so this is not a good thing for most of you. Their currency is the Euro. They have no direct taxes, no exchange controls on currency.
The Bad – Andorra having sold out entered into tax information exchange agreements (TIEA) with the EU on tax matters. This is the European Union Withholding Tax Treaty. This is supposed to only apply to fraud pertaining to savings account interest paid in Andorra but it seems it could apply to tax fraud pertaining to this savings account interest income received by someone from other than EU countries. Before you jump for joy and say I do not live in the EU ask yourself if you truly believe that some governments are capable of asking an EU government to get information for them breaking the rules of fair play. Now, if you and your corporation are not from the EU (you do not hold an EU passport and your corporation is not formed in an EU country) then the Tax Information Exchange Agreement technically is not supposed to apply to you but the Andorra laws are somewhat vague, poorly written and it is up to a Andorra Judge to decide on applicability pertaining to information exchange. Tax Information Exchange Agreements are always a bad thing because they lead to privacy invasion, fishing expeditions and the like. A EU government could always say your name or your corporate name came up in an investigation involving an EU person or entity and we do not know how much time and energy Andorra would put into questioning the request or if they would just honor it. It would be up to an Andorra Judge and does that make you feel safe and secure at night when your privacy is at stake, remember when some government gets their hands on your private information that can easily enter it into the public record and it can be available for the whole world to see online and otherwise. Andorra seems to say they limit their information exchange to fraud relating to savings income and impose a dual criminality element to it requiring the offense to be a crime in both the requesting country and Andorra. Andorra tax laws are not very clear and this causes concerns. A Magistrate must be involved to get bank records produced in Andorra and this combined with not so clear laws is not a good thing. There does not seem to be any substantial secure banks operating in Andorra which makes one wonder why. In any event any banks they do have follow the know your customer rules requiring ID and bank and commercial references to open an account like any other jurisdiction. Andorra does not have any form of bearer share corporations so Andorra is not a privacy jurisdiction in which one could securely form a corporation. They do require 65% of the capital to be owned by Andorran residents so there can not be too much confidentiality for the shareholders. Additionally accountants, tax advisors and notaries are required to follow the know your customers rules. Our research was not able to turn up any Trust Laws in Andorra.
The Worst - Andorra has been blacklisted by the OECD. This is a private agency like FATF in a sense and being black listed by them for failure to cooperate is going to make using their corporations and banks difficult if not impossible and of course will raise all sorts of red flags.
Just in passing Panama has no tax treaties at all of any sort or format, this is exactly what one should look for in an offshore jurisdiction. Panama has 150 large multi-national banks. Panama banks, hotels, corporations, etc speak English. Panama allows anonymous bearer share corporations and Foundations. Panama is a better choice than Andorra for a number of reasons.
To See what to look for in a Jurisdiction for an Offshore Corporation,
Foundation or Offshore Banking for Asset Protection click below:
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