 |
 |
 |
|
|
|
|
panamalaw.org
is our skype name
Yahoo Messenger
with Zfone
panamalaworg
is our yahoo name, click here for instructions
or use our
encrypted email system
Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
Guatemala CorporationGuatemala Bank AccountAnonymous Master Card and VisaHigh Limit Anonymous Offshore Visa & MasterCardAndorra Private Banking Swiss Forex and CFD Trading AccountFOREX and FUTURES Bank Account for BrokersForex Professional Broker Trading Accounts Offshore High Risk Merchant Accounts
Second Passports and Citizenships – Read this First PleaseWhy You Should Use USPensionado/Poor Man's Second PassportPoor Man's Second PassportSecond Passport and Second Citizenship ProgramsGuide to Economic Citizenship Passport ProgramsGetting Out of Dodge – May 18, 2012Getting Out of Dodge – May 14, 2012Getting Out of Dodge – May 11, 2012Getting Out of Dodge – May 9, 2012Getting Out of Dodge – May 7, 2012Getting Out of Dodge – May 2, 2012Getting Out of Dodge – Apr 26, 2012Getting Out of Dodge – Apr 25, 2012Getting Out of Dodge – Apr 23, 2012Getting Out of Dodge – Apr 12, 2012Fall of the American Empire – Update October 22, 2011Fall of the American Empire – Update October 15, 2011Fall of the American Empire – Update October 13, 2011Fall of the American Empire – Update October 12, 2011Fall of the American Empire – Update October 4, 2011Fall of the American Empire – Update September 26, 2011Update on the Panama USA Tax Treaty – Dec. 1, 2010Panama and USA to Sign Tax Treaty for Exchange of Tax InformationRead This Before Considering Panama as a Offshore JurisdictionPanama Ending Anonymous Bearer SharesPrivate Offshore Panama Bank AccountHow to Get a Non– Freezable Bank AccountPanama Virtual Office for Panama Bank DepositsPanama Real Estate Purchaser Legal RepresentationMolotov Cocktail Riots in GreeceIraq Dinar Revaluation – Exercise CautionReduce Legal Bills – Outsource Legal Work to IndiaDon't Travel With Your Gold CoinsSingapore Caves in to OECD Tax TreatiesGoing Off the US DollarOECD Tax Treaty Compliance FailingImportant Banking News Alert – Bank Reference LettersWhat Do You Want To Protect?Private Offshore Panama Bank AccountPanama Virtual Office for Panama Bank DepositsImportant Banking News Alert – Bank Reference LettersReal Estate Asset ProtectionPanama Real Estate Purchaser Legal RepresentationAnonymous No-Name Debit ATM CardThe OECD and the Tax HavensAnonymous Visa Cards (New May 2009)Asset Protection – Gold, Silver, USD, Euro, Yen, Swiss FrancNevis OverviewNevis Economy, Currency Exchange Controls, and Economic LegislationNevis Government and Legal SystemObama Muslims and Women's RightsAmazing Obama Birther Case Hits Supreme Court – 10/5/10Retired Three Star General Pushes Against Birth Certificate Free ObamaObama Wants Your Pension/Retirement MoneyObama and His AgendaElena KaganRetired US General Calls for Resignation of Obama - NowObama Kenya Birth Certificate Pops UpEU Times Online Publishes an Expose on Obama IneligibilityArizona Stands Against ObamaKenyan Government Official Cites Obama as Being KenyanLatest Obama Rumors – Columbia UniversityIs Obama a Muslim?The Farce of the G–20Obama Muslim StampObama and CommunismObama Scary TruthsObama Kenya Birth Certificate ObtainedObama Hidden Tax IncreaseThe Obama Not Qualified CaseObama Birth Certificate FraudObama Playing Golf with UBS America President Robert WolfAsset Protection in the USAWhat Will You Do if the FDIC Fails?Municipal Bonds – The House Built on Sand CollapsingDead Birds and Fish – Is this Bible Prophecy?Student Loan BubbleObama and this Once Great NationAlex Jones Calls the FBI Walmart Hotline to Report Terrorists (Government Officials)Mexico Trying to Cut Back on US Dollar UsageLet's Talk Broke States and Welfare FraudStory of A Police Department Falling ApartPolice Layoffs Ripping Through the USASen Michael Bennet Forget to Close Mic, calls Senate Vote RiggedTake Money Out of Banks to Collapse their SystemReal IRA Threatens to Blow Up London Bankers and BanksFrench Taking Money out of the Banks on December 7, 2010Anti-Austerity Protest Demonstration Spread Throughout EuropeEU Gives Americans Rights to Access All EU Bank AccountsBritish Expats Returning To UKUK Cracks Down on Six Million Tax ExilesFrance Obtains Stolen Bank Data From SwitzerlandEvery 30 Seconds Thugs Attack Someone in UKBritish Police Raid 6,717 Safe Deposit BoxesItalian Police Raid 76 Branches of Swiss BanksNetherlands Closing Prisons due to a Lack of PrisonersUK Parliament Member Verbally Attacks UK Prime Minister Brown (Brutal)EU Civil Unrest Starting!UBS Swiss Bank Closing Accounts of AmericansTranslate this page into...
Spanish
French
Italian
German
Portuguese
Dutch
Russian
Japanese
Korean
Chinese
Think Again! Read below for a comparison.
This is another heavily used jurisdiction suffering from eroded privacy.
The first problem we run into with Singapore is taxation. Offshore derived profits are thought to be non-taxable in Singapore BUT:
In accordance with Goods and Sales Tax (GST) Law, a Singapore Company is obliged to register for GST if annual sales exceed or are expected to exceed S$1 million (US$614,000) in any calendar year. This is not a good thing because it can lead to audits, disclosures, etc.
In accordance with Section 145 (1) of the Singapore Companies Act 1963, a Singapore Company shall have at least one director who is ordinarily resident in Singapore. This is another bothersome ordinance.
Annual accounts must be prepared and submitted to the Singapore Inland Revenue Authority and this is what we call a deal killer but it gets worse.
Singapore has what is called double taxation treaties with 33 nations. Again not an encouraging sign at all. This is a sign of allowing fishing expeditions on a wholesale basis.
Banking – Again rather disappointing.
Under the existing legislation, no bank official or other individual with official access to banking records, is allowed to reveal information about individual bank accounts during or after the termination of his employment or professional relationship with the bank. So far so good but read on.
There are exceptions to this and information disclosure is permitted in certain circumstances. For example; if the customer or his personal representative gives permission; where the disclosure of the information is for the purposes of civil proceedings involving the bank; where bank officials are compelled to do so by any written law and where the information is required to assess the credit-worthiness of a customer in connection with a commercial transaction. So now a credit check can be a reason to violate bank privacy. I am sure glad Panama has no credit bureaus.
In addition, the Corruption, Drug Trafficking and Other Serious Crimes Act ("the CDTA") also affects banks' disclosure of information where criminal investigations are concerned. The CDTA allows an authorized officer to apply to court for a production order for a bank to produce any documents or other materials to aid a criminal investigation. Also under this Act, a bank is not acting improperly or liable for damages if it decides to disclose to the authorities a suspicion or belief that any property, funds or investments are derived from or used in connection with any criminal activities. Note all it needs is a hunch not proof and then the whole grab your money for eternity machinery can fall upon your bank account. Worse yet, read on.
New legislation enacted last year also means that Singapore will give and receive international assistance in criminal matters, including the provision and obtaining of evidence. Requests by a foreign country to Singapore for such assistance may be made to the Attorney-General who may apply to the court for a production order or search warrant against anyone, including banks, who are then required by law to disclose relevant information to aid an investigation. This is overly broad, dangerous and opens the door for fishing expeditions. Singapore is one to avoid.
To See what to look for in a Jurisdiction for an Offshore Corporation,
Offshore Trust or Offshore Bank Account for Asset Protection click below:
 |
||||||
|
*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.
