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Asset Protection Using Offshore Banks in Multiple JurisdictionsComparison of Offshore Banking JurisdictionsOffshore Banking Money TrailAsset Protection Using Offshore Banks in Multiple JurisdictionsAsset Protection Using Offshore Banks in Multiple JurisdictionsAsset Protection Using Offshore Banks in Multiple JurisdictionsWhat is a Qualified Intermediary?FDIC Admits Emergency Bailout May Be NecessarySecond Passport and Second Citizenship ProgramsForex Trading Business Bank Account: Panama and Ecuador Weakest and Strongest USA Banks & Thrifts 08/11/08FDIC Facts and Figures – Not Encouraging 08/14/08Ecuador Trust Account BankingOffshore Banking Money TrailAnonymous No-Name Debit ATM CardAsset Protection Using Offshore Banks in Multiple JurisdictionsComparison of Offshore Banking JurisdictionsPanama New Immigration Law: Effective 8/26/08One Compelling Argument to Move Assets Offshore – LawsuitsUBS Swiss Bank Closing Accounts of AmericansWhat is a Qualified Intermediary?Second Passport and Second Citizenship ProgramsPanama New Immigration Law: Effective 8/26/08Panama New Immigration Law: Effective 8/26/08Second Passport and Second Citizenship ProgramsWhy Choose Guatemala?Ecuador BankingEcuador Bank AccountEcuador Trust Account BankingForex Trading Business Bank Account: Panama and Ecuador Ecuador Country ProfileOffshore Banking Money TrailFDIC Admits Emergency Bailout May Be NecessaryWhat Will You Do if the FDIC Fails?FDIC Facts and Figures – Not Encouraging 08/14/08Need an Economic Reason to Leave the USAUS Banks Fail, Depositors Take LossesUBS Swiss Bank Closing Accounts of Americans
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Introduction – Many clients have concerns over the funding of their new offshore bank accounts. The money is normally wired from their home country bank account to the offshore Corporate or Foundation Bank Account in Panama, Guatemala or Ecuador. There is a record of the wire at the home country bank in your bank records. This record of the wire is discoverable in court by a civil attorney or any other entity able to use the subpoena power of the court. From there a financial enemy or a perspective financial enemy could attempt to chase the funds by coming to the jurisdiction where the funds were sent and trying to use the local court system.
The general pretense is arguing the transfer to be a fraudulent conveyance or a tortuous (civil) fraud of some sort. While Panama does have a fraudulent conveyance statute it is just a remedy for a creditor to recover funds that were removed from the reach of a creditor. The law is not clear as to defining who is a creditor. The window of opportunity for a fraudulent conveyance statue is three years in Panama. Fraudulent conveyance cannot be used to set aside a corporation or foundation in Panama. Fraudulent conveyance is not illegal in Panama, simple a remedy for a creditor to recover funds owed to them.
In Ecuador and Guatemala fraudulent conveyance is not an issue. If a financial enemy alleges fraud it generally will be dismissed out of court at the first hearing based on a lack of venue or authority. Just having a corporation and/or bank account in an offshore country does not automatically grant a financial enemy venue in that country. There needs to be more country sensitive facts such as you operated your business in the country where the bank account was and this business was the underlying cause of the lawsuit. Other extenuating circumstances would be that the financial enemy is a resident or citizen of the country where the bank account is and they conducted business with you while physically residing in the same country as the bank account. Normally getting venue and authority in the country of the bank account is not easy but extremely difficult. If an offshore haven gave out jurisdiction easily no one would use it any more would they?
In any event there are arguments that can be made for it to be safer to have a corporation or foundation in one country, bank in a second country and operate or live in a third country. This makes getting authority or venue over you close to impossible.
Eliminating the Offshore Bank Money Trail – There are several ways to accomplish this. One way is to wire the funds into the Ecuador Bank special escrow account. This account does not include the name of your corporation or foundation that is banking in Ecuador. It just has the name of the bank and the special account number of the Ecuador bank escrow account, which belongs to the bank. Then you send the bank notice of the wire. You include sending bank name, date sent, amount, name of sending account and the name of the corporate or foundation bank account you wish the funds to be deposited into. There is a one-day lag for the transfer into your bank account after the funds have been received in the escrow account assuming you notified us of the wire after it was sent.
To use this escrow service there is a one-time fee of $495 for each bank account and then this service is available to you forever for the one bank account specified. The escrow account is only for receiving funds not for sending funds.
Further Money Trail Protection – You can have a Panama Corporation that is owned by a Panama Foundation. No one owns a Panama foundation under Panama law. Then you have another Panama Corporation that has a bank account in Ecuador. This corporation is also owned by the foundation not you. You wire the funds to the corporate account in Panama. After the funds are received in Panama you slowly move them into Ecuador. Slowly depends on how much money is involved. Break it up into at least three wires over 60 - 90 days. The funds are sent to the special escrow account in Ecuador so the Panama bank does not show any record of the corporate name the bank account is in. Then after the funds are received in the Ecuador escrow bank account they are moved over to the corporate bank account in the Ecuador bank.
The Panama Foundation never has a bank account. If the foundation has a bank account then you could be asked if you are listed as a signatory on the foundation which could weaken the effectiveness of the structure because now you are arguing you do not own the foundation yet you sign on the bank account. It is defendable but not the optimal structure. We are talking about extremely serious asset protection here, not a casual structure. You can have a power of attorney over the foundation and be the foundation protector. If you wish to take this further you could also name a second foundation as the beneficiary of the first foundation and you are a beneficiary of the second foundation. It is extremely unlikely that anyone would ever get through these structures and if they did would take years using the courts.
References and Documents for Ecuador Only – We require a notarized copy of a Drivers License and a Passport. They can be submitted by email as scans with the hard copies coming by courier. We can let you wire money into the Ecuador Bank but not wire out until we receive the hard copies of the notarized ID.
References and ID for Panama – If there is a Panama Bank Account involved and you are not physically coming to Panama we need a bank reference letter, a general business reference letter. Additionally the driver license and Passport need to be copied and notarized and apostilled or certified by the nearest Panama Embassy after first being notarized. If it is just a Panama Foundation or Corporation with no Panama bank account the notarized driver license and passport is all that is required.
Time Frames – The Ecuador only situation can happen within 24 hours. When we add in the Panama Bank Account the time frame goes up to 10-15 working days. If we add in just a Panama Foundation the time frame does not increase.
Costs – The cost for a corporation in Panama with a bank account in Panama and another second Panama Corporation with a bank account in Ecuador and the special receiving funds escrow bank account in Ecuador is $4400. If you add in a Panama Foundation to own the two corporations removing ownership from you the cost is $5400. If you add in a second foundation the cost is $6400.
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