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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...
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Executive Summary – This article is based on an article that appeared in La Prensa Newspaper, which is Panama’s largest newspaper. The source is credible and a picture of the article appears below on this page. The amount of Panama Bank bad loans has been increasing. In May 2008 the amount of bad loans were $370,000,000. In May of 2009 the amount is $565,000,000 an increase of some $200 million dollars. This is 2.5% of all the loans in existence. Loans over 90 days in arrears are now totaling $92 million dollars, which represents a 23% increase.
CLICK HERE to read the full article on prensa.com:
Number of bad loans increases
Click pic to enlarge
Screenshots taken from
http://www.prensa.com/
Discussion – Panama additionally has been given 15 days to create more transparency in the banking laws to share more information freer. The link to this story and the newspaper article reproduced can her found here:
Banking industry prepares to open up its books
This will cause a certain amount of capital to leave the Panama banks. How much? You can guess at this just like me. My opinion is that it will be significant. As one of our readers you are by far way more informed that 90% of the people using Panama Banks. In our conservative opinion there is a risk of this capital flight causing some banks to become illiquid and go into liquidation. Combined with the economic downturn in Panama, declining Panama real estate values and incomplete failed real estate projects, job losses and high unemployment, declining tourism evidenced by low hotel occupancy rates and high debt capital flight could have a significant impact on the Panama Banking sector (again our conservative opinion).
Non Offshore Tax Havens for Banking – We have been advocating that one should move their banking to a jurisdiction that is not located in a tax haven country. We are using Costa Rica, Ecuador, Mexico, and Guatemala for banking. None of these countries tax any offshore-derived income. All the tax haven jurisdictions can be in trouble from the new tax treaties calling for information sharing on a suspicion of tax evasion with loose standards for the information request. To avoid any impact on the banks from capital flight we are only using non tax haven jurisdictions where there should be no appreciable capital flight.
International Trust Agreement Banking – We are using this approach to banking to keep our clients safe, secure and private. The details can be found here:
Click here: International Trust Agreement Banking
Warning Close Accounts Before the Treaties are in Effect – It is advisable to close your accounts before any tax treaties are entered into. Hong Kong has taken to treating any sudden account closures and/or sudden withdrawals of large amounts of funds as suspicious transactions and are freezing the accounts pending an investigation. What these investigations entail or how long they take will vary from country to country and bank to bank. We cannot say for certain that every country will be doing this but it is a reasonably sound speculative conclusion. We tend to stay conservative in the way we approach these matters and assume the worst so we can have our clients prepared if it does occur. If your account is closed at the bank before the new tax treaties go into effect then the treaty should not cover any previously closed account and the bank records would be safe under the old bank secrecy laws. Retroactive laws are as a rule not allowed in almost every country.
Questions always welcome.
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*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.
