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Multiple Jurisdiction Offshore Bank Accounts

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Protect Your Boats

Executive Summary – Boats are a movable asset. This makes asset protection much easier in that the vessels do not need to be kept in any jurisdiction where court issues may arise some day. Additionally the boats can be titled in the name of a bearer share anonymous Panama corporation. The Corporation can be owned by a Panama foundation to further confuse the issues. Of course the boat can be registered in the Panama Registry as well. The net effect is that when someone tries to research the ownership of the vessel they get a dead end. The ownership names of an anonymous Panama bearer share corporation or a Panama Private Interest Foundation are not found in any database or public registry and the Panama government does not even know who owns these structures. This would make researching the ownership of the vessel just about impossible. If one takes care and uses corporate credit cards when buying fuel and supplies, uses a corporate card to pay for satellite and phone services etc researching the ownership of the boat can be made close to impossible. When paying for the vessel itself have an anonymous bearer share corporation bank account in a bank secrecy country like Panama send the funds to the dealer via wire transfer. This way there is no trail for anyone to follow if they go to the boat dealer to research the payment for the boat.

Summary – The vessel should be registered with the Panama Vessel Registry under the name of an anonymous Panama corporation that is owned by an anonymous Panama foundation. The payment for the boat should be made by wire transfer from the bank account of an anonymous Panama corporation in a bank secrecy country like Panama. The services and supplies for the vessel should be paid for by means of an anonymous corporation bank account credit card. This would make determining the ownership of the vessel extremely difficult. If you need a crew have thorough background investigations run on the crew. Have the crew take periodic lie detector tests regarding loyalty. You do not want to be a kidnapping victim or get set up by your crew with pirates. If someone wanted to know who owned the boat and they would get nowhere with the registration or by contacting the selling dealer. They would go to the people selling services and supplies for the boat. If this led them nowhere then they would then try to convert the crew to spies. They would ask them if they knew the identity of the owners. They would ask for copies of passports, papers found laying about the owners cabin etc. The crew can be vulnerability. Periodic lie detector tests are a big deterrent. If the ownership of the boat cannot be established beyond an anonymous corporation then it would be unlikely that any sort of confiscatory action could be undertaken against the boat unless the corporation that owns the boat had some sort of exposure. This means the corporation that owns the vessel does nothing other than own the vessel so the likelihood of it getting into a lawsuit is minimal. Needless to say if you are financing the boat or leasing it this will compromise your privacy substantially in that the lenders records would not be secure and would be easily subpoenaed.

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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.