Panama Corporations
Anonymous Bearer Share Privacy
Under Panama law a corporation can be owned by the physical holder of bearer share certificates with no recorded owner in any database or public registry.
The Panamanian government does not know the actual owners of the bearer share corporation. We can provide you with professional Nominee Directors can be hired as employees, and only their names are recorded in the public. To transfer ownership of the corporation, you simply give the bearer shares to the new owner. Any owner of the offshore company can replace the directors with new directors and can always have undated resignation letters in his possession from each director. A Panama corporation can own bank accounts, stock trading accounts, real estate, and other assets without revealing the beneficial ownership of the offshore company.
Panama Bearer Share Corporation Information
- For a Corporation in Panama the shares may be issued in physical bearer shares with or without any par value. The only documents publicly recorded are the articles of incorporation, which will only list the nominee officers and directors. The identity of the beneficial owners is not filed anywhere an there is no requirement to report any changes in ownership to anyone.
- Panama requires no minimum amount of paid in capital.
- NO Annual meetings of the shareholders, or directors are required.
- The corporation’s records can be kept anywhere in the world, and that location need not be disclosed to anyone.
- Bearer share certificates can be kept anywhere in the world and the location need not be disclosed to anyone.
Panama Bank Secrecy Laws
Panama has strong bank secrecy laws, both on paper and in practice:
- Article 74 of Decree 238 prevents the Panama banking commission from conducting investigations on individual clients. Any information uncovered during its regulatory activities cannot be revealed, unless subpoenaed by a Panama court order. Anyone in violation of this law is subject to Article 101 which states: "Any person who furnishes information in violation of this Cabinet Decree, or who violates any of the prohibitions established in it, for which no specific punishment is provided for, shall be subject to a monetary fine as determined by the Banking Commission, without prejudice to applicable criminal and civil liabilities."
- Article 170 goes even farther. "Any person that in the course of his occupation, employment, profession or activity obtains knowledge of confidential information that in the event of being made public could inflict damages, and such person discloses that information without the consent of the concerned party; or in the case that disclosure of such information were not necessary to safeguard a higher interest, shall be punishable by imprisonment of 10 months to 2 years or a comparable fine, and the inability to practice his occupation, employment, profession or activity for not more than 2 years."
A Panama court allows only banking secrecy protection to be lifted for 3 reasons:
- severe criminal activity such as terrorism,
- money laundering and
- drug smuggling.
Tax evasion is NOT a crime in Panama, and Panama’s courts will NOT allow your banking secrecy to be violated for tax related issues.
Panama is a member of a Mutual Legal Assistance Treaty. Since 9/11 almost all jurisdictions are signatories to this treaty. However, this treaty is not a threat to banking privacy because to comply with a request the following conditions must be met:
- The activity under investigation must be a crime in BOTH countries, which excludes tax evasion.
- The requesting country MUST show that there is no other way for it to obtain this information and that without this information it cannot successfully prosecute the case.
- The requested information must be specific. Fishing expeditions are prohibited.
- The requesting country must file a criminal case in its NATIONAL courts.
Panama will not and does not comply with information requests unless the matter is a serious criminal activity. The proceedings are slow and often end in the request being denied.
PANAMA DOES NOT PARTICIPATE IN ANY TAX TREATIES! Panama NEVER recognizes tax related investigations as criminal.
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