Quote:
Originally Posted by squizzel
Im thinking about moving offshore perm to panama. Im not a US citizen. I will probably visit panama later this year to check it out. If i want to move there how do i go about incorporating there and can i still do banking in my own country?
Basically, who do i contact who has lots of knowledge about this crap. Tax lawyer, accountant, or what?  |
Dunno which country your are in squirrel - that can make a difference.
But.. if you are moving offshore as a resident - that is the simplest and clean-cut scenario possible.
If eg.. you are in Canada or most Euro countries - just pay all taxation up to date and sign-off on revenue docs to notify them you are no longer going to be a resident. Then move to Pamama or wherever.
If you want to live in Panama - check it out first - not with the eyes of a tourist. It has plenty to offer and probably a better lifestyle than the majority of industrialized countries. But - the same can be said for the Caribbean area or other countries in Latin America - eg Costa Rica. There are many communities developing with expats and it may be a clue to have a look at these.
Contrary to some recent posts, Panama actually has a good banking system and transacts a fair portion of world trade. There are around 140 banks and included in that figure are about 40+ international banks.
There is no restriction on where you bank - this can be anywhere, but not normal to be the US or your "home country". If you bank in your home country while you are resident elsewhere - there will be taxation due on any interest recieved and this can be problematic - so better to bank outside your home country.
Although you may elect to live in Panama, there is no reason why you should have a Panama corp in particular - or bank in Panama. You can have a corp anywhere there is no taxation applicable. (Tho, Panama corps are actually ideal for any genuine offshore resident).
As far as preparing for a move - you could buy a corp and then arrange banking. (But don't use the corp or bank until you are ready to move.)
If you decide on Panama check out formal residency - there are various programs for residency. (You still maintain your "home country" citizenship, but can end up with an extra passport after a few years.)
For clean-cut instances you are talking about, moving/setting up is an easy process and does not involved hours with lawyers for taxation or other aspects - there are no taxes, so nothing to discuss - you will prob be surprised at the "freedom"
