Quote:
Originally Posted by Webby
PS Damn.. almost forgot!! If you are a US citizen, Panama is prob not such a good idea.
The problem with Panama (and a few other offshore jurisdictions) is that there is a MAT (Mutual Assistance Treaty) with the US - other countries don't have this. So... again.. it's prob worth consulting a lawyer - not really about offshore law, but more about US domestic law re any problems this could possibly cause.
|
Many countries have many Mutual Legal Assistance Treaties (MLATs) with other countries. This doesn't necessarily mean its bad. For instance, treaties exist that define standards for extradition or for the prosecution of serious crimes committed by citizens of the foreign country in question. The only MLAT currently in force between the US and Panama is this sort of treaty (see library.findlaw.com/1997/Dec/1/127851.html).
Panama has NO MLATs with the US having to do with the sharing of Tax information or Banking information and does not recognize court rulings from other countries involving crimes which are not also crimes recognized by Panama. Failure to pay taxes is not a crime in Panama. There is also no requirement to file which carries a criminal penalty for failure.