People thinking of setting up a Panama Corp
 

Go rent the movie blow :1orglaugh

Lol No Shit

Listening to the soundtrack now

whooaaa black betty

right on he he he ...........and if you think they wont come after you if they really want you , you are sadly mistaken :2 cents:

Sick movie

i think it was most definitely award worthy.....but stories based on a true story rarely get that honor

one of Johnny D's best too

LOL, so true :)
WG

If you think that you are safe with a panama corporation, then you are sadly mistaken. Panama has ties so close with the US, that it is amazing. Just being in Panama city, makes you feel like you are in the states.

well if you had seen the movie blow you would see thats what i was getting to

it seems panama opens its doors right around the same time the u.s. cracks down

you build up a huge account, & then the panamanian govt seizes the funds :1orglaugh

just get compliant guys!

I kept thinking if that guy had only put 1/3 of his $60 million into a Cayman bank and another 1/3 of it into a Swiss bank he would have had a lot less problems.

Dumping it all into a single account was his first mistake.

Dumping it all into a Panamanian bank was his second.

"I figured hey, if it was good enough for pablo, its good enough for me"

:1orglaugh

Just because you incorporate in Panama (Plenty of lawyers there to buy a existing numbered company from) doesn't mean you need to use a Panamanian bank. Infact most of the banks there are branches of European ones. So save the, look what happened when Noriega was in power nonsense. For most people it doesn't make sense because they don't do enough business and thats it.

Sounds like trouble waiting to happen

Every country has different rules and regulations for banking, and many of them depend on whether you are a citizen of that country or you are using an agent to incorporate there.

US citizens should keep in mind that they are liable for income taxes on all of their income, regardless of where it is earned or kept. As a matter of fact, if you repatriate your US citizenship, you are still liable for income taxes to the US for ten years after the fact, since the IRS can claim that you repatriated to avoid paying taxes and have you arrested for tax evasion any time you attempt to enter the states.