Swiss asset protection vs Panama asset protection

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Swiss asset protection vs Panama asset protection

By: Doug Shiropania

Making a decision as to where you will protect your assets can be difficult. Asset protection in Panama is the best alternative to Switzerland today.

While Switzerland is well respected with a long history, it no longer lives up to it's reputation. Many people struggle with deciding between the reputation of Swiss asset protection, and the many benefits available in Panama today. Panama now offers what Switzerland was once famous for but has now closed down due to pressures from the United States.

Switzerland minimum balances are $10,000 for a small bank, $25,000 for a medium bank, and $250,000 for a large well established bank. Panama banks on the other hand expect a very small minimum deposit.

Swiss banks do not like a large deposit followed by a declining balance over several months. If this happens, by about the 4th month, your account will be closed. A Panama bank will allow this type of behavior without any questions.

Swiss banks are stable and well respected, but it comes at a price. In fact a Swiss bank require US citizens to provide their social security number! Such a requirement make bank secrecy almost a joke. Banks in Panama, on the other hand, have no such requirement.

Switzerland banks are required to co-operated with other country's tax authorities. They have many tax treaties allowing tax information to flow freely. This makes them a poor offshore jurisdiction choice. Panama on the other hand does not co-operate with anyone regarding banking information. The only time this is broken is for criminal investigations, and then, the burden of proof by the requesting country is extremely high. (Tax evasion is not a crime in Panama and no MLAT requests are honored for tax evasion cases.)

Switzerland banks have huge sums of money under management. To the average depositor, interested in protecting their hard earned assets, this can be an attraction. On the other hand, as people become educated they realize that Swiss bank secrecy is now an artifact of the past. Panama is the fastest growing offshore jurisdiction, with large well established banks, ready to protect your assets.