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Swiss vs Panama Asset Protection

By: Doug Shiropania

A great number of factors go into making a decision between protecting your assets in Panama vs Switzerland.

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.

Swiss banks have large minimum deposit requirements. A well established bank in Switzerland requires a minimum balance of $250,000 USD. There are some smaller banks with minimum deposit amounts of $10,000 USD. Their goal is to avoid all clients that do not have significant wealth. It makes little sense to Panama bankers who welcome everyone. Panama is not "snooty" like Switzerland.

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.

Swiss financial institutions co-operate with tax authorities from other countries for tax evasion type cases. Panama does not consider tax evasion a crime and as such does not co-operate with any such investigations.

Although Swiss banks are larger than Panama banks, many people are now choosing Panama to protect their assets. Panama has much stronger bank secrecy laws, both on the books, and in practice. Panama banks are also very large and well established by anyone's standards.

Article Source: http://ezine-articles-planet.com

If you are thinking about setting up an Asset Protection structure in Panama or Switzerland please consider look over other OffshoreLegal.org information on www.offshorelegal.org/asset-protection/panama-offshore-asset-protection/panama-asset-protection.html
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