Offshore corporations enable you to act as an international citizen with complete confidentiality, privacy and safety. Offshore corporations can legally open Offshore bank accounts, brokerage accounts, hold credit cards, own property, stocks etc. and in many cases completely exempt you from any tax reporting requirements and with complete confidentiality.
WHY PANAMA?
For many years Panama has been recognized worldwide as a major international offshore banking center offering very attractive legal and tax incentives to Panamanian corporations. For example, Panamanian law allows Panamanian corporations to issue “bearer” stock certificates. This means the owners who control the corporation do not have to be named in any public record, since ownership is through physical possession of the “bearer” shares. Panamanian Corporations are not subject to Panamanian tax on income earned outside of Panama. Also, unlike Nicaragua and Costa Rica, Panama allows you to name your corporation with an English name, which has many advantages when using your Panamanian Corporation in English speaking countries. These are just a few of the more important reasons why Panamanian corporations are so popular.
FORMING A PANAMANIAN CORPORATION:
First we recommend you select a name in English followed by: Corp., Corporation Inc. or Incorporated. You cannot use the words Bank, Trust, Foundation or Insurance in the name of your corporation. You may use any name as long as it is not being currently used in Panama. If you own a U.S. Corporation, you may find some advantages in using the same name for your Panamanian corporation, if available in Panama. This would allow you to have identically named offshore and onshore bank accounts as well as other similar advantages.
Panamanian corporations are typically formed with nominee directors, president, secretary and treasure. These are Panamanian citizens who are modestly paid officer workers. If you wish, you may select your own directors and officers. However, the original directors and officers selected are registered with the Panamanian public registry which becomes public information available to anyone who inquires. Therefore, if you wish confidentiality, we recommend you select the nominee director option. Officers and directors can always be changed later.
Panamanian law allows corporate shares to be issued in “bearer” form. This means that whoever physically possesses the shares, owns the company. This allows for total confidentiality of ownership, since the person who physically possesses the shares is not identified in any public or even private record. Having a Panamanian corporation with “bearer” shares also makes transfer of ownership completely private and not a matter of public record, since transfer of ownership is a simple process of physically transferring the “bearer” shares to a new owner. It is very similar to passing a $20 bill to someone else versus writing them a check. This feature makes it very easy to sell or transfer properties confidentially by simply transferring the “bearer” shares and ownership of the Panamanian corporation and thus avoiding many forms of taxes and closing costs because title to the property remains in the name of the Panamanian corporation. Essentially you are simply selling the corporation which owns the property.
Your Panamanian Corporation comes with a notarized General Power of Attorney (in English) signed by two officers named in the articles of incorporation. This power of attorney provides a blank space for you to fill in the name of any person you want to act as the legal agent for the corporation with the authority to open and sign on corporate bank accounts, enter into contracts for the corporation, sign and transfer assets for the corporation, etc. Although you fill in your name or another person name as having Power of Attorney, this is not evidence of ownership. The person named is simply an agent, similar to an employee empowered to act for the corporation. You may order as many additional Power of Attorney forms as you wish.
As you can see there is a world market for Panamanian corporations because they are extremely popular. Older Panamanian corporations with established bank accounts sell for thousands of dollars or more. Selling your Panamanian corporation is a matter of physically transferring the “bearer” stock certificate together with the other corporate records to the new owner.
The one-time cost for setting up a simple Panamanian Corporation is around $1300. You will have to pay an annual Registered Agent and Director’s fee of $295 yearly, due one month before the anniversary date of the corporation.
For additional information about starting a Panamanian corporation contact: For forming a Panamanian corporation or foundation, we highly recommend Roberto I. Guardia . A number of Americans we interviewed speak very well of him. You can contact him at: Tel: (507) 263-3917, Fax: (507) 2633924 Cel: 612-5429 E-mail:rig@orcag.com, www.orcag.com.
You may also contact: Relocation and Retirement Consultants, SJO 981, P.O. Box 025216 (SJO-316), Miami, FL 33102 Fax: 011-(506) 261-8968, E-mail: crbooks@racsa.co.cr or www.liveinnicaragua.com.
Insurance
All public and private insurance companies in Nicaragua are regulated by the Nicaraguan Bank Superintendency (www.superintendencia.gob.ni).
Insurance companies in Nicaragua have grown six-fold in the last five years, jumping from five to 30.
INISER (Tel: (505) 266-6772, Fax: (505) 266-5636, www.iniser.com.ni) is the main insurance company owned and operated by the Government of Nicaragua. You may contact their offices in Granada at Tel: (505) 552-22826, Fax: 5523939, León Tel: 311-6911, Fax: 311-4293, Estelí Tel: 7137488, Fax: 713-3560 and Matgalpa Tel: 612-2904, Fax: 6125515.
INISER offers a wide variety of personal, property and construction insurance. type of medical insurance with worldwide coverage called Plan MEDISER. Pre natal care, Surgery, hospitalization, outpatient surgery, emergency transportation, and other benefits are included in the basic policy. Additional coverage may be purchased. All residents of Nicaragua are eligible as well as their family members.
Other types of insurance offered by insurance companies are: health, life, automobile, fire, earthquake, flood, robbery, home, family insurance, insurance for students, civil responsibility, aviation, transportation of goods, bonds for bidding contracts, etc. We have been told by fellow expats that is costs about $80 yearly to insure your car against everything. Likewise they tell us it is easy to insure a house. Nicaraguan insurance companies usually settle claims quickly.
You will be pleased to know that you can buy into the Social Security health system for about $25 monthly. If you need to go to the emergency hospital there is no charge for minor treatment.
Some of the other major, full-service insurance companies offering personal, property and businesses are: Metropolitana (tel. 278-4227, fax: 278-2621, www. metropolitanadeseguros. com.ni), the first private insurance agency in Nicaragua. Seguros America (tel. 274-4200, fax: 274-4202), which is associated with the BAC bank. Segurossa (tel. 270-3505, fax. 270-3558, www.segurossa.com.ni), which is associated with financial group Grupo Lafise. Seguros del Pacifico (tel. 268-1415, fax. 2682250, eamil. segurosp@ibw.com.ni), associated with Grupo Financiero Pacific. Prisma (tel. 228-7102, fax. 222-2135), also has a branch office in Granada (tel.552-7157, fax.552-7162).
Check the yellow pages in the Nicaraguan Telephone Guide for full listing of all 30-plus insurance companies. |
