Our valued sponsor

IS PANAMA A GIANT MOUSETRAP (FOR ITALIANS) ?

C

ciccino

Active Member
Jan 15, 2021
66
12
8
36
#1
Register now
You must login or register to view hidden content on this page.
Panama is CRS and in particular with Italy has a special friendly treaty, isn't it implicit they're sharing pretty much every information?

So why there are people still suggesting it? (Without mentioning the obvious bad international reputation)

Thank you.
 
  • Like
Reactions: JohnLocke
#3
ciccino said:
Panama is CRS and in particular with Italy has a special friendly treaty, isn't it implicit they're sharing pretty much every information?

So why there are people still suggesting it? (Without mentioning the obvious bad international reputation)

Thank you.
Click to expand...

Not if you become a tax resident in Panama.
 
#4
I mean if Berlusconi is going there it must be a RAT trap.

berlusconi GIF
 
#5
uplana said:
I mean if Berlusconi is going there it must be a RAT trap.

berlusconi GIF
Click to expand...
Where did you assume Berlusconi went there to avoid personal taxes? He just did a great agreement with the former president Martinelli to allow a simplified residence program for Italians, I guess he was the ONLY western pm really intended to simplify the life of his fellow taxpayers!
Panama is a great country and I love it, but as any other “fiscal paradise” like Dubai it means nothing if you still keep your fiscal residence in a western country!
 
  • Like
Reactions: orangekangaroo, Ciropollo and uplana
#6
EuroKiss said:
Where did you assume Berlusconi went there to avoid personal taxes? He just did a great agreement with the former president Martinelli to allow a simplified residence program for Italians, I guess he was the ONLY western pm really intended to simplify the life of his fellow taxpayers!
Panama is a great country and I love it, but as any other “fiscal paradise” like Dubai it means nothing if you still keep your fiscal residence in a western country!
Click to expand...

Who will ever know if you gain a tax residency in Panama in addition to your original tax residency, open a bank account and a business there? Provide the banks with addresses and tax IDs in the respective countries. As a local resident of Panama, under the CRS your information won't be shared with your original tax residency, if you don't tell either side of each other's existence. Your local tax authority will think you're a local tax resident, your Panama tax authority will think you're their tax resident.
 
#7
gnud said:
Who will ever know if you gain a tax residency in Panama in addition to your original tax residency, open a bank account and a business there? Provide the banks with addresses and tax IDs in the respective countries. As a local resident of Panama, under the CRS your information won't be shared with your original tax residency, if you don't tell either side of each other's existence. Your local tax authority will think you're a local tax resident, your Panama tax authority will think you're their tax resident.
Click to expand...
Better safe than sorry, in the specific Italian case start a real business and register yourself in the AIRE (register of Italian residents in a foreign country) in the local Italian consulate, they will issue a document that you can use with Italian tax authorities (dunno how it works for other western nationalities).
 
#8
EuroKiss said:
Better safe than sorry, in the specific Italian case start a real business and register yourself in the AIRE (register of Italian residents in a foreign country) in the local Italian consulate, they will issue a document that you can use with Italian tax authorities (dunno how it works for other western nationalities).
Click to expand...

Sure if you don't mind losing your Italian tax residency, officially fully moving to Panama is the best solution as it's 100% legal and there won't be any doubt in the future as to where you should be taxed.
 
  • Like
Reactions: uplana
#9
ciccino said:
Panama is CRS and in particular with Italy has a special friendly treaty, isn't it implicit they're sharing pretty much every information?

So why there are people still suggesting it? (Without mentioning the obvious bad international reputation)

Thank you.
Click to expand...
If you really want to do business there, go for it. It works. Ive met many Italians starting from Uber drivers to ppl doing business there, you can also naturalize eventually.
If you use it for an international lifestyle with banking/investments offshore and plan to be absent from Panama from the most part of the year, it is problematic in 2021.
For all other fellas, you need a 200k investment now and existing cedula holders from FN get grandfathered in.
 
  • Like
Reactions: orangekangaroo, daxbr and Vor
#10
gnud said:
Not if you become a tax resident in Panama.
Click to expand...
Are you sure?
1) CRS is for private person accounts, not for active company accounts i read.!!
2) Panama is with OECD but doesnt do much/nothing. thts why they are blacklisted. Thats what my panama lawyer says(biased maybe)

Curious what you think about 1)
 
#11
romalo said:
Are you sure?
1) CRS is for private person accounts, not for active company accounts i read.!!
2) Panama is with OECD but doesnt do much/nothing. thts why they are blacklisted. Thats what my panama lawyer says(biased maybe)

Curious what you think about 1)
Click to expand...

Nothing is shared through the CRS within the same country. If you have a tax residency in Panama, have their tax id, and open a bank account there, nothing will be reported to anyone.
 
#12
I live in booth Colombia and Netherlands.
I have multiple panama bank accounts.(bancolombia panama)

But about 1):
https://www.libertymundo.com/index....7_Companies_with_Operations_are_Not_Disclosed
7. Companies with Operations are Not Disclosed

If your company has an operating business then it is not reported. CRS is only for financial investments. If the Company is operating a real business nothing can be disclosed. It is fairly easy to convince the bank that you have an operating business.

So in theory you can do this:

Send client correct invoice with Panama company info on it. Payment details you do this:

Let them pay to a ?Paysera? bank account owned by shell company in puerto Rico LT or whatever(not blacklisted) with equal company name.
After receiving the money in Paysera,forward the money to panama bank account.(Latin America has no block on panama)

Paysera will not report CRS, because its companie with operations right?

So in theory you can do this:

Send client correct invoice with Panama company info on it. Payment details you do this:

Let them pay to a ?Paysera? bank account owned by shell company in puerto Rico LT or whatever(not blacklisted) with equal company name.
After receiving the money in Paysera,forward the money to panama bank account.(Latin America has no block on panama)

Paysera will not report CRS, because its companie with operations right?
 
Last edited:
#16
Golden Fleece said:
I can tell that you have never been to Panama. Almost all the hot chicks in Panama are Colombian hookers.

You will literally see more hot chicks in your short time passing through Tocumen International Airport than you will during your entire stay in Panama.
Click to expand...
Panama is full of colombian and venezuelan girls that's why I said that tho ;)

Girls from Venezuela are even sexier than Colombian ones
 
Last edited:
Register now
You must login or register to view hidden content on this page.
You must log in or register to reply here.

Forum Announcement

Latest Threads

Offshore Bank Accounts
Top Bottom
Back