Those days are gone.if you play by the rule YET is the word if you play the seek and hide game you don't have to worry it works.
If you are truly in corporate services then you ought to know better. Nevertheless, good luck
Those days are gone.if you play by the rule YET is the word if you play the seek and hide game you don't have to worry it works.
I only get to 35 years of personal experience in the offshore industry
Where did I say that a Panamanian resident wouldn't be able to open a US account? You can open the US account if you manage to jump through all the hoops and over all the hurdles, like anywhere else. In some states walking into a branch and walk out with an account isn't happening anymore. In some states that is still possible.So i'm curious now with all those years of experience why a Panama resident wouldn't be able to open a US bank account by going in person to a branch.
They will continue to be the world's biggest tax haven for non-us citizens, that will not change.
Also, you don't have to jump immediately from EU high tax country to Panama, you could add an intermediate step and move to Cyprus first (for example) and then from there to Panama.
Where did I say that a Panamanian resident wouldn't be able to open a US account?
Practically you will encounter banks closing the bankaccount because you are not compliant to the requirements.
If you now start such a setup, good luck
It becomes however challenging to not declare those bankaccounts and get away with it
Yes, and that doesnt change. If you however jump the hoops etc you might be able to get a US bankaccount (it largely depends on the state/county nowadays). Jumping the hoops means presenting ID, Proof of Address and in some cases Source of Funds. Sometimes, with higher amounts a second form of ID is already asked for in the US by certain banks.You didn't say explicitly that a Panamian resident wouldn't be able to open a US bank account but implied that it will be a very hard task to get one.
If you declare everything correctly in Panama - nothing to hide as you say and insofar obliged to declare - then there is no problem in Panama. What I wrote before was and is in the context of "anonymity and low compliance" (see the title of this thread). Given that you used ID etc when opening, it is not anonymous and also not low compliance. Low compliance depends on a whole different subset of criteria and largely is user influenced.But why should you be worried about having a US bank account as a Panama resident I don't understant. You don't have anything to hide.
Jumping the hoops means presenting ID, Proof of Address and in some cases Source of Funds.
What I wrote before was and is in the context of "anonymity and low compliance" (see the title of this thread)
Based on current legislation it is not wise to skip accounting. The jurisdiction of incorporation might not require it (although that changes as well. The Seychelles was for instance a jurisdiction that didnt require accounts being kept. That changed drastically over the last couple of years), banks do or will soon do, based on global AML-CT legislation. The good ole US of A is slowly following this trend.A US LLC is still an anonymous public facing company, only the IRS knows who is behind a company and with no accounting, no taxes to pay in US, you only need to file form 5472 this is very low compliance.
If with "anonymity" he was talking about was about hiding ownership to governments and banks then this is very different topic.
very true, set me back to 2009 and let me restart and I would be a billionaire today.It might seem that way but the forum is more active than ever (I think), thanks to a shift in focus towards residence and compliant solutions. There is way more to discuss, research, and discover now than previously.
OCT in 2009: just form an offshore company in Seychelles and open a bank account in Panama, you'll be anonymous.
OCT in 2014: just form an offshore company in Seychelles and open a bank account in Panama, you'll be anonymous as long as there are no TIEA requests which Seychelles and Panama both often don't respect if they sign them at all. Just don't be a US citizen.
OCT in 2019: just form an offshore company in Seychelles and open an EMI account. Maybe it's anonymous? Probably not for long.
OCT in 2024: set up residence in X, form a company in X or Y, and get a bank account in X, Y, or Z. You won't be anonymous but with the right structure, you'll be out of scope of taxation in your home country. Also here are some ways to cash out crypto. Plus information about nominees, lawyers, corporate service providers, and more.
Those who keep up with the times won't struggle. Those who are still looking for that 2009–2014 (if not even older...) era offshore financial services industry are falling further and further beyond each year.
You, me and everyone else on this forum would all have bought btc. No offshoring needed.very true, set me back to 2009 and let me restart and I would be a billionaire today.
Short answer: They do not.Can someone explain in few words please why a person (resident of EU) that running a crypto company in EU needs for example Swiss anonymous company?
don't speak about it, I'm getting sad not have taken action back that time.You, me and everyone else on this forum would all have bought btc. No offshoring needed.