Some advice for a newbie

[drlao]

Hi everyone,


I was recently introduced to the offshore world and I am trying to learn as fast as I can, for I need to start an offshore company in the upcoming months.


I found this forum very interesting and with lots of useful information. I am sure what I am going to ask is somehow answered elsewhere, but please bear with me while I try to assimilate a lot of new information.


There are lots of countries to choose where to incorporate a company, and this is my first question. After studying a bit, I am more inclined to choose Panama. It seems this forum is somehow tied to a Cyprus offshore service. Could someone please compare the positive and negative aspects of Panama vs Cyprus?


The second question regards to the bank account. In my case, what I need is the capacity to make monthly withdrawals from this account using an ATM card. I am in Latin America (not a tax haven country) and the most sensitive point to me is the cost associated with each withdrawal operation, not to mention anonymity of course. What would you recommend in this case? What is the cheapest option for monthly international withdrawals?


Thanks in advance,


DrLao

 

[JohnLocke]

There are lots of countries to choose where to incorporate a company, and this is my first question. After studying a bit, I am more inclined to choose Panama. It seems this forum is somehow tied to a Cyprus offshore service. Could someone please compare the positive and negative aspects of Panama vs Cyprus?

You are 100% correct with your thought about this forum To help you a little even if I may not be the right to answer this question, then below link will compare for instant the Seychelles with the BVI, actually it dosen't matter if it is the BVI or Panama, after all the changes in the regulations in Panama this offshore jurisdiction looks more and more like the BVI.


Why Seychelles? - Blogs - Offshore Company Forum


Cyprus is not a Offshore jurisdiction so to compare it with a offshore jurisdiction like Panama may not be fair since these two countries have 2 different objectives and possibilities for one looking to reduce tax or stay private in their business affairs.


There are some Panama service providers here on the forum maybe they have something they can supply

 

[JohnLocke]

The second question regards to the bank account. In my case, what I need is the capacity to make monthly withdrawals from this account using an ATM card. I am in Latin America (not a tax haven country) and the most sensitive point to me is the cost associated with each withdrawal operation, not to mention anonymity of course. What would you recommend in this case? What is the cheapest option for monthly international withdrawals?

Just a friendly advise, cheap and anonymity will not work together... there are only a handful of anonymous banking / debit card solutions out there and the respective banks know that and have adjusted their fees accordingly.


Further, you will look at what you transaction(incoming / outgoing) history will look like, say most are to and from a EU country then you will need a IBAN account number (only EU banks offer such) to get the lowest fee possible. Say you don't have any EU transactions (or only very few) then you will look for other options like Santander Bank Bank Accounts, Savings, Loans and Mortgages: Santander - HSBC bank or Barclays who have branches all over the world and who may have the cheapest banking fees.

 

[redeye]

A general guideline to succeed in your offshore company setup is to look at what TIEA's, DTA, DTAA and MLAT (Mutual legal assistance treaty) the country of your choice has in place. Compare it to your country of residence.

 

[orangeye]

A general guideline to succeed in your offshore company setup is to look at what TIEA's, DTA, DTAA and MLAT (Mutual legal assistance treaty) the country of your choice has in place. Compare it to your country of residence.

Clear but where do we find the list of TIEA, DTA and DTAA that a offshore country may have signed and what makes you sure that they won't sign more in the near future?

 

[JohnLocke]

Actually the OECD has a list of TIEA's and lots of other information about the same, Google may help you to find it.