Reducing Taxes Offshore The Worlds Top Tax Havens

In today's world the burden of taxes for those who have accumulated great wealth can be overwhelming causing them to seek out relief through offshore tax havens. The most famous tax haven and still one of the best for investors is Switzerland with Panama gaining a lot of ground in recent years. Panama and Switzerland have both become great at safeguarding your personal and financial data since their reputations rely on this. If they were to get bad press in this regard it could literally cost their economies billions of dollars in capital flight. Panama still allows for bearer share corporations which can own bank accounts in the name of the corporation which makes figuring out a companies real owner extremely difficult.

Panama does not have any tax treaties with other governments except for the the United States which is only enforced in extreme cases. Since Panama has bearer share corporations without necessarily the true owner's identity attached to the corporate documents proving a tax offense can be costly and difficult. Switzerland recently amended their tax treaties and with certain countries under foreign pressure to do so.

This is not to mean that Switzerland is no longer a tax haven because it still is one of the best. Having an offshore destination in a country in Europe with the stability that it offers as well as a long and storied reputation is quite a draw for many people. Most Swiss banks have been around for a long time and are well established and knowledgeable about what they do. They are a "safe" tax haven choice.

The security that a Swiss bank can offer is hard to duplicate anywhere else in the world currently. Many investor's are surprised when they learn that banks in Panama are actually quite massive operations. They are legitimate and real banks for locals and foreigners alike. They are not fly by night operations set up solely to grab investor's cash. You can walk in to a bank in Panama and be treated to the same level of service as you would expect in North America or Europe.

Many bank towers dot the cities skyline, often times more than 50 - 60 stories in height. This is shocking for many investor's who think Panama is a third world country not to be trusted as a tax haven. Panamanian banks do provide a higher level of asset protection, if only for the fact that they operate without any tax treaties from other countries and will not release an individuals information. The only case of bank secrecy being lifted in Panama is in the case of a severe criminal investigation, and even then the agency looking to lift the secrecy will have to make a strong case and go through the proper channels. There are of course many other countries and jurisdictions available for you to establish an offshore banking account or an offshore incorporation. While many of these countries are also viewed as tax havens and top choices for investment, if you are looking for the best you should consider placing your investment into a facility that is located in a Switzerland or Panamanian jurisdiction.

That way, you can rest assured that your money is in an established facility that will offer you the protection that your assets need.

If you are interested in more information about taxes offshore or offshore taxes please visit the site of the author.

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