A sad story you need to read. Could this be you?
A Panama corporation and a Panama bank account can save you from this fate.
If your ex-wife is trying to get your money and you need to protect it most articles you read will tell you that if you do it will be fraudulent conveyance (see http://www.searchallinone.com/offshore-banking/asset-protection/panama-offshore-asset-protection/fraudulant-conveyance.html). Once a judge sees that you have moved it offshore he will then instruct you to bring it back or face contempt of court and he has the power to put you behind bars to help convince you to do it. So what do you do? I am not telling you to do this. I am only explaining what is possible when you are in the realm of bank secrecy. In fact I am telling you not to do this. This is just an exploration of thought.... Hypothetically if a person in this situation were to invest the money in a business venture in Panama and the poor fellow were to loose most or all of his investment what would happen? Well he was trying to make some money with his money. Thats a smart thing to do. Sadly he wasn't so smart and lost the money but hey you win some you loose some. Now what would the judge say to this fellow? You made a bad investment choice. Sure he might but he certainly can't punish hime or order the money back now can he? In fact, since he is not a certified financial planner he can't even officially comment (although he might anyway). The point is that the money is now gone. Now there are some things about banking in Panama that you should know. Corporations can be bearer share corporations. That means that whoever physically has the pieces of paper called shares owns the corporation. Ownership of a corporation like that can be transferred as easily as handing someone a sandwich! Now you need to know something else too. Nobody knows who owns that corporation. Not even the government of Panama. So if this corporation were to recieve an investment and were to lose that money who could argue. A simple letter could be sent to the investor explaining the sad situation. That sad investor could end up pennyless if he wasn't careful. As much as this poor fellow wanted to he just couldn't give much to his ex-wife. Too bad.
Oh and don't forget that Panama banks also give bank cards when they open up a corporate bank account. These cards only trace back to the Panama company (which is owned by whoever holds the physical shares). A person could use that bank card anywhere in the world to withdraw cash. If a person refrained from using the bank card at stores it would not trace anywhere except the Panama corporation.
One other thought comes to mind. I wonder what the tax consequences would be for that poor fellow who lost all that money?
About the Author
Doug Collins is an expert of offshore asset protection, offshore banking, and offshore companies (offshore incorporation) in Panama, Belize, Switzerland, Bahamas and the cayman islands. He writes of the "Offshore Legal" section at searchallinone.com.
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