Well Panama is one but why isnt Cayman or Switzerland still viable. If you are doing nothing illegal they are still stable safe and secure to US banks no? They have cracked down on illegal activities so that should not change their status from before.
So the only change has been the ability to access accounts when required by law or government request? Just for kicks, anyone know what type of rates are currently available in these countries? Well, not that 9.5%
Well I honestly do not know the answer to that question but as far as Panama they require more ID from the person opening the account and documentation, especially if you are a foreigner. So this is their attempt at cracking down at laundering or those wishing to remain anonymous. I am not sure I understand what you mean by accessing accounts by law or gov't request.
It's funny you mention illegal. I have thought about expatriating and setting up a Panama IBC with Panama bank to trade through, but Panamanian banks require a fair amount of ID and letter of reference to open an account. I briefly thought about just stealing letterhead from 1 of my 2 credit unions, whom I have great history with, because I dont' want to be flagged by the Patriot Act for Offshore Banking. I probably don't have the net worth for the Cayman Islands or Switzerland. Austria has some of the best banking privacy laws as well or so I have read. AIB, Anglo Irish, has a big presence there.
Here is an example of the requirements to open a corporate bank account in Panama. As you can see they are really trying to avoid anonymous accounts which are used mostly for laundering: Documentation Requirements: (Banker-Documents) For set up of Corporate Bank Accounts in Panama, the following documentation is required by the bank: A. Photocopy of passport for each signatory. The photocopy of passport must include the photo of the person, the personal details (passport number, etc.), the signature, and photocopies of ALL pages. The photocopy should be clear and legible and it should be authenticated by apostille unless the client is physically in the country. B. Two Financial Reference Letter. The financial reference letter can be from any bank, brokerage firm, or credit union. The letter should be an original on the financial institutions letterhead, and should include the signature of an official, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in. C. One Commercial or Professional Reference Letter. The commercial or professional reference letter can be from any company or professional that you have a commercial business, or professional relationship with. The letter should be an original on the company or professionals letterhead, and should include the signature of the representative of the company or the professional, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in.
Try East Europe, Estonia to be precise. Company profits are only taxed at distribution time enabling you to compound profits before paying them out. And when you do, the flat tax rate is 20%. But why would you pay out when there's a lot that a company can do to itself, and to you as its director. EU member state, unfortunately not yet an Euro block member, but the currency is pegged to the euro. Banks are solid, rule of law prevails, well connected in roads, air, sea and internet. Language is the only handicap, the older generation is better versed in russian than english, but the younger generation is eagerly catching on in western ways. It's doubtful you'd speak estonian or easily learn it.
As we all know, one of the main points of going offshore is to get the money out of the US banking system away from the government's reach, and so that you avoid taxation of capital gains, interest, dividends etc. I know of one uber-rich American family that has their personal family wealth holding company and business corporations based out of the Cayman Islands for these very reasons. The question is whether or not secrecy matters to you - whether or not you want the government to know where your money is 24/7. That's where my legal reference came from - in the case of prosecution, a government or prosecutor may have the right to access "numbered" accounts regardless of a country's secrecy policy.
Well Panama does not have an extradition treaty so if you get in trouble you can move your assets there and flee LOL...
Really, I know you know Panama. I would think being so US friendly they would have an extradition treaty for everything except maybe death penalty cases. Not that I am planning on trying it.