Thread: offshore corporation, foundation, bank accounts etc...

Hi there,

I am new to the forum. I am a french citizen, and have not lived in my country for the 10 last years, working for multinationals all over the world. Most recently, I was resident of the UK, being employeed by a UK firm. Then got fired... :-(

I am now based in Bogota, Colombia, mostly on holiday and very bored to be so.

I am thinking of setting up a foundation owning a corporation ( bearer corp with nominee director?) in Panama, even though I wont be living there, but in Bogota and in the future Spain.

The company would be trading legal goods between South america and Europe. I have even thought of opening a bank account in Uruguay ( that has secrecy as well), to soothe suspicious customers who could potentially find it weird to pay a panama account - you know how europeans are suspicious...

After having read much of your forum and many attorney websites, I still have a set of questions before getting to a real attorney - could you please share your views?

1. Is that possible to incorporate in Panama, not being resident in panama, living abroad? (i can fly in to sign paperwork but will not live there)

2. Can i buy a home in Spain and avoid paying tax? (am french with panama corporation)

3. If my name never appears on the foundation or corporation ( neither beneficiaries, not director, not owner nor founder - which is great, how can i control and make sure that the 3 lawyers representing me take over all my assets? (which a bit of cash)

4. Can i be employed by the panama corporation and live and get paid in Spain or Argentina or Colombia ( the country i guess doesnt matter)? I guess I d pay tax on the salary/ bonus in the country i am in.

5. Do you know if Uruguay is a tax haven as well and if a panama company can easily open an account in uruguay?

6. What about a loan from the corporation to myself to buy a home in another country? albeit I d pay an interest to the corporation? ( I read this in several websites)

7. do I really need to set up a fundation or can just a corp make the deal? I dont have much asset to hide, just thinking of optimizing tax by setting up a corp, I am wondering how to think about the privacy - never thought about it

8. Can I have both personal funds in the foundation (or the corp?) and the corporation in operations? how Can I separate both but still have both in Panama?

9. My funds are currently in the UK. How can I trasnfer them to Panama or uruguay wihtout the UK asking me where the cash is going? mmm is this a stupid question? haha dunno, cant think about it actually, this is too new

I know that I should ask this to lawyers but I am not yet in the country and wanted to make sure I have a "basic" knowledge so bad lawyers have a limited access to ripping me off

thanks a million for your time
Ilolay

Hola Ilolay, I can offer you up some advice. Panama (in my opinion) is still a pretty good place to establish your offshore corp. I am not sure how intrusive France is in regards to offshore income earned? The questions you have are good but truly best handled by an attorney in Panama. My recommendation would be to contact the French embassy in regards to any possible Panama attorney list they may offer up? I know the US embassy does give a list of attorneys that no US citizen has filed a complaint against. You might also go through many of the threads and posts within this forum for possible recommendations? There have been attorneys that post to this forum that maybe able to answer some questions for you? Continue to create your list of questions.

Hi there,

there was a long thread of answers to this topic that apparently got lost with the forum's recent attack. any way to retrive it? it was very useful data!

thanks

Was it in this thread? Did you (and/or MRWOOHOO) receive email updates of posts at the time they were made? If so we can repost them!

yes it was in this thread. there were about 10 to 15 very precise answers

we did receive email updates which by the way the server doesn send anymore. is that normal?

Originally Posted by PanamaForum.com

Was it in this thread? Did you (and/or MRWOOHOO) receive email updates of posts at the time they were made? If so we can repost them!

Yes too bad the replies got lost... anyone care to reply again ??

I was offered to set up a foundation that would own a Hong Kong Ltd I use to do business, in regard to make all heritage issues easier - ie discreete, tax free, and following my will. How risky is that when one dies ? Is it a secure matter to enforce the will, and do you know if it creates problems with funds invested in stock markets, US or others - there is no US citizen nor resident involved, and to transfer the signature to the new beneficiary - that would be for the corporate bank account in HK, the investment accounts and the safe deposit boxes and possibly other assets of the comppany and/or foundation ?

Thanks for all replies, again it's a shame a lot of data got lost

Hello. I am new to Panamaforum.com I am researching a company, Panamanian Trust Savings & Guaranty located in the Panama World Trade Center 1st Floor Commercial Calle 53 Marbella, Panama City, Panama. I Googled and did not find a website. Does anyone know of this institution? I know it is not a commercial bank. There was an inquiry on another Thread months ago, but I never did find a definite response. Please assist.

Why don't you call them and ask them how you can find them in the public registry online?

Originally Posted by Ilolay

Hi there,

I am new to the forum. I am a french citizen, and have not lived in my country for the 10 last years, working for multinationals all over the world. Most recently, I was resident of the UK, being employeed by a UK firm. Then got fired... :-(

I am now based in Bogota, Colombia, mostly on holiday and very bored to be so.

I am thinking of setting up a foundation owning a corporation ( bearer corp with nominee director?) in Panama, even though I wont be living there, but in Bogota and in the future Spain.

The company would be trading legal goods between South america and Europe. I have even thought of opening a bank account in Uruguay ( that has secrecy as well), to soothe suspicious customers who could potentially find it weird to pay a panama account - you know how europeans are suspicious...
Ilolay

By having a foundation too you end up paying more annual flat tax. Try using a trust. For answers to your questions try My Panama Lawyer: corporation