Guatemala Banking Versus Panama Banking
– This is going to illustrate some of the finer legal and asset protection points about banking in both jurisdictions, Guatemala and Panama. Many of you worked hard to get what you haveand do not have the time to go back and earn it again, so please pay careful attention.
– Both countries have them. They are called Societad Anonima,abbreviated as S.A. at the end of the corporate name.
Lawyer Acting as Signatory
– This is not allowed in Panama but is allowed in Guatemala.
– Both Panama and Guatemala have none, but Panama is in MLAT’s (Mutual legalAssistance Treaties), which allows for the sharing of information regarding taxes if the offense isconsidered criminal by the country requesting the information. Panama used to not consider taxoffenses to be criminal but they changed this in recent years thus opening the door for the requesting of tax information offenses through the MLAT treaties.
Sharing of Information for Tax Offenses
– Panama will share through the MLAT as described above.Guatemala will not share information for tax offenses even if it is construed to be criminal tax matter. No tax information sharing, period with Guatemala.
– Guatemala has no MLAT treaties, Panama does. The USA has 19 MLAT’s. Here is a list of them:Argentina, Bahamas, Canada, Hungary, Italy, Jamaica, Korea, Mexico, Morocco, Netherlands, Panama,Philippines, Spain, Switzerland, Thailand, Turkey, United Kingdom (Cayman Islands), UnitedKingdom, Uruguay.To check our source go here:http://library.findlaw.com/1997/Dec/1/127851.html Bear in mind information sharing can come about as a result of a Tax Information Exchange Agreementas well.
– In Panama it is not easy to have a foreigner come and take your funds away, but notthat hard either. They need to hire local counsel and file a case in the Panama Courts. Prestigious lawfirms tend to do pretty good here. Here is the bad news. If the people suing you do not know the nameof your corporation or foundation they can still attack your assets if you are the signatory of the bank account. How? Panama allows the courts to send a fax to every bank in Panama with a sequestro order asking them to hold your funds. A sequestro means your funds are segregated, sort of like sequesteringa jury, which means to keep the jury separate. The funds are set aside. A lien is a similar term. The plaintiff files his case in Panama. They present whatever allegations they want. If the judge accepts itthey post a bond, usually 10%. Then all your funds get tied up until the trial, think 3-5 years. This canall happen without you being present or even knowing any of this is taking place until you find out