How does this affect you?
How you can use these new developments to protect your financial future?
Your father's life time savings aren't at risk in Panama even if they are as much as 3 million dollars. Your earnings of a mere twenty thousand US dollars per month, or less, from a legitimate business, are of no interest to Wikileaks.
Panama Papers will not hack our servers looking for your connection to some foreign country’s Prime Minister. We don’t have six hundred people working for us in forty two countries with the potential to access your private information in our servers.
What one law firm in Panama may have done, is not typical of what the rest of the nine thousand Panamanian Lawyers are allowed to do.
Panama’s banks would trace the funds and figure it out when a regular Panama lawyer receives a bribe to help a family member of a corrupt politician.
Panama’s banks will not allow such politicians, drug lords or terrorists to stash away the millions they have defrauded from law abiding citizens.
The banks will reject this kind of accounts and report the criminals to FinCen – the Financial Crimes Enforcement Network.
That’s their responsibility and they will pay heavy fines and lose their license if they don’t comply.
Panama Papers have nothing to do with you if you run a legitimate business and wish to form a legal offshore structure to protect your cash and reduce your exposure to taxes.
Such offshore companies and bank accounts are not only legal but also a responsibility to yourself for maintaining a viable operation that is protected from excessive taxation, government overreach and potential capital controls.
The Guardian is the newspaper that exposed this massive scandal and published the Panama Papers. This is what they have to say about offshore structures being entirely legal: Are all people who use offshore structures crooks? No. Using offshore structures is entirely legal. There are many legitimate reasons for doing so. Business people in countries such as Russia and Ukraine typically put their assets offshore to defend them from “raids” by criminals, and to get around hard currency restrictions.
Others use offshore for reasons of inheritance and estate planning. Your offshore bank account is legal and your assets will be protected with full compliance under international law.
If you are not doing anything illegal, we are here to help you protect your privacy legally and open a bank account with a reliable bank that still has Bank Secrecy.