Friday, August 17, 2018

Canadian brokers are not in Panama

The Nova Scotia Securities Commission in Canada issued an alert for a firm advertising in :

Investor Alert for 1st Trade Options/First Trade Options

Nova Scotia Securities Commission

May 2, 2018 10:07 AM

The Nova Scotia Securities Commission is alerting investors that 1st Trade Options/First Trade Options is not registered to sell securities in Nova Scotia.

1st Trade Options claims to be a full-service options trading company located in Panama City, Panama. 1st Trade Options and its representatives solicited at least one Nova Scotia resident by telephone to invest. The investor lost money as a result. It also advertises on its website, . 
 If you have been contacted by a representative from First Trade Options, please contact the commission.


Media Contact: David Harrison

No company is registered in the Panama Public Registry, the Panamaemprende Business Registry or the Securities Commission with the name 1st Trade Options or similar.  A report mentions that the outfit has a Panama office at 1st floor Commercial Area of Oceania Business Plaza (which office staff have never seen them) and telephone +5078389514 (which has recording as disconnected).  Another report states that they have a payout company in San Jose Costa Rica international optional Investments (which address is that of a convent )

The Panama Superintendent of Securities has a list of regulated brokerage firms serving locals and foreigners alike in   Some of the firms are more than 50 years old and the best ones are supported by banks with paid-in capital above $10 million.   A prospective investor should consult local experts before investing.

Canadian and Panamanian citizens can resolve investment disputes under the protection of the Canada-Panama Free Trade Agreement of 2009.

More information in:
1st Trade Options 

Sunday, September 03, 2017

Apartment in residential zone of Panama City with easy access

7400 - San Francisco, Panama City - The Location

San Francisco is truly the best area to live in Panama City. It is a peaceful area, surrounded by
beautiful houses of impressive architecture, an inimitable exclusive and residential zone, close to the ocean but in the center of the city, which allows you to enjoy an incredible view of the ocean or of the city. Everything you need you will find close by: restaurants, schools, supermarkets, video rental stores, pharmacies and just a few streets away, one of the biggest shopping malls of Central America boasting stores selling international brands, at terrific prices, movie theaters and more. San Francisco is also one of the most accessible zones of the city, so it will only take a few minutes to arrive at your destination.

Maintenance fee includes: Maintenance of common areas, 24/7 security, broadband internet, gas.

7400 - San Francisco, Panama City - Key Features
  •  Prime Panama City Location
  •  Close to airport, Panama Canal and Bay of Panama (Pacific Ocean) etc.
  •  Family-owned developer with 35 years experience
  •  20 year exoneration from property tax
  •  Prices from just $270,000 based upon current availability
  •  Anticipated rental yield of 7-8%
  •  15% capital gains tax rate
  •  70-80% borrowing available

LA EXPERIENCIA QUE BUSCABAS PARA VIVIR A TU ESTILO! UBICACION: San Francisco es realmente el mejor lugar para vivir en la Ciudad de Panamá un área tranquila rodeada de hermosas residencias con una impresionante arquitectura una zona exclusiva y residencial por excelencia muy cerca del mar pero en el centro de la ciudad lo que le permite disfrutar de una vista increíble al mar o a la ciudad. Con todo lo que usted necesita cerca del área encontrará: restaurantes escuelas supermercados video clubes farmacias y a pocas calles centros comerciales cines y más.

EL PROYECTO: Con un estilo fresco moderno y relajado 7400 San Francisco encuentras las imponentes East Tower y West Tower. Estarás cautivado por su impresionante fachada con un estilo totalmente original ambas con elegantes lobbies entradas individuales desde sus múltiples vías de acceso y un diseño arquitectónico vanguardista que te hará sentir la experiencia 7400 desde el primer instante.

AMENIDADES: 7400 San Francisco te permitirá disfrutar a diario sin que te cueste más y sin salir de tu entorno 2400mts2. de amenidades como media cancha de basketball cancha de raquetball y áreas verdes para practicar deportes al aire libre.para relajarte cada día te espera un delicioso spa con sauna duchas completas y para ejercitarte un moderno gimnasio completamente equipadoun lujo que tienes con solo tomar la decisión inteligente de vivir en 7400 San Francisco. Cada torre cuenta con su propia área de esparcimiento para chicos y grandes con piscina área de juegos para niños terraza techada terraza abierta y una completa área social con salón de fiestas con cocina área para barbacoa terrazas baños y más para que celebres con toda comodidad y sorprendas a tus invitados.

LOS APARTAMENTOS: WEST TOWER con apartamentos de 153m es ideal para tu estilo de vida porque cada elemento en tu apartamento ha sido seleccionado pensando en que sea único e individual para que cada rincón tenga su propia personalidad y a la vez puedas adaptarlo a tu gusto. Acabados modernos y de buen gusto materiales importados de España de excelente calidad y que siguen las últimas tendencias en decoración: una hermosa cocina con sobre de granito y modulares estilo italiano elegantes baños con sobres de mármol modernos y lustrosos pisos de porcelanato de 60cms azulejos importados ventanas de piso a techo detalles que hemos incorporado para tí porque son parte del concepto 7400 San Francisco.

For more information contact by Whatsapp +5076617321

Tuesday, August 08, 2017

Anguilla provides advantages for hedge funds

Anguilla provides advantages for Hedge Funds and IBCs

In 2004, Anguilla added legislation that provided for mutual funds, captive insurance and protected cell companies. The IBC (International Business Company) Act provides all the necessary features of this entity with enhanced shareholder protections.

Anguilla has an online company formation system, ACORN, which allows for the incorporation of IBCs, and other corporate entities, as well as the filing of annual returns and all other statutory documents over the internet. Only licensed practitioners i.e. holders of a company management (registered agent), trust or offshore banking license or their approved overseas agents, are allowed access to the system. At the end of the incorporation process, the incorporator receives a digital certificate of incorporation which can be used to open bank accounts. There is no need to take any documents to the Companies Registry for stamping. These are automatically generated by the ACORN system and service providers simply have to collect the hard copy of the articles of incorporation bylaws which will all bear the Registrar's stamp, from the Registry.

Shares and share capital
Shares may be issued as registered shares or bearer shares or both and may be issued to corporations or natural persons. IBCs can be formed with any authorized share capital and in any currency approved by the Registrar. The government fees do not increase based on share capital and shares may be issued with no par value. Shares may also be issued in fractions.

Share registers
IBCs must maintain registers of shareholders and directors. However, there is no requirement to file them with the Registrar.

Registered office/registered agent
Each IBC must have a registered office and registered agent. Only licensed practitioners can provide this service.

Directors and company secretary
An IBC must have at least one director but there is no residency requirement. Directors have all powers provided for in the bylaws except those reserved to the shareholders by the Act. Directors may be corporations or natural persons. There is also no requirement for a company secretary.

Shareholders� meetings
Meetings may occur outside of Anguilla, wherever and in whatever manner determined by the shareholders. Meetings may occur by telephone or other electronic means.

In practice, all companies formed in Anguilla are ordinarily incorporated by a trust company. Because all companies are required to have a licensed registered agent, and only trust companies are so licensed, in practice they control the incorporation procedure.
Technically any person may incorporate an IBC or a CAC by subscribing and filing the Articles of Incorporation, but as all IBCs and CACs are required by law to maintain a registered agent at all times, in practice the registered agent will invariably deal with the incorporation procedure. Similarly any person may form an LLC by subscribing the Articles of Formation, but because all LLCs are required at all times to have a registered agent, this process is usually undertaken by that agent.

All IBCs must be incorporated as companies limited by shares. A CAC may be incorporated as either (1) a company limited by shares, (2) a company limited by guarantee, or (3) a company limited by shares and by guarantee.

The corporate constitution of an Anguillan company depends upon which statute it is incorporated under.

         For an International Business Company, they are the Articles of Incorporation and the by-laws. The Articles of Incorporation are publicly filed upon incorporation, but they are a relatively perfunctory document containing very little information beyond the name of the company, the registered office and registered agent, and particulars of the authorised share capital. The regulation of the company's affairs is primarily delegated to the by-laws which are a private document not accessible by the public which are maintained at the company's registered office.

         For a private company registered under the Companies Act, they also consist of the Articles of Incorporation and by-laws.

         For a limited liability company, they are the Articles of Formation and the LLC agreement. Similar to IBCs, the Articles of Formation are publicly filed upon registration, but they are a relatively perfunctory document containing very little information beyond the name of the company, the registered office and registered agent. The principal regulation of the company's affairs is primarily delegated to the LLC agreement which is a private document not accessible by the public which are maintained at the company's registered office.

The Articles of Incorporation (or Formation) of a company are filed with the Companies Registry but are not available for public inspection. However, the by-laws or LLC agreement are private, and not available to the public. In each case, the constitutional documents may be amended without a court application, but where the document is publicly filed, the amendment will normally need to also be publicly filed before it becomes effective.

For IBCs and CACs the Articles of incorporation and by-laws will bind the company and each member of the company as if they had been executed by them personally. There is no equivalent provision for LLCs.

In addition to raising capital from their members by way of equity, Anguillan companies may raise capital by way of debt, either in the form of loans or by issuing debt securities. Companies are not required to file financing statements in Anguilla when borrowing money.

Anguilla offers a low cost and efficient regulatory fund environment for private investment funds. 3 types of funds allowed, the two of interest to small offshore fund operators being Private and Professional Funds. A fund may be in the form of Anguillan company, Intl business company, LLC, limited partnership, partnership, unit trust or protected cell company, protected cell accounts, segregated portfolio company, or segregated portfolio accounts. This allows for the issuance of series or classes of shares with different rights, thus allowing for the creation of umbrella funds and master/feeder structures.

Private Funds
This refers to a mutual fund whose constitutional documents specify that it will have no more than 99 members. Private funds are recognised under the Act. The documents must also specify that the making of an invitation to subscribe for or purchase shares issued by the mutual fund are not offered to the public. Exemption from recognition is given to a family trust fund as defined in the Act.
There is no restriction on the amount of investment by individuals who may constitute a private fund.

Professional Funds
This refers to a mutual fund whose shares are made available only to professional investors and the initial investment in which, in respect of each of the persons constituting a majority of such investors, is not less than US$100,000 or its equivalent in any other currency. Professional funds are recognised under the Act. Professional investors are required to state in writing that they consent to being treated as a professional investor.

There is no restriction on the number of investors who may constitute a professional fund.

A mutual fund may also be recognised as a professional fund if it was carrying on business or engaged in an activity as a mutual fund on the date of the coming into force of the Act; the initial investments in respect of the majority of each of the investors in the mutual fund have been not less than US$100,000 or its equivalent in any other currency. Furthermore, the shares of the mutual fund are, after the date of the coming into force of the Act, made available only to professional investors.

Wednesday, March 01, 2017

Are you a client of SMH / Swiss Metal Assets?

For those asking about a company called Swiss Metals claiming to operate in Panama, an article in reads :
Swiss Metal Assets S.A. (SMA), the Panamanian branch of Schweizerische Metallhandels AG, with offices in Switzerland and the Republic of Panama now offers you solutions for the protection of your wealth. Protection of your wealth can be achieved through purchasing physical ownership of rare industrial metals and industrial silver granulates. SMA products allows you to convert your currency into High Demand Rare Industrial Metals, TAX FREE.
Swiss Metal Assets, S.A., (SMA), and its trading partner Schweizerische Metallhandel AG, (SMH) are operating together throughout Europe and the Americas focusing on the trade and distribution of rare industrial and precious metals. *_Our business is not Stocks, Bonds, Shares Certificates, or Futures_* Five years ago three German entrepreneurs realized that there was a need for people to exchange the paper cash into real assets such as metals. They began selling Silver and Gold only, but after speaking with the owner of Haines & Maassen, one of the top traders in the world in rare industrial metals they made an agreement to offer Rare Industrial Metals to the general public for the first time as a contingency to secure and preserve wealth. Together they set up a company where you can invest in these metals and store them in the Swiss duty free zone, Zürcher Freilager AG, a Swiss Warehouse Operator since 1923. Since then we have converted cash into real metals assets worth millions of dollars for Germans and many other Europeans. Now for the first time this is available in the Americas. (more)

The following process is supposed to be followed:

Purchase Process:
  • 1. Sign Purchase and Storage Contracts
  • 2. Receipt of Client’s funds by Swiss Metal Assets
  • 3. Transport of Metal Asset to the Entrepot Warehouse
  • 4. Assets are assigned a Charge Number and an Invoice Generated
  • 5. Client receives Invoice and Ownership Certificate
  • 6. Time line is generally three weeks from receipt of funds
Resale Process:
  • 1. Two Options Client Request for ReSale or Industry Request for Purchase
  • 2. With Client Request we will ask our Metal Trader for the daily price of each metal and advise client
  • 3. With Industry Request our Metal Trader will provide the purchase price to the seller
  • 4. Funds will be transferred to any Bank Account world wide

Floor 18, Office O of the Aseguradora Ancon tower,
presumably the office of Swissmetal, Inc. 
 More recently, the SMH website announces that:
Panama City, Panama – Strong demand and rapid growth of Schweizerische Metallhandels A.G. (SMH AG), and their partner in the Americas Schweizerische Metallhandel Panama S.A. (SMH Panama) , a Panama based supplier of rare strategic metals, has allowed them to welcome Swissmetal Inc (SMI), as their second service provider. Knut Andersen, previously the sales manager of Swiss Metal Assets (SMA), their first provider, is spear-heading the new venture. SMI has been running at full capacity from their new Panama location in Costa Del Este since October 2012.

Clients of SMH are asked to sign this waiver of rights
Several clients who hired lawyers found to their surprise that:
    • SMH SCHWEIZERISCHE METALLHANDEL PANAMA, S.A., never had a business license.  The company was dissolved on October 16, 2016.   This means that a period of 3 years is open for liquidation of its assets with their last directors as trustees liable for its debts.

  • No Panama company called Swiss Metal Assets S.A. exists in the Public Registry but a New York LLC was registered in New York by Juliette Passer since July 21, 2011
  • The Panama Ministry of Commerce lists a company called Swissmetal Inc. with offices in Costa del Este, Panama City:
Número de Aviso de Operación:2276052-1-786004-2014-407589 
Nombre Comercial:SWISSMETAL INC.

RUC:2276052-1-786004 DV 23
Fecha de Generación:10-Feb-2014
Representante Legal:KNUT EGIL ANDERSEN
Urbanización:COSTA DEL ESTE

Apartamento:PISO 18 LOCAL O

This office is now part of an unrelated French company.

Investors should ask a lawyer to review a contract or conduct due diligence of its directors before sending funds to accounts related to any investment.  Your suggesitons or corrections to this data are welcome and may be posted anonymously in the comments.

See also:

Monday, February 20, 2017

Bermuda Deputy PM: "The UK is a Tax Haven"

Bermuda Deputy PM and Finance Minister said it the way it is: OECD founder UK is actually a tax haven.   And Richards is no parochial nationalist: he has experience working at a pension fund, courses at the IMF and an MBA in Canada.

'The UK is a tax haven' – Bermuda attacks plan to end financial secrecy 

Juliette Garside 
Monday 6 February 2017 15.32 GMT Last modified on Monday 6 February 2017 22.00 GMT

The government of Bermuda has hit back at British efforts to end offshore financial secrecy, claiming the UK itself is a “tax haven”.

Speaking ahead of a meeting on Wednesday between Theresa May and the leaders of Britain’s overseas territories, Bermuda’s deputy premier and finance minister, Bob Richards, pushed back against proposed legislation that would create public registers naming the owners of offshore companies.

Richards said the UK should get its own house in order before making demands from its dependencies.

“The UK is a tax haven,” he said, citing non-dom laws that allow foreign nationals to live in Britain without paying tax on overseas income.

“You have more billionaires resident in London than any place on earth. They are not here for the weather, they are here for the tax climate. We have a double standard going on here.

“We have a much more transparent, much cleaner system than the countries that promulgate these rules in the first place. The popular notion that somehow there is something nefarious going on in a small island that is relatively successful is false.”

From April 2017, however, non-doms will lose some of their advantages and foreign nationals will no longer be able to enjoy tax breaks indefinitely in the UK. Those resident in the UK for 15 out of the previous 20 years will be liable for inheritance, capital gains and income tax on their worldwide assets.

A cross-party group of 88 MPs, led by the tax campaigner Margaret Hodge, is backing an amendment to the government’s criminal finances bill that would force British territories to follow the UK in making public their company ownership registers by 2020.

“There is a thing in this world called privacy and at least in my island privacy still exists,” added Richards. “There is no public right to know anybody’s private business.”

The Panama Papers exposed how thousands of offshore companies have been used to help hide the proceeds of fraud, political corruption and tax evasion.

Unlike most tax havens, Bermuda does keep a central government record of who owns its offshore entities. This information is available to other governments on request, but not to the general public.

Deputy PM Richards
Richards told the Guardian he would resist calls, first made by David Cameron in 2013, to open up the register. “The register in Bermuda is there to protect the government’s reputation ... It is not the public’s business. We are not here to tell you who is doing business in Bermuda,” he said.

“There is a thing in this world called privacy and at least in my island privacy still exists,” added Richards. “There is no public right to know anybody’s private business.”

The Panama Papers exposed how thousands of offshore companies have been used to help hide the proceeds of fraud, political corruption and tax evasion.

Unlike most tax havens, Bermuda does keep a central government record of who owns its offshore entities. This information is available to other governments on request, but not to the general public.

Richards told the Guardian he would resist calls, first made by David Cameron in 2013, to open up the register. “The register in Bermuda is there to protect the government’s reputation ... It is not the public’s business. We are not here to tell you who is doing business in Bermuda,” he said.

The mid-Atlantic nation is a major centre of tax avoidance, with Google and other multinationals attracted by a zero corporation tax rate. Oxfam found that US corporations reported $80bn (£64bn) in profits in Bermuda in 2012 – more than their combined reported profits in Japan, China, Germany and France.

Bermuda should do what guarantees the future of its next generation.
Destroying its financial center will not provide jobs for the future.
“People are pressuring overseas territories because they feel we are defenceless, in some way easy pickings,” said Richards. “They are moving the goalposts on us almost every three weeks.”

The Bermudian premier, Michael Dunkley, has joined Richards in London this week for a series of briefings with UK ministers, with Brexit top of the agenda. Richards said his government was in listening mode but, if pushed, it would not hesitate to protect its interests.

He said last year he “would not hesitate to go for independence” if his country were threatened by Brexit. Bermuda’s last push for independence was in a 1995 referendum.

Richards said: “At the moment our interests are aligned but if that changes then we will have to think of ourselves. We must protect Bermuda’s interests. This amendment being proposed [by Hodge] is not in the interests of Bermuda.”

See full text in
See also:
Bermuda Ministry of Finance

Thursday, February 16, 2017

LIVE Streaming - Conference on Tax Competition Feb 15-17

Speakers from US, Latin America, Germany, UK, France and other OECD countries speaking in Panama about tax competition and individual freedom at Widening Pathways to Open Societies conference

Monday, August 29, 2016

Panama City property auction seeks qualified buyers

The Panama Stock Exchange reported that an auction will be held for the lot of land and improvements for the Hotel Unicorn (Park Inn by Radisson under construction on Finca 1025) in 44 Street and Justo Arosemena Av., in Bella Vista, one of the prime neighborhoods of downtown Panama City.

Corporate bonds were issued of which about $ 2.7 million were placed on the market for the issuer UHR Development (BVP: UHRD).  The property will be auctioned by the bond trustee to interested qualified buyers under the terms and conditions of said issue.

For more information contact lagrealty @

The appraisal of the property is available in:
Panama Stock Exchange website
Slideshare copy