Panama files dispute against Argentina’s trade measures in goods and services
Panama has notified the WTO Secretariat, 12 December 2012, of a request for consultations with Argentina on alleged discrimination and restrictions in certain measures applied by Argentina to trade in goods and services.
This is the eighth dispute involving Argentina notified to the WTO Secretariat since May this year. The other disputes are cases filed by the European Union, the United States, Japan and Mexico against Argentina, a case filed by Argentina against the European Union and two cases against the United States.
> Further information will be available within the next few days in document WT/DS453/1
What is a request for consultations?
The request for consultations formally initiates a dispute in the WTO. Consultations give the parties an opportunity to discuss the matter and to find a satisfactory solution without proceeding further with litigation. After 60 days, if consultations have failed to resolve the dispute, the complainant may request adjudication by a panel.
Business Law Attorney Alvaro Aguilar’s Radio Interview Addresses Concerns and Impact of Impending Legal Action on the Financial Center
FOR IMMEDIATE RELEASE
Panama City
PRLog (Press Release) - Nov. 15, 2012 - Attorney Alvaro Aguilar, partner at Lombardi Aguilar Group, said that Panama incorporators have in place know-your-customer laws which do not exist in the U.S. and European countries which deem the Isthmus as an “uncooperative” jurisdiction. Aguilar was recently interviewed on Omega Stereo www.omegastereo.com about a recent study by Australian university professor Jason Sharman comparing Panama's due diligence system for incorporations with those of Organization of Economic Cooperation and Development (OECD) member states.
“Since the 1930s Panama has stood out as an international financial and logistical center, in the face of larger centers such as London and New York”, said Aguilar, who specializes in formation of corporations, trusts and foundations for business purposes. “The contradiction that more than half of the OECD members are allowed to have bearer shares, some with immobilization, has no other motive than to slowly erode the competitiveness of a financial center which has always been independent.”
Aguilar reminded listeners the circumstances under which the Panama corporate system originated in the 1930s. When totalitarian countries threatened Europe, Ships owned by Panama companies were leased by the then neutral US to assist the United Kingdom in its war effort. Other companies owned Panama-flag ships used to take Jewish refugees to the territory of Palestine. "Bearer shares of said companies were an element in choosing Panama for said operations" said Aguilar. He mentioned several cases in Eastern Europe and Latin America of businessmen in currently using Panama companies with bearer shares to shelter from authoritarian regimes the personal assets they have earned.
According to the Sharman study, "available evidence strongly suggests that Panama is significantly more compliant with international beneficial ownership standards than many OECD countries, especially the United States". 20 out of 34 OECD countries allow bearer shares, and have not immobilised them, including important financial centers like the UK. Panama is not a member of the OECD. Aguilar also pointed out that the England and the U.S. state of Wyoming have business entities authorized by law to issue bearer scrip and bearer share warrants without being surrendered for immobilization.
A plan for immobilization of bearer shares of Panama companies has been opposed by the University of Panama School of Law and several local practitioners.
Mr. Aguilar is a graduate of Universidad Santa Maria la Antigua (LLB) and Washington College of Law at The American University (LLM) International Trade & Banking program. Previously he has been selected by the Central American business weekly CAPITAL FINANCIERO as one of the "40 under 40" acknowledging to his achievements as a young legal professional. He specializes in corporation law and trust & estates matters.
About Lombardi Aguilar Group
Lombardi Aguilar Group is a partnership of consultants created as an alternative for clients worldwide who seek fast, innovative and effective solutions to their legal problems. The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the Alliance Francaise, the German and the American Chambers of Commerce (AMCHAM) of Panama, and the Association of Chinese-Panamanian Professionals (APROCHIPA).
The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations), tax planning, real estate and e-commerce. It also advices in areas of Law such as Corporate, Commercial, Intellectual Property, Maritime, Tax, Environmental and Immigration Law as well as related litigation.
For more information, contact +507 6638-8707 +507 396-5080, e-mail info (at) laglex.com, or see: Lombardi Aguilar Group http://www.laglawyers.com/
RAK Offshore also provides an ideal location to establish various kinds of offshore trusts. An offshore trust is a light and versatile vehicle that can be used as a direct investment that offers great income, tax, and inheritance advantages. An offshore trust can also be used to hold companies or other assets under the RAK Offshore Special Corporate Trusts Regulations.
The key elements of a RAK Offshore trust are:
The Deed: A constitution or legal agreement which sets out the duties and responsibilities of the trustees, the rights of beneficiaries as well as the specifics governing the trust property.
The Settler or Grantor: The person or entity who establishes the trust and lays down its rules
The Trustee: A licensed individual legally appointed to receive the trust property and to manage it in accordance to the terms of the trust deed.
The Beneficiaries: The persons or entities entitled to the benefits of the trust property
The Protector or Protection Committee: The person or people appointed by the settler as a guardian over the trustee and the trust property.
Trusts can be discretionary of nondiscretionary. In discretionary trusts, ownership, control, income and capital distribution vest in the trustees. The beneficiaries of the trust are not entitled to any benefits until the trustees exercise their absolute discretion. In non-discretionary trusts, the trustees have no discretion and all amounts accrue to the beneficiaries as of right.
Why choose RAK offshore for your trust
Trusts are a flexible way of handling both private and corporate affairs and there are numerous reasons to settle a trust with RAK Offshore.
Education Trusts: Income and capital are accumulated within the trust until the actualization of a conditional event. For example, a trust to fund the education of your children or grandchildren.
Employee Trusts: For holding pension fund monies or for employee incentive schemes
Spendthrift Trusts: For protecting prodigal or immature beneficiaries
Grantor Trusts: The settler retains control over income or capital, or retains power to revoke the trust
Charitable Trusts and Foundations: For advancing charitable causes. The distinct advantage of charitable trusts is that they are normally granted tax relief provided they meet certain requirements.
Corporate Trusts: For a business owner who wants to keep management control of his company, while transferring it to a beneficiary.
RAKOffshore also provides an ideal location to establish various kind of offshore trusts. An offshore trust is a light and versatile vehicle that can be used as a direct investment that offers greatincome, tax, and inheritance advantages. An offshore trust can also be used to hold companies or other assets under the RAK Offshore Special Corporate Trusts Regulations.
The key elements of a RAK Offshore trust are:
The Deed: A constitution or legal agreement which sets out the duties and responsibilities of the trustees, the rights of beneficiaries as well as the specifics governing the trust property.
The Settlor or Grantor: The person or entity who establishes the trust and lays down its rules
The Trustee:A licensed individual legally appointed to receive the trust property and to manage it in accordance to the terms of the trust deed.
The Beneficiaries:The persons or entities entitled to the benefits of the trust property
The Protector or Protection Committee: The person or people appointed by the settler as a guardian over the trustee and the trust property.
Trusts can be discretionary of nondiscretionary. In discretionary trusts, ownership, control, income and capital distribution vest in the trustees. The beneficiaries of the trust are not entitled to any benefits until the trustees exercise their absolute discretion. In non-discretionary trusts, the trustees have no discretion and all amounts accrue to the beneficiaries as of right.
Why
choose RAK offshore for your trust
Trusts are a flexible way of handling both private and corporate affairs and there are numerous reasons to settle a trust with RAK Offshore.
need, from avoiding forced heirship or managing your employee benefits to establishing a charitable organization or simply protecting assets.
The
range of trusts offered by RAK Offshore are:
Education Trusts:Income and capital are accumulated within the trust until the actualization of a conditional event. For example, a trust to fund the education of your children or grandchildren.
Employee Trusts:For holding pension fund monies or for employee incentive schemes
Spendthrift Trusts:For protecting prodigal or immature beneficiaries
Grantor Trusts:The settler retains control over income or capital, or retains power to revoke the trust
Charitable Trusts and Foundations: For advancing charitable causes. The distinct advantage of charitable trusts is that they are normally granted tax relief provided they meet certain requirements.
Corporate Trusts:For a business owner who wants to keep management control of his company, while transferring it to a beneficiary.
RAK Offshore Trusts
Minimum
Assets
No
Charitable
Purpose Trust
Yes, but tighter control on charitable trusts
Perpetuity Period
99 years Wait and see provision Do not apply to charitable trusts
Re-domiciliation
Possible in and out
Choice of Proper Law
Very liberal
Different laws can govern a trust
Revocable and Irrevocable
Yes
Accumulation
Possible
Registration of Trusts
Yes, anonymous
Exchange Control
No
License for Trustees
Yes
Confidentiality Rules
Strict
Financial Disclosure
Yes
Foreign Court Awards (for trust taking the law of the jurisdiction)
Immunity
Time Limit to bring Suit
2 years
Fraudulent Dispositions
Yes
Forced Heirship Excluded
Yes
Number of Trustees
1 to 4
Trustee as Beneficiary or Settler
All combinations possible
Protectors
Office of protectors allowed
Financial Guaranties
Yes
Tax Treaties
Yes
Compliant with the Hague International Convention on Trusts
Yes
Flexible types of trusts available combined with liberal asset-protection provisions
Strong protection for customer money
Liberal choice of law governing the trust and the option of re-domiciliation
No minimum amount of property
Compelling confidentiality rules
A trust estate may form an IBC
Anonymous registration of trust
Office of protectors is allowed
No taxes
If you need to form your RAK company or trust, contact us through our website, by email, Bitwine or Skype
MyPanamaLawyer is a blog for discussion of issues of interest to foreigners relocating to Panama.
No legal advice is provided. The opinions posted are solely those of the authors of the respective articles. Images and text are reproduced on a fair use, non-commercial basis pursuant to international conventions.
