деоффшоризации

Практические примеры наиболее эффективных корпоративных структур для оптимизации бизнеса и налогообложения для предпринимателей из России и стран СНГ (с учетом деофшоризации)

Здравствуйте, уважаемые читатели бизнес-портала Offshorewealth.info о современных корпоративных решениях для международного бизнеса и защиты личных капиталов бизнесменов и инвесторов!

Комплекс мер по «деоффшоризации», предпринятый российским правительством в этом году (и, в первую очередь, недавние поправки в Налоговый кодекс) демонстрируют необходимость более четко обосновывать наличие в структуре бизнеса компаний, зарегистрированных в низконалоговых юрисдикциях. Государство выступает, главным образом, против ухода бизнеса от налогообложения в РФ, и в этой связи важно продемонстрировать, что снижение налоговой нагрузки не является приоритетной целью использования иностранных компаний для ведения предпринимательской деятельности.

Таким образом, главной особенностью развития оффшорной индустрии в наши дни является движение от налоговой эффективности (оптимизации по одному параметру) к оптимизации бизнеса в широком смысле, то есть улучшению предлагаемых бизнес-моделей по ряду параметров. В данной статье мы приведем ряд примеров таких современных решений, которые будут эффективно работать в эпоху пост-деофшоризации.

Статья написана по материалам презентации, которую Сергей Богатырев, ведущий эксперт Offshorewealth.info, сделал на конференции Интакс в Москве в сентябре 2014 года.

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И, наконец, последний из наших примеров для данной публикации.

Иностранный инвестор вкладывает 10 миллионов долларов США в инфраструктурный проект в Казахстане. Доходы по проекту поступают из Казахстана в виде дивидендов.

Как известно, при выплате дивидендов из Казахстана источник выплаты удерживает налог по ставке 15%.

Оптимизировать налогообложение в данном случае можно следующим образом: владельцем компании в Казахстане является сингапурская компания №1. Акционером сингапурской компании №1 также является сингапурская компания (присвоим ей номер 2). Компания №1 является владельцем актива (долей в казахстанском предприятии), следовательно при продаже актива именно она будет выступать продавцом и контрагентом инвестора-покупателя. И если покупателем выступает институциональный инвестор, у него могут пожелания не только по стране регистрации контрагента (компания №1), но и его акционера (компания №2). Выбор сингапурских компаний дает следующие преимущества:

• Сингапур - респектабельная юрисдикция с проработанным законодательством;
• Идеальный имидж, который может быть важен для стратегических институциональных инвесторов и инвесторов с государственным участием (при продаже доли будут продаваться доли сингапурской компании и продавцом будет выступать сингапурская компания, что обеспечивает отсутствие претензий к «чистоте» бизнеса со стороны государства);
• При выплате дивидендов из Казахстана удерживается налог по ставке 5%;
• В Сингапуре можно получить освобождение от уплаты налогов;
• Выплата дивидендов из Сингапура не облагается налогом у источника.

Акционером компании №2 является компания, зарегистрированная в Невисе, которой владеет панамский частный фонд.

Таким образом, прибыль по проекту аккумулируется в низконалоговых юрисдикциях с высоким уровнем конфиденциальности и приемлемыми затратами на содержание компаний.

Главный вывод из приведенных примеров состоит в том, что применение корпоративных структур с участием иностранных компаний возможно даже в условиях деоффшоризации.

В этих новых структурах находится место как оптимальным в данный момент классическим оффшорам (Невис,Панама и т.д.), так и юрисдикциям, набирающим популярность в последнее время (Сингапур).

Наши специалисты с удовольствием ответят на возникшие у Вас вопросы и смогут создать для Вашего бизнеса структуру, которая будет эффективной с учетом всех современных тенденций и требований).

Offshorewealthinfo

U.S. Chamber points out problems with FATCA website

The Next Obamacare? FATCA Roll Out Flounders

Thursday, January 9, 2014 - 8:45am — Written by David Kinkade

Website Woes Raise Concerns

The Internal Revenue Service (IRS), which is responsible for the law’s implementation and enforcement, has faced serious technological difficulties in launching the FATCA online registration portal, where foreign financial institutions are required to register and report information on their account holders. The IRS estimates that between 200,000 and 400,000 financial institutions will register.

The initial Foreign Financial Institution Registration System (FRS) was developed and near deployment in 2012 at a cost of $8.6 million—then summarily terminated in November 2012 due to regulatory changes and policy issues arising amid the law’s implementation, the Wall Street Journal reports.

A modified and expanded registration site launched in August. The new release entailed an additional cost of $8 million, according to a September report from the IRS Treasury Inspector General for Tax Administration (TIGTA). The TIGTA report suggests the new FRS is improved, but still faces potential problems. The TIGTA audit found that the redesigned FRS suffers from “poor management controls,” including inadequate planning, potential security flaws, and cost overruns, which “puts the system at risk of not functioning as intended once it is moved into production.”

The portal’s questionable security safeguards are particularly troubling, given that the site will be used to share sensitive information on account holders. James Jatras, a Washington, D.C., attorney who spearheads a movement to repeal the tax law notes that financial institutions and their clients should be concerned about how their data will be protected and used.

“There is nothing about the security protection of the data in the regulations,” Jatras tells Thomson Reuters in an assessment of how FATCA’s implementation woes are affecting stakeholders. “FATCA data is not treated as private and the data will be passed on to the intelligence agencies. If I was the [National Security Agency], I would love to get information on American accounts elsewhere, and what other account information looks like.”

While the FATCA technological challenges haven’t been a debacle on the scale of the botched launch of the Healthcare.gov site this fall, it’s worth wondering why the IRS should have such difficulty in launching a well-performing website with three years’ lead time. 

Hurry Up and Wait: More FATCA Delays

The numerous delays to the law’s implementation raise additional questions about the law’s soundness. Initially slated to take effect in January 2013, the start date has been pushed back repeatedly—it’s now set for July 1, 2014.

But even that date could be a moving target. The IRS Information Reporting Program Advisory Committee (IRPAC), an advisory council to the agency composed of tax professionals, just this month proposed delaying FATCA implementation to January 2015, a view shared by various banking and financial organizations. 

Some say the repeated delays are fostering additional uncertainty about the law.

“The law is very broad, with many moving parts. It is evolving as Treasury (rightly or wrongly) changes its implementation by using [intergovernmental agreements (IGAs),” tax analystJeremy Scott writes at Forbes. “If IRPAC and the financial industry want Treasury to wait for all the significant guidance to be finalized before the withholding regime is put into force, FATCA will be waiting a very long time to become law.”

Scott concludes that financial services providers will never be satisfied with FATCA, and argues the Treasury Department should let the law take full effect without delays. However, an equally strong case can be made that the endless delays and revisions are evidence that the law was poorly conceived and likely to suffer shoddy implementation.

Full text in https://www.uschamber.com/blog/next-obamacare-fatca-roll-out-flounders

The 'who's who' of European tax havens

Will Germany, UK and Netherlands end up in the OECD "black list" of terrible "tax havens"?

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Forget about the Bahamas, Panama, Cayman Islands, or Fiji. If you want to avoid paying taxes and have no problem with dicey business practices, Europe has a lot to offer.

Europe is far from innocent in the international offshore tax evasion industry, as the Tax Justice Network (TJN) recently demonstrated. Many European countries, with their stable infrastructure and professional personnel, provide fertile ground for businesses or individuals to evade taxes.

Andorra

There are more than a few gaps that need to be filled in Europe, according to Markus Meinzer of the TJN. He helped paint a picture of who's who among European tax havens.

The independent mini-state of Andorra in the Pyrenees, which is not a part of the European Union, offers a secretive place for those in neighboring countries to stash their money. Particularly attractive is the personal service offered by banking advisers there. It's also easy for Spaniards and French to simply drive there to deposit cash. Afterwards, one can always tank up and buy cigarettes there - tax-free, of course.

Austria

As a country sharing borders with Germany, Hungary, Slovakia, Slovenia, Italy, the Czech Republic and Switzerland, Austria draws foreign capital by promising secrecy to account holders. It caters especially to Europe's German-speaking population, Meinzer said. But he also said that he knows of Argentines who, for example, combine investing in Austrian bonds with the advantages of bank secrecy. Due precisely to the lack of financial transparency and its geographic location, Austria has also attracted wealth from Arab world dictators for decades.

Channel Islands

The British Channel Islands Jersey, Guernsey and Sark are home to hundreds of financial institutions and insurance companies drawn to their simple and low taxes. While Jersey probably "hides the most dirty business," according to Meinzer, Guernsey is the most innovative.

With its so-called self-protected companies, an apparent single company is organized into cells with protective legal walls between them. And on Sark, according to British newspaper The Guardian, there are 24 companies registered for each of the approximately 600 inhabitants.

Cyprus

Cyprus is the perfect example of what can go wrong with depending on such dubious business models. It was particularly oriented toward former Soviet countries, and acted as a hub for them. Transactions over letterbox companies brought money into Cyprus, then back to countries like Russia - thus avoiding Russian tax authorities. But since the Cyprus bailout , in part by the EU, the Mediterranean island will have to come up with a new business model.

England

England, with London, represents one of the largest hubs for tax evasion and capital flight. Meinzer described London as "the mother of all tax havens" since the zone, which does not answer to the crown, has developed a network that continues to bring money back to the capital of the former empire. Money flows from there to British Channel Islands, such as Guernsey, Jersey or to the Isle of Man, then overseas to British territories in the Caribbean, such as the Cayman or Virgin Islands - or in Europe, to Gibraltar. London, is the seat of many dubious "letterbox companies," which only exist on the Internet.

Germany

Frankfurt is a great place for foreign investors to earn tax-free interest

Germany protects the data of foreign investors, who also don't have to pay taxes on interest.

Only Germans, or foreigners resident in Germany, have to actually shell out a flat rate withholding tax on interest income, Meinzer said.

Information on such yields also rarely flows out of Germany, he added: "Foreign investors with German accounts are protected with a certain degree of anonymity."

That's why Germany ranks ninth in the world for financial secrecy, according to TJN.

Gibraltar

At the southern tip of the Iberian Peninsula, Gibraltar has specialized in allowing such letterbox companies, called "trusts." The structure of such trusts means there is no real owner of the company. They are often used to add a layer of secrecy to letterbox companies, Meinzer said, which is particularly good for money laundering.

Meinzer cited insider information in calling it "the dirty end of the spectrum" for bringing money back into financial markets. The presence of many gambling casinos there also comes into play.

Ireland

It's called the "double Irish" in the financial world: A company founds two subsidiaries in Ireland with its business tax rate of 12.5 percent. Then, one claims to be based in a different tax haven. (Comparable taxes in the United States, for example, are around 35 percent.)

This is completely legal in Ireland, and therefore an optimal location for companies such as Google, Apple or Amazon.While the one company does business in Europe, it pays the other patent fees. Profits vanish, as costs and income equal out on the balance sheet.

Although other countries like the Netherlands offer similar models, Meinzer said the difference is that people do actually work in Ireland, which at least creates some jobs and a bit of growth in the country.

Isle of Man

Taxes are kind of an afterthought on this island between England, Scotland and Ireland. Inheritances and capital gains aren't taxed at all, while the highest level of taxation lies at 20 percent. Corporate tax is nonexistent. It's especially loved as a hidey-hole for British millionaires.

Luxemburg

Luxembourg is the second-largest financial hub in Europe, after London. Innumerable investors and around 150 different banks enjoy a lenient tax framework in Europe's stocks and bonds center. Luxembourg's status as an EU member makes it particularly attractive for European companies and the international market, Meinzer explained. "If I want to get around German laws, for example, I could go through Luxembourg," Meinzer said, adding that 40 German banks do business there.

With its low tax rates, Malta, like Cyprus, has long drawn foreign capital. Although corporate taxes are around 35 percent, companies can get most of that refunded.

It's a favorite among German companies, which earn a higher profit if based on Malta. Meinzer said that while it's clearly a tax paradise for companies, it's not clear if that's also the case for individuals.

Monaco

The Principality of Monaco continues to be home to the rich and famous, being surrounded by France. Millionaires happily set themselves up there due to the fact that they pay no income or inheritance taxes. The city-state also does not prosecute financial crimes committed abroad. Businesses, however, must pay taxes there - at rates of around 33 percent. France, though it doesn't play an active role, lends a protective hand, Meinzer said.

Netherlands

What Luxembourg is for private investors, the Netherlands is for large corporations. Business taxes are incredibly low, with many tax advantages for interest and licensing income.

With the "Dutch sandwich," a parent company has a subsidiary in the Netherlands, which it uses as a cheap tax base to develop its European business.

Switzerland

Although there are supposedly no more completely anonymous bank accounts in Switzerland (and neighboring Liechtenstein), it continues to draw large sums of money due to its strict banking secrecy. Considering the volume of money in Switzerland, it made first place on the TJN's Financial Secrecy Index.

Full text in http://www.dw.de/

Real estate investment opportunity near Panama beaches

A 25,000 sq m (6.18 acres) parcel is available for development as a single project or for sale of or more of 27 individual lots between 640 and 949 sq m (6888 and 10215 sq ft).  This land has free and clear title and is located a few minutes from more expensive properties at the most popular beaches in Western Panama province at :

• 6 minutes driving distance from the Interamerican Highway,
• 12 minutes from Costa Blanca at Decameron,
• 16 minutes from Sheraton Bijao and Wyndham Playa Blanca
• 20 minutes from JW Marriott Buenaventura
• 12 minutes from the new Rio Hato international airport
• Googlemaps approximate view

This is an affordable investment opportunity which price is starting at $19.50 per square meter at the time of posting.   For more info contact
soluciones @ geocities.com  Voice Message / Tel. +507 66388707

Panama will reexamine OECD standard for automatic exchange of information

The Ministry of Foreign Relations of Panama, headed by Vice-President Isabel de Saint Malo posted this communique in its website:

Panama is in the process of re-evaluating its strategy to meet state requirements for financial transparency and exchange of information at international level, without neglecting national interests.

The Organisation for Economic Co-operation and Development (OECD) has established itself a new international standard for automatic exchange of information . However, its scope, methodology, limitations and other basics have not been defined. In this sense, it is premature for Panama to commit itself until it is fully developed.

The automatic exchange of information (AEOI) creates major challenges that have to be evaluated in light of Panamanian law, the interests of the country and the protection of guarantees to users of our services platform.  

Panama is a country that attracts foreign investment for legitimate reasons and must provide assurance to the users of our service platform. The country itself is prepared to take further measures to strengthen institutions to effectively fight against money laundering and terrorist financing, making sure we prepare properly for the development of policies of this nature which does not generate immediate impoverishment in our country.

The communique is issued 1 day after the new OECD/G20 standard on automatic exchange of information was endorsed by OECD and G20 countries "as well as major financial centres" invited to the  annual  meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Berlin. A large number of United Nations members did not attend.   A status report on committed and not committed jurisdictions will be presented to G20 leaders during their annual summit in Brisbane, Australia on November 15-16.   

51 jurisdictions, many represented at Ministerial level, translated their commitments into action during a massive signing of a Multilateral Competent Authority Agreement (MCAA) that will activate automatic exchange of information, based on the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.  

Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration (CTPA), tweeted that 89 countries committed themselves to AEOI,  However, absent from the OECD commitment report are OECD offshore centers such as Madeira, emerging markets such as Kazakhstan, Ukraine, Nigeria, Vietnam, Pakistan, U.S. trade partners such as Jordania, Philippines, Taiwan, Thailand, Serbia, and Bulgaria, as well as Panama trade partners such as Guatemala, Peru, Ecuador, Dominican Republic, Venezuela, and the U.S.  The largest economy in the Earth, that of the U.S., did not even sign the MCAA.

@PSaintAmans Under Public Int Law no country can be forced to enter treaties by force our preassure. OCDE is violiting Int Public Law
— Adolfo E Linares (@linaresfulo) October 30, 2014

@PSaintAmans I could not find the list of 89 countries committed to AEOI in http://t.co/EWHD0GLlde Please provide URL.
— My Panama Lawyer (@mypanamalawyer) November 1, 2014

The OECD actions take place 1 week before the November 111th celebrations of Panama's secession from Colombia, when nationalism is at its highest point.

- See more at: http://www.mire.gob.pa/noticias/2014/10/30/panama-reevalua-su-estrategia-de-estado-en-materia-de-intercambio-de-informacion

The Economic Case for Tax Havens

Statist politicians and international bureaucracies such as the OECD and UN routinely attack tax havens, claiming that they lead to "harmful tax competition." Yet at no point do critics bother to provide any evidence for this claim. This mini-documentary from the Center for Freedom and Prosperity looks at the empirical data and scholarly research and reports that tax havens actually have a very positive impact on the global economy.

Tax Havens: Here Are the World's Top 5

According to Bloomberg TV the top 5 are:
1) Switzerland
2) Channel Islands
3) Caribbean
4) Hong Kong SAR
5) USA

Panama joins Argentina and Turkey in FATF Grey List

High-risk and non-cooperative jurisdictions

Improving Global AML/CFT Compliance: on-going process - 27 June 2014

Paris, 27 June 2014 - As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified the following jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF. While the situations differ among each jurisdiction, each jurisdiction has provided a written high-level political commitment to address the identified deficiencies. The FATF welcomes these commitments.

A large number of jurisdictions have not yet been reviewed by the FATF. The FATF continues to identify additional jurisdictions, on an on-going basis, that pose a risk to the international financial system.

The FATF and the FATF-style regional bodies (FSRBs) will continue to work with the jurisdictions noted below and to report on the progress made in addressing the identified deficiencies. The FATF calls on these jurisdictions to complete the implementation of action plans expeditiously and within the proposed timeframes. The FATF will closely monitor the implementation of these action plans and encourages its members to consider the information presented below.

Afghanistan Albania Angola Argentina Cambodia Cuba Ethiopia Iraq

Kuwait Lao PDR Namibia Nicaragua Pakistan Panama Papua New Guinea

Sudan Syria Tajikistan Turkey Uganda Yemen Zimbabwe

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Argentina

Since June 2011, when Argentina made a high-level political commitment to work with the FATF and GAFISUD to address its strategic AML/CFT deficiencies, Argentina has made significant progress to improve its AML/CFT regime. Argentina has substantially addressed its action plan, including by: adequately criminalising money laundering and terrorist financing; establishing procedures to identify and freeze terrorist assets; enhancing procedures for the confiscation of funds related to money laundering; ensuring a fully operational and effectively functioning financial intelligence unit and enhancing suspicious transaction reporting requirements; establishing customer due diligence requirements; and enhancing financial sector supervision. The FATF will conduct an on-site visit to confirm that the process of implementing the required reforms and actions is underway to address deficiencies previously identified by the FATF.

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Kuwait

In June 2012, Kuwait made a high-level political commitment to work with the FATF and MENAFATF to address its strategic AML/CFT deficiencies. Since February, Kuwait has taken steps towards improving its AML/CFT regime, including by issuing a Ministerial Resolution on freezing terrorist assets. However, the FATF has determined that certain strategic AML/CFT deficiencies remain. Kuwait should continue to work on implementing its action plan to address these deficiencies, including by: (1) ensuring it has adequate procedures to identify and freeze terrorist assets; and (2) ensuring a fully operational and effectively functioning financial intelligence unit. The FATF encourages Kuwait to address its remaining deficiencies and continue the process of implementing its action plan.

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Nicaragua

In June 2011, Nicaragua made a high-level political commitment to work with the FATF to address its strategic AML/CFT deficiencies. Since February, Nicaragua has taken steps towards improving its AML/CFT regime, including by establishing internal mechanisms for STR obligations and creating an AML/CFT supervisory programme for all financial sectors and issuing Decree 17-2014 aimed at establishing a framework for identifying and freezing terrorist assets. However, the FATF has determined that certain strategic AML/CFT deficiencies remain. Nicaragua should continue to work on implementing its action plan to address these deficiencies, including by ensuring adequate procedures for identifying and freezing terrorist assets. The FATF encourages Nicaragua to address its remaining deficiencies and continue the process of implementing its action plan.

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Panama

In June 2014, Panama made a high-level political commitment to work with the FATF and GAFISUD to address its strategic AML/CFT deficiencies. Panama will work on implementing its action plan to address these deficiencies, including by: (1) adequately criminalising money laundering and terrorist financing; (2) establishing and implementing an adequate legal framework for freezing terrorist assets; (3) establishing effective measures for customer due diligence in order to enhance transparency; (4) establishing a fully operational and effectively functioning financial intelligence unit; (5) establishing suspicious transaction reporting requirements for all financial institutions and DNFBPs; and (6) ensuring effective mechanisms for international co-operation. The FATF encourages Panama to address its AML/CFT deficiencies by implementing its action plan.

Full text in http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/fatf-compliance-june-2014.html

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Advisory

FIN-2014-A006
Issued:	August 5, 2014
Subject:	Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies

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On June 27, 2014, the Financial Action Task Force (FATF) updated its list of jurisdictions with strategic AML/CFT deficiencies. These changes may affect U.S. financial institutions’ obligations and risk-based approaches with respect to relevant jurisdictions.

As part of the FATF’s listing and monitoring process to ensure compliance with the international Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) standards, the FATF identified certain jurisdictions as having strategic deficiencies in their AML/CFT regimes.¹ The FATF updated its lists of jurisdictions that appear in two documents:² (I) jurisdictions that are subject to the FATF’s call for countermeasures or are subject to Enhanced Due Diligence (EDD) due to their AML/CFT deficiencies (referred to by the FATF as the ‘FATF Public Statement’) and (II) jurisdictions identified by the FATF to have AML/CFT deficiencies (referred to by the FATF as 'Improving Global AML/CFT Compliance:On-going Process’). Financial institutions should consider these changes when reviewing their obligations and risk-based approaches with respect to the jurisdictions noted below.

...

II. Jurisdictions identified by the FATF to have AML/CFT deficiencies

The FATF has identified the following jurisdictions as having deficiencies in their AML/CFT regimes, for which they have developed an action plan with the FATF.  Consequently, these jurisdictions are included in the following list of jurisdictions with AML/CFT deficiencies (as described in the FATF’s  Improving Global AML/CFT Compliance: On-going Process document).

...

Panama has also been identified on this list because of strategic deficiencies in its AML/  CFT regime.  This country has made a high-level political commitment to work with the FATF and its FATF-Style Regional Body to implement an action plan to address its strategic AML/CFT deficiencies.

...

FinCEN Guidance regarding jurisdictions listed in Section II of this Advisory

U.S. financial institutions should consider the risks associated with the AML/CFT deficiencies of the countries identified under this section (Afghanistan,  Albania,  Angola,  Argentina, Cambodia,  Cuba,  Ethiopia,  Iraq,  Kuwait,  Lao PDR,  Namibia,  Nicaragua,  Pakistan,  Panama, Papua New Guinea,  Sudan,  Syria,¹¹  Tajikistan,  Turkey,  Uganda,  Yemen, and  Zimbabwe). With respect to these jurisdictions, U.S. financial institutions are reminded of their obligations to comply with the general due diligence obligations under 31 CFR § 1010.610(a).  As required under 31 CFR § 1010.610(a), covered financial institutions should ensure that their due diligence programs, which address correspondent accounts maintained for foreign financial institutions, include appropriate, specific, risk-based, and, where necessary, enhanced policies, procedures, and controls that are reasonably designed to detect and report known or suspected money laundering activity conducted through or involving any correspondent account established, maintained, administered, or managed in the United States.

...

Additional questions or comments regarding the contents of this Advisory should be addressed to the FinCEN Resource Center at (800) 949-2732.  Financial institutions wanting to report suspicious transactions that may relate to terrorist activity should call the Financial Institutions Toll-Free Hotline at (866) 556-3974 (7 days a week, 24 hours a day).  The purpose of the hotline is to expedite the delivery of this information to law enforcement. Financial institutions should immediately report any imminent threat to local-area law enforcement officials.

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¹ The FATF (www.fatf-gafi.org) is a 36-member intergovernmental policy making body that establishes international standards to combat money laundering and counter the financing of terrorism and proliferation of weapons of mass destruction. The United States is a member of the FATF. 

² The FATF public identification of countries with strategic AML/CFT deficiencies is in response to the G-20 leaders’ call for the FATF to reinvigorate its process for assessing countries’ compliance with international AML/CFT standards. The G-20 leaders have consistently called for the FATF to issue regular updates on jurisdictions with strategic deficiencies. Specifically within the FATF, the International Cooperation Review Group (ICRG) is tasked with leading the process to identify and monitor countries with AML/CFT deficiencies. For more information on the ICRG procedures, please visit the FATF’s website www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/moreabouttheinternationalco-operationreviewgroupicrg.html.
Full text in http://www.fincen.gov/statutes_regs/guidance/html/FIN-2014-A006.html

Panama: The Way

  This programme uncovers the real Panama, bringing both tourism and business opportunities to life. Explore new cultures and find exciting new discoveries and watch how modern infrastructure and innovative new developments are creating a land of the future...   This video was produced by QCPTV for the British Airways Media In-Flight Entertainment System (AVOD), to find out more please visit www.qcptv.com. All rights reserved by QCPTV.

Debt collection in Panama

What happens to those outstanding debts owed to your company? Are these lost forever? Often companies simply write off the debt collection, without ever thinking about pursuing the money owed. What is your company’s plan of action? 

Let’s first understand what it means for a Statute of Limitations (SOL) on past due bills. The SOL is the point in time when the debt collector or creditor files a lawsuit to get back money owed, which is the debt. Each state is different with its laws that rule the legal window of time when a creditor or debt collector can sue for collection of bad debt. 

The general rule of thumb, in regards to the Statute of Limitations (SOL), follows that a creditor or debt collector cannot pursue collection after a six-year period from when the debt was written off or the date of last action on credit report. If the SOL phase has ended, it does not necessarily mean a lawsuit can’t or won’t be filed; it does, however, provide an easy path for dismissal of the suit. 

Does your company have a defined map to deal with unpaid accounts? Keeping in mind the Statute of Limitations, over extended debts can be curtailed. Being judicious about bad debt indicates a conscientious plan of action.

How can your company recoup bad debt? Engaging experts who are familiar with the SOL is the first step on the path. Hiring a collection agency or debt collector can save you time, get the debt paid and keep you out of the picture with the client. 

A collection agency will go to bat for you, freeing up your time to continue with the daily business of running your company. A collection agency, often referred to as third party agency, accepts the job of pursuing the money owed to you. 

There are a variety of reasons people don’t pay their bills, including hardships from loss of jobs, illnesses or accidents. A collection agency or debt collector understands the numerous reasons for failure to pay and handles each case with dignity. 

Think about the cost of uncollected bad debt and a collection agency may be your best option for recouping that money. A collection agency or debt collector follows the letter of the law in working towards getting your money. Hiring an agency could increase your bad debt collection threefold. You might consider it as an investment for your company.

If the debtor is a Panama City company deemed to be solvent and which presents no conflict of interest, a law firm is able to carry out an extrajudicial collection by sending them a collection letter from the law firm or placing an advertisement requesting that they contact the firm for a pending debt (which debtors fear because it serves as a red flag to its current or prospective creditors).

If these actions are unsuccessful, the attorneys should ask for your permission to start judicial action.   For judicial action they will need:

a.      The certificate of good standing of the Creditor with authentication from the Panama Consul or Apostille, and must state who is the authorized representative of the company.

b.      Original invoices for merchandise sold to Debtor, dated less than 1 year at the time of filing the action.   Commercial obligations of up to 5 years may be enforced through a longer procedure.

c.      All documents must be accompanied with translation into Spanish.

d.      A Power of Attorney with Apostille.

e.      A payment of at least to cover authentication and other expenses.

The local rate for attorney fees is of 15% of the amounts collected, payable as the debtor payments are made.   The 2001 Supreme Court Schedule of Attorney fees also sets guidelines for alternatively billing at least $100/hour.

We strongly suggest that a seizure measure be requested, whereby goods held at the debtor are seized until the judgment is issued.  This will require that the creditor set up a bond for up to 25% of the value of the goods seized (or purchase a guarantee from a local insurer at a lower rate), in order to respond for damages to the defendant if the judge dismisses your complaint.  This measure is authorized as soon as the complaint is filed, and will have an immediate action on the Debtor.  Otherwise, 3 years may go by without a court decision with any effect on the Debtor.

Setting up shop in Panama

Setting up shop in Panama

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Things to think about when setting up a business in Panama.

The Moral Case for Tax Havens

This Center for Freedom and Prosperity Foundation video demonstrates that low-tax jurisdictions offer millions of people around the world a safe haven from tyrannical and oppressive government. For this, and many other reasons, there is a powerful moral case for preserving and promoting tax havens. This mini-documentary is the second installment of a three-part series on the beneficial impact of low-tax jurisdictions. In addition to showing how tax havens promote human rights and individual liberty, the video exposes the hypocritical anti-tax competition efforts of statist international bureaucracies such as the Organization for Economic Cooperation and Development. For more information: www.freedomandprosperity.org Link to Part 1 -- The Economic Case for Tax Havens: www.youtube.com/watch?v=yi0lkJBTi58

Panama enacts regulations and tax credits for solar energy production

Panama has currently a number of regulations in force in order to offer tax incentives 

for the construction, operation and maintenance of solar power stations or installations.   The main one is Ley 37 of 2013, which sets out the tax incentive guidelines which aim to promote the construction, management, and maintenance of solar energy systems in Panama.  The tax incentives include:

• A tax exemption on customs duties on equipment, machinery, and other materials necessary to construct and maintain solar panel systems
• An income tax credit of up to 5% of the total direct investment in a solar panel system, as well as works on the plants and/or facilities that are converted into public use infrastructure (roads, ways, bridges, schools, health centers and others of similar nature)
• Accelerated depreciation for the equipment used to generate solar power

Equipment, parts and systems which are exempt from customs duties are:

1. Solar water heaters or heat producing equipment;

2. Parts and components necessary to assemble the solar collectors to heat water and/or solar drying equipment;

3. Solar panels and individual solar cells;

4. Long-term stationary accumulators

5. Inverters and/or solar inverters; and

6. Other accessories, equipment, software and items which are destined to the use and/or development of solar energy.

The Authority of Public Services (ASEP) of Panama has issued an April 2014 regulation for public procurement of solar energy generation. The "Rules for energy trading through acts of exclusive competition for solar generation plants", set the parameters for future tenders for photovoltaic projects.

The regulation provides that tenders approved solar projects are coordinated by the state-owned enterprise Empresa de Transmision Eléctrica (Etesa) which also sets a reference price. During the tender process, will be awarded projects at prices at or below the reference price . Another regulation was issued for contracts for sale of electricity within closed contests subject to a maximum term of 20 years. The regulation also requires that the tender documentation include clauses to discourage and punish corrupt practices and fraud.

The text of the regulations were subject to public consultation by the Autoridad de Servicios Publicos (ASEP) regulator over recent months. In the query, Asep received comments from about five companies. Late last year, Asep also submitted to public consultation a technical regulation for connecting photovoltaic installations and a Code of Photovoltaic Networks.

At present, there are a number of solar projects planned in the country. In the last year ASEP has granted temporary or permanent license to about a dozen solar projects with a combined capacity of 200 megawatts. The largest solar plant in the country, Central Sarigua, was opened earlier this year with 2.4 megawatts of power.

Panama Visas for Entry

Immigration and Visas

As of July 21, 2009 there is in effect a new Law regarding tourist visas for entering the Republic of Panama.
Executive Decree #248 states that: 

"Those who hold a valid passport for at least 3 months and a valid visa from ONE of the following countries: USA, United Kingdom, Canada, Australia or any of the member countries of the European Union, which has been used at least one time to enter those countries, may enter the Republic of Panama by purchasing a Tourist Card, regardless of their nationality."

*Immigration officials are accepting as valid the entrance of the holders of a United States permanent resident card under this law. 
*The tourist card is purchased upon arrival at the Panamanian airport and it has a cost of US$30.00.
*The tourist card is valid for 30 days, renewable at the Office of Migration for an extra period of 60 days.
*For further information of the law decree please click here.

Please refer to the following country list to find out what type of visa you require to travel to Panama: Types of visas & countries to which they apply. Alternatively, click here for a quick search on your country’s specific requirements for travel to Panama.

Authorized Visas

Please be advised: for authorized visas, the approval process may take up to 60 working days, depending on the verification of your documents. Do not finalize your travel arrangements until your visa has been granted.Once your application has been processed, to check on the status of an authorized visa request, go to http://www.migracion.gob.pa/eng/consultadas.php

Requirements:

• Fill out Application Form in print or typewritten.
• If applying by mail, you may include your original passport, which must be valid for at least 3 months. Alternatively, you can initially send us photocopies of your passport (first and second page, and make sure there are blank pages available for the Panamanian visa to be stamped) and we will notify you when your visa is granted for you to send in your passport.
• Copy of previous visas or permits approved by Panamanian migration authorities
• 3 Photographs (size: 2x2, with white background)
• Copy of resident card, personal identification document from country of origin or US Permanent Resident card or US Visa, if applicable.
• Flight reservation with itinerary of trip continuation or electronic ticket.
• Hotel reservation (if applicable)
• Proof of economic solvency during stay, depending on trip duration and no less than USD$500.00 per month. This can be verified with any and all of the following:
- Certified bank checks with applicant's name.
- Travelers check with applicant's name.
- Applicant bank statements from previous three months.
- Applicant credit card with statements from previous three months.
- Tax returns from previous fiscal year.
- Any other reasonable proof of income accepted by the National Service for Migration.
• Work requirements:
- If applicant works for a public or private entity: work letter with receipt of last paycheck.
- If applicant is retired or receiving pension: document that indicates pension along with receipt.
- If applicant is a student (at least 18 years old): certification from academic entity indicating field of study and academic period.
- If applicant is economically dependent: declaration or notarized document from family member in which the person states that he or she is responsible for the applicant's expenses during the trip.
• Declaration or notarized document from person that is inviting (if applicable). Can be made by any of the Following:
a) Permanent or temporary Panamanian residents declaring from Panama. In this case this person needs to include the following:
i) Valid copy of cedula.
ii) If person is a foreigner, copy of general information from passport and temporary or permanent resident card or cedula.
iii)Copy of receipt from previous utilities bill that includes resident's address.
b) If person responsible is a public or private entity:
i) Letter of responsibility front entity's legal representative (If a University from Dean or equivalent)
ii) If person responsible is a private entity, it must include:
- Certificate from Public Registry.
- Copy of operation key from Colon Free Zone (if applicable).
- Certification of existence of University, education center, or City of Knowledge (if applicable).
- Copy of receipt from previous utilities bill that includes entity's address.
c) In case of point (ii) whoever is inviting and assuming responsibility must prove economic solvency with one of the following documents:
- Bank certification valid for at least three (3) months.
- Work letter and Social Security Number.
- If covering applicant's expenses, must present a declaration or notarized document in which they assume the responsibility.
• If the application is for a person under 18 years of age, it must be submitted by one of the parents or whoever has custody and this person must include the following:
- Birth certificate authenticated by Panamanian Consul and by the Foreign Relations Ministry if applied from Panama and for visas approved directly by the National Service for Migration.
- Authorization by one of the parents for leaving the country if the minor is not traveling with both parents or person that has custody, detailing length of stay, person responsible in Panama and their address, phone number and source for covering minor's expenses.
• Certified check or money order for US$135.00 made out to The Consulate of Panama.
• Self-addressed prepaid envelope for return of documents.

Visa Exemption

If you are a citizen from a country on the following list (see Types of visas & countries to which they apply) you do not require a visa to travel to Panama. However, make sure you are traveling with your original passport, and that it is valid for at least 3 months.
• If you are traveling by land, private boat or plane, we recommend that you obtain a stamped visa in your passport to avoid any inconveniences.

Stamped Visas

If you are a permanent resident of the United States but have a passport from another country (see Types of visas & countries to which they apply) you may require a stamped visa to travel to Panama. Without a permanent residence card, the requirements will be the same as the authorized visa. The stamped Visa takes approximately 2 to 3 working days to be processed by the Consular Office.

Requirements:

• Fill out Application Form in print or typewritten.
• Original passport, valid for at least 3 months.
• 3 Photographs (size: 2x2, with white background)
• Copy of resident card, personal identification document from country of origin or US Permanent Resident card or US Visa, if applicable.
• Flight reservation with itinerary of trip continuation or electronic ticket.
• Hotel reservation (if applicable)
• Proof of economic solvency during stay, depending on trip duration and no less than USD$500.00 per month. This can be verified with any and all of the following:
- Certified bank checks with applicant's name.
- Travelers check with applicant's name.
- Applicant bank statements from previous three months.
- Applicant credit card with statements from previous three months.
- Tax returns from previous fiscal year.
- Any other reasonable proof of income accepted by the National Service for Migration.
• Work requirements:
- If applicant works for a public or private entity: work letter with receipt of last paycheck.
- If applicant is retired or receiving pension: document that indicates pension along with receipt.
- If applicant is a student (at least 18 years old): certification from academic entity indicating field of study and academic period.
- If applicant is economically dependent: declaration or notarized document from family member in which the person states that he or she is responsible for the applicant's expenses during the trip.
• Declaration or notarized document from person that is inviting (if applicable). Can be made by any of the Following:
a) Permanent or temporary Panamanian residents declaring from Panama. In this case this person needs to include the following:
i) Valid copy of cedula.
ii) If person is a foreigner, copy of general information from passport and temporary or permanent resident card or cedula.
iii)Copy of receipt from previous utilities bill that includes resident's address.
b) If person responsible is a public or private entity:
i) Letter of responsibility front entity's legal representative (If a University from Dean or equivalent)
ii) If person responsible is a private entity, it must include:
- Certificate from Public Registry.
- Copy of operation key from Colon Free Zone (if applicable).
- Certification of existence of University, education center, or City of Knowledge (if applicable).
- Copy of receipt from previous utilities bill that includes entity's address.
c) In case of point (ii) whoever is inviting and assuming responsibility must prove economic solvency with one of the following documents:
- Bank certification valid for at least three (3) months.
- Work letter and Social Security Number.
- If covering applicant's expenses, must present a declaration or notarized document in which they assume the responsibility.
• If the application is for a person under 18 years of age, it must be submitted by one of the parents or whoever has custody and this person must include the following:
- Birth certificate authenticated by Panamanian Consul and by the Foreign Relations Ministry if applied from Panama and for visas approved directly by the National Service for Migration.
- Authorization by one of the parents for leaving the country if the minor is not traveling with both parents or person that has custody, detailing length of stay, person responsible in Panama and their address, phone number and source for covering minor's expenses.
• Certified check or money order for US$135.00 made out to The Consulate of Panama.
• Self-addressed prepaid envelope for return of documents.
Note: The Consul General has the right to ask for additional information or documents and request a personal interview with the applicant.

Stamped Visa/Tourist Card

If you are a citizen of the United States or of a country on the corresponding list (see Types of visas & countries to which they apply) you may request a stamped visa in your passport from the Consular Office, for a US$135 fee. This is a multiple entry visa valid for 5 years, with each entry allowing stay of up to 90 days. Or you may simply purchase a US$30 tourist card upon your arrival at the Tocumen International Airport in Panama, which is valid for a single entry of 90 days. If you request a stamped visa, please:

• Fill out Application Form in print or typewritten.
• Present your original passport, valid for at least 3 months.
• If you are traveling by land, private boat or plane, we recommend that you obtain a stamped visa in your passport to avoid any inconveniences. 

Source: Embassy of Panama, Washington, DC