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 PanamaGuide.com 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., had as first directors:
  • DIRECTOR: ULRICH SCHWARK
    PRESIDENTE: PETER BERND STEHLING
    TESORERO: CATHERINE VERBEL
    SECRETARIO: BIRGIT RUNGE
    • 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 https://opencorporates.com/companies/us_ny/4121004
  • 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
Ubicación:PANAMÁ, PANAMA, JUAN DIAZ
Urbanización:COSTA DEL ESTE


Edificio:PH TORRE ASEGURADORA ANCON
Apartamento:PISO 18 LOCAL O
Actividad Comercial:SERVICIO DE PROMOVER Y MERCADEAR LAS VENTAS DE METALES Y OTROS SIMILARES

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:
http://www.panama-guide.com/article.php/20110107163500673
http://smhpa.com/contact/
https://www.panamaemprende.gob.pa/publico.php?pag=certificAO&anio=2014&ao=11692&Suc=655436&a_buscar=__swiss_______on_on&np=1
http://www.ripoffreport.com/reports/smh-schweizerische-metallhandel-panama-s-a/panama-city-other/smh-schweizerische-metallhandel-panama-s-a-smi-swissmetal-inc-i-have-also-invested-i-1355113



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 https://www.theguardian.com/business/2017/feb/06/uk-tax-haven-bermuda-financial-secrecy-offshore-companies
See also:
Bermuda Ministry of Finance https://www.gov.bm/ministry/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

https://www.acast.com/docthompson/short-stack-adolfo-linares-from-widening-the-pathways-to-open-societies-tmb