Costa Rica provides option for online gaming

Just like in 2008 and 2009, the CR Legislature met in late 2009 to vote on a law to regulate gaming and impose special taxes. No English translations exist of the bill, which is available here in Spanish http://twitdoc.com/c/r5xg5y

The workers of sportbook companies who employ thousands inside CR have a website http://www.empleadosapuestascr.com/ and Facebook page where they posted a call to sensible regulation of gaming which translation we quote below. "Sportsbooks" are call-centers in Costa Rica which hire thousands of Costa Ricans who take in calls for users of betting companies (not necessarily casinos or online gaming).

This legislation would affect mostly brick-and-mortar casinos, where Presidential candidates have made their concern about their relationship with sex tourism. The election in February of Laura Chinchilla has made restrictive regulation of casinos more likely although she has expressed her wishes of not endangering true tourism.

Online gaming have less of a negative effect since they have no physical location. As of now, Costa Rica companies are chartered to conduct online gaming through websites outside of Costa Rica. According to gamingzion.com, "Online gambling in Costa Rica is completely legal. It is so legal, in fact, that the country is home to more than 200 internet gambling organizations. These groups run websites that are licensed and hosted out of Costa Rica, but the sites target players all around the globe. Unlike some other of the world's internet gambling hotspots however, Costa Rica's online gambling scene is quite lacking in government oversight. Licenses are quite easy to obtain, and regulation is basically non-existent".

This makes Costa Rica an option when compared to high licensing fees in Malta, Panama or Belize. However, shortcomings in the Costa Rica banking system means that bets placed through credit cards (such as U.S.-based Visa) may be routed through processors in places such as Cyprus and Israel. The existence of legal restrictions in the Costa Rica itself, U.S. and other countries mean that online gaming websites must install appropriate filters to exclude users from those jurisdictions.

Costa Rica companies are subject to payment of income tax on their local income. This means that companies which conduct online gaming from foreign websites are not required to pay Costa Rica income tax, but still have to pay the Education and Culture Stamp Tax ( Ley del timbre de educación y cultura, N° 5923 de 18 de agosto de 1976) and pay a resident agent fee for filing form D-110 of said tax based on the net capital of the company.

Costa Rica companies can be Corporations or Limited Liability Companies. Their formation can take around 2 months (unlike 1-3 days in Panama) and shareholder meetings must be written every year into hard-bound ledgers. Nominees may be appointed as directors or shareholders.

---

A few of our coworkers at several bet processing centers have requested us to post our pledge in English as they wish to support us and join our fight. Their jobs are also at risk but they understand that, in reality, the majority of the jobs in danger are from Costa Rican citizens.

Dear Colleagues,

We urge the Congressmen and Government of Costa Rica to make a detailed review of the Regulation Law for Gambling and Casinos.

As employees of the SportsBooks we propose:

• Creating a law that would regulate the sportsbooks in a different way than land based Casinos.
• Reasonable fees or operating licenses rather than miscalculated taxes.
• Consider the Laws of other countries like Panama and Antigua as a base to make a new local rule.

The approval of this Bill, in its current 17, 551 way, will irreversibly cause the exit of the sportsbooks from Costa Rica and, therefore, the lost of thousands of jobs.

Learn more, Participate, and comment on www.empleadosapuestascr.com

We need your support!

---

Costa Rica's President-Elect is a Good Bet for Online Gambling
Tuesday, February 23rd, 2010
Costa Rica is a country where gamblers of all denominations can feel right at home. Gambling is explicitly legal and proves to be a booming business within the country. The small nation is home to 30 large casinos and hundreds of other gambling establishments.

Costa Rican gambling law permits just about every form of gambling. Though the gambling industry seemed to be bounding on without limits, the government has started putting more energy into regulating it over the past few years.

Through gambling, the government has a great opportunity to raise revenue and through different regulations they can adjust their intake. Up until this point, the industry's only concern was whether or not the government will raise its taxes on gambling.

A new president, Laura Chinchilla, has been elected in Costa Rica, but has a few months before she will take office. President-Elect Chinchilla is the first woman to be elected president. Land-based casino operators are not happy with the President-Elect due to her open dislike of gambling facilities due to their unfortunate relationship with prostitution. Land-based casino can expect stricter rulings and regulations from this point on, through the new government.

Online gambling sites in Costa Rica, however, have nothing to worry about. President-Elect Chinchilla is highly supportive of the online gambling industry and all of the business that it brings to the nation.

Online Casinos in Costa Rica are obviously much cleaner than their land-based counterparts when it comes to prostitution due to the lack of a physical location. Many online gambling havens are based in Costa Rica and are accessed from all over the world. Brick and mortar casinos also cater to an international scene being that new laws require casinos to be attached to large hotels.
Source: Top10CostaRica.com

European Tax Savings Directive raises income tax by 2010

2011 will be the year when banking centers throughout the EU and its Accession Zone, as well as British Crown Territories, will tax bank accounts of EU citizens at full rates. Foundations and corporations of non-EU territories like Panama may be be exempt of this taxation under certain circumstances.

---

Taxation of savings income

The European Union is pursuing its ultimate goal of enabling interest on savings received in one Member State by individuals who are resident for tax purposes in another Member State to be made subject to effective taxation in accordance with the laws of the latter Member State.

ACT

Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments.

SUMMARY

Aim of the Directive

The aim of the Directive is to enable savings income, in the form of interest payments made in one Member State to "beneficial owners" * who are individual residents for tax purposes in another Member State, to be made subject to effective taxation in accordance with the laws of the latter Member State. The automatic exchange of information between Member States concerning interest payments * is the means chosen to achieve effective taxation of these "interest payments" in the Member State where the beneficial owner is resident for tax purposes. Member States must therefore take the necessary measures to ensure that the tasks necessary for the implementation of this Directive - cooperation and exchange of banking information - are carried out by paying agents established within their territory, irrespective of the place of establishment of the debtor of the debt claim producing the interest.

Scope of application

The scope of this Directive is limited to taxation of savings income in the form of interest payments on debt claims, to the exclusion of the issues relating to the taxation of pension and insurance benefits. At territorial level, the Directive applies to interest paid by a "paying agent" * established within the territory to which the Treaty applies.

The general system: exchange of information

• Information reporting by the paying agent

Where the beneficial owner is resident in a Member State other than that in which the paying agent is established, the Directive stipulates that the latter must report to the competent authority of its Member State of establishment a minimum amount of information, such as the identity and residence of the beneficial owner, the name and address of the paying agent, the account number of the beneficial owner or, where there is none, identification of the debt claim giving rise to the interest, and information concerning the interest payment.

Moreover, the minimum amount of information concerning interest payment to be reported by the paying agent must distinguish between the specific categories of interest listed in the Directive. However, Member States may restrict the minimum amount of information to the total amount of interest or income and to the total amount of the proceeds from sale, redemption or refund.

• Automatic exchange of information

Under the Directive, the competent authority of the Member State of the paying agent must communicate - at least once a year, within six months following the end of the tax year of the Member State of the paying agent - the information referred to above to the competent authority of the Member State of residence of the beneficial owner.

Transitional provisions: withholding tax (Belgium, Luxembourg and Austria)

During a transitional period, Belgium, Luxembourg and Austria are not required to exchange the information on savings income covered by this Directive if they apply a withholding tax to this income. These three Member States may apply the transitional system until the Swiss Confederation, the Principality of Andorra, the Principality of Liechtenstein, the Principality of Monaco and the Republic of San Marino ensure effective and complete exchange of information upon request concerning payment of interest, and until the Council agrees unanimously that the United States of America is committed to exchange of information upon request as defined in the OECD Model Agreement. The Directive entitles these three Member States to receive information from the other Member States. During the period of transition, Belgium, Luxembourg or Austria may opt for the introduction of an automatic exchange of information, and in this case countries having exercised this option will no longer apply withholding tax and the corresponding tax revenue sharing. Belgium thus announced that it had decided to apply information exchange as per the ‘Savings’ Directive as from 1 January 2010.

As regards the withholding tax system, the Directive lays down that where the beneficial owner is resident in a Member State other than that in which the paying agent is established, Belgium, Luxembourg and Austria shall levy a withholding tax at a rate of 15% during the first three years of the transitional period, 20% for the subsequent three years and 35% thereafter.

As regards revenue sharing, the Directive lays down that Member States levying withholding tax shall retain 25% of their revenue and transfer 75% of the revenue to the Member State of residence of the beneficial owner of the interest.

As regards double taxation, the Directive lays down that the Member State of residence for tax purposes of the beneficial owner is to ensure the elimination of any double taxation that might result from the imposition of the withholding tax.

Lastly, the Directive does not preclude Member States from levying other types of withholding tax than that referred to above in accordance with their national laws or double-taxation conventions.

Context

As part of the "tax package" aimed at combating harmful tax competition, the European Community (EC) decided to draw up a legislative instrument to overcome existing distortions in the effective taxation of savings income in the form of interest payments.

Savings income in the form of interest payments from debt claims constitutes taxable income for residents of all EU Member States. However, owing to the free movement of capital (Articles 56 to 60 of the Treaty) and the absence of any coordination of national systems for taxing savings income in the form of interest payments, and in particular the treatment of interest received by non-residents, residents of Member States are often able to avoid any form of taxation in their Member State of residence on interest they receive in another Member State. The resulting distortions in the movement of capital between Member States are incompatible with the internal market. Moreover, this situation encourages the evasion of tax on savings income and increases tax pressure on income from less mobile sources such as that derived from work, which adversely affects labour costs and therefore, indirectly, job creation.

This Directive builds on the consensus reached at the Feira European Council of 19 and 20 June 2000 and the subsequent Ecofin Council meetings of 26 and 27 November 2000, 13 December 2001 and 21 January 2003. The consensus lies in the setting up of an automatic exchange of information system between all Member States except for Belgium, Luxembourg and Austria, which will be given a transitional period during which, instead of providing information to the other Member States, they must apply a withholding tax to the savings income covered by this Directive.

Key terms used in the act

Beneficial owner means any individual who receives an interest payment or any individual for whom an interest payment is secured, unless he provides evidence that it was not received or secured for his own benefit. Paying agent means any economic operator who pays interest to or secures the payment of interest for the immediate benefit of the beneficial owner, whether the operator is the debtor of the debt claim which produces the interest or the operator charged by the debtor or the beneficial owner with paying interest or securing the payment of interest. In specific cases set out in Article 4 of the Directive, any entity established in a Member State to which interest is paid or for which interest is secured for the benefit of the beneficial owner is also considered a paying agent upon such payment or securing of such payment. Interest payment means: interest paid or credited to an account, relating to debt claims of every kind, whether or not secured by mortgage and whether or not carrying a right to participate in the debtor’s profits, and, in particular, income from government securities and income from bonds or debentures, including premiums and prizes attaching to such securities, bonds or debentures; penalty charges for late payments are not regarded as interest payments; interest accrued or capitalised at the sale, refund or redemption of the debt claims referred to above; income deriving from interest payments either directly or through certain entities set out limitatively, distributed by undertakings for collective investment in transferable securities (UCITS) authorised in accordance with Directive 85/611/EEC or certain undertakings for collective investment; income realised upon the sale, refund or redemption of shares or units in UCITS, if they invest directly or indirectly, via other undertakings for collective investment or entities, more than 40% of their assets in debt claims.

REFERENCES

Act	Entry into force	Deadline for transposition in the Member States	Official Journal
Directive 2003/48/EC [adoption: consultation CNS/2001/0164]	Initially on 1.1.2005, postponed to 1.7.2005	Date of transposition: 1.1.2004 Date of application: 1.7.2005	OJ L 157 of 26.6.2003

Amending act(s)	Entry into force	Deadline for transposition in the Member States	Official Journal
Directive 2004/66/EC	1.5.2004	1.5.2004	OJ L 168 of 1.5.2004
Directive 2006/98/EC	1.1.2007	1.1.2007	OJ L 363 of 20.12.2006

RELATED ACTS

Proposal for a Council Directive of 13 November 2008 amending Directive 2003/48/EC on taxation of savings income in the form of interest payments [COM(2008) 727 final – Not published in the Official Journal].
This Proposal for a Directive aims at offsetting the shortcomings in the current directive, with a view to taxing savings income more effectively and eliminating the undesirable distortions of competition.

In this perspective, the main amendments proposed concern the following points:

• the definition of the beneficial owner: a proposal for a ‘look-through’ approach to cover interest payments made to legal persons or arrangements held by individuals (the current directive only covers interest payments made for the immediate benefit of individuals);
• the identification of beneficial owners: the recording of the date and place of birth of the beneficial owner in all cases and in addition the tax identification number of the beneficial owner when this number appears on documents presented for identification purposes is proposed;
• the definition of the notion of paying agent: clarification of the notion of ‘paying agent on receipt’ and the introduction of a ‘positive’ definition of intermediary structures established in Member States and bound to act as ‘paying agents on reception’;
• the definition of interest payment, in order to cover financial instruments that are equivalent to those which are explicitly covered: structured products that are equivalent in substance to debt commodities and some insurance products that are directly comparable to undertakings for collective investment since their performance is linked to debt claims or equivalent income;
• the extension of the scope to all undertakings for collective investment in transferable securities (UCITS);
• the communication of information by paying agents;
• the introduction of a comitology procedure so as to quickly decide implementation measures related to the Directive.

European Parliament Legislative Resolution adopted on 24 April 2009.
In its Resolution, Parliament approves the Commission’s Proposal and proposes a series of amendments (29) which, in Parliament’s opinion, would make the new law more effective.

Opinion of the Economic and Social Committee: The Opinion of the Economic and Social Committee was adopted on 13 May 2009. The Committee notes its full agreement with the Commission’s Proposal. It expresses some reserves with regard to some administrative and legal complications resulting from these new provisions.
European Parliament Consultation Procédure (CNS/2008/0215).

Council Decision2005/357/EC of 22 December 2004 on the conclusion of the Agreement between the European Community and the Republic of San Marino providing for measures equivalent to those laid down in CouncilDirective2003/48/EC on taxationof savings income in the form of interest payments [Official Journal L 114 of 4.5.2005].

Council Decision 2005/356/CE of 22 December 2004 on the conclusion of the Agreement between the European Community and the Principality of Andorra providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments [Official Journal L 114 of 4.5.2005].

Council Decision 2005/353/EC of 22 December 2004 on the conclusion of the Agreement between the European Community and the Principality of Liechtenstein providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments [Official Journal L 112 of 3.5.2005].

Council Decision2005/347/EC of 22 December 2004 on the conclusion of the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Directive 2003/48/EC on taxation of savings income in the form of interest payments [Official Journal L 110 of 30.4.2005].

Council Decision2005/35/EC of 7 December 2004 on the signing of the Agreement between the European Community and the Principalityof Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments and the approval and signing of the accompanying Memorandum of Understanding [Official Journal L 19 of 21 January 2005].
The agreement is aimed at permitting the effective taxation of savings income in the form of interest payments through the adoption of measures equivalent to those applied within the European Community, as laid down in Council Directive 2003/48/EC. These include a withholding tax on savings interest paid to residents of EU Member States, a mechanism that allows revenue-sharing with the Member State of residence of the recipient of the interest, voluntary disclosure of information regarding interest payments if the taxpayer so agrees and the exchange of information on request in cases of tax fraud or the like. The agreement also contains a review clause allowing its terms to be adapted in line with international developments.

CouncilDecision2004/903/EC of 29 November2004 on the signing of the Agreement between the European Community and the Republic of San Marino providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments and the approval and signing of the accompanying Memorandum of Understanding [Official Journal L 381 of 28 December 2004].
Purpose: to ensure that the Republic of San Marino adopts measures equivalent to those to be applied within the European Community to permit effective taxation of savings income in the form of interest payments. The measures involve withholding tax at a predetermined rate with revenue sharing, a voluntary procedure for the beneficiary based on the optional supply of information to his or her tax authority in place of withholding of tax at source by the paying agent, a mechanism for information exchange on request in the event of tax fraud or equivalent offences concerning interest, and a revision clause enabling the parties to consult each other every three years or at the request of one of the parties in order to improve the technical operation of the agreement and allow for international change in this domain.

Council Decision2004/897/EC of 29 November 2004 on the signing of the Agreement between the European Community and the Principality of Liechtenstein providing for measures equivalent to those laiddown in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments and the approval and signing of the accompanying Memorandum of Understanding [Official Journal L 379 of 24 December 2004].

CouncilDecision2004/828/EC of 2 November 2004 on the signing of the Agreement between the European Community and the Principality of Andorra providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest paymentsand the approval and signing of the accompanying Memorandum of Understanding [Official Journal L 359 of 4 December 2004].
The agreements are aimed at permitting the effective taxation of savings income in the form of interest payments through the adoption of measures equivalent to those applied within the European Community, as laid down in Council Directive 2003/48/EC. These include

• a withholding tax on savings-interest paid to residents of EU Member States;
• a mechanism that allows revenue-sharing with the Member State of residence of the recipient of the interest;
• a procedure allowing taxpayers to avoid withholding tax if they expressly authorise their paying agent established in the Liechtenstein to communicate the payment of interest to the competent authorities of that State in order to allow the information to be transmitted to the State of residence (‘voluntary disclosure’), or if they present a certificate stating that the State of Residence has been informed of the investment on Andorran territory.
• the exchange of information on request in cases of tax fraud or the like. The agreements also contain a review clause allowing their terms to be adapted in line with international developments.

CouncilDecision2004/912/EC of 25 October 2004 on the conclusion of the Agreement in the form of an Exchange of Letters between the European Community and the Swiss Confederation on the date of application of the Agreement between the European Community and the Swiss Confederation providing for measures equivalent to those laid down in Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments [Official Journal L 385 of 29 December 2004].

Council Decision2004/911/EC of 2 June 2004 on the signing and conclusion of the Agreement between the EuropeanCommunity and the Swiss Confederation providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments and the accompanying Memorandum of Understanding [Official Journal L 385 of 29 December 2004].
These Decisions aim to secure the adoption, by Switzerland, of measures equivalent to those to be applied within the Community to ensure effective taxation of savings income in the form of interest payments; and to enable Switzerland to benefit from the common system of taxation applicable in the case of parent companies and subsidiaries (Directive 90/435/EEC) and to interest and royalty payments made between associated companies (Directive 2003/49/EC). This draft Agreement is accompanied by an ancillary Memorandum of Understanding (MoU) between Switzerland, the European Community and its Member States. This MoU inter alia commits Switzerland and the Member States to enter into bilateral negotiations with a view to including in their respective double taxation conventions provisions on exchange of information on request for cases falling within the concept of "tax fraud or the like" with respect to items of income not subject to the Agreement but covered by their respective conventions, and with a view to defining individual categories of cases falling under "the like" in accordance with the procedure of taxation applied by those countries. The MoU also confirms that, during the transitional period provided for in Council Directive 2003/48/EC, the European Community will enter into discussions with other important financial centres with a view to promoting the adoption by those jurisdictions of measures equivalent to those to be applied by the Community. Finally, the MoU provides that the agreed measures will be implemented in good faith and that the parties will not act unilaterally to undermine this arrangement without due cause.

CouncilDecision2004/587/EC of 19 July 2004 on the date of application of Directive 2003/48/EC on taxation of savings income in the form of interest payments [Official Journal L 257 of 4.8.2004].
This Decision postpones the date of entry into force of Directive 2003/48/EC to 1 July 2005.

Decision of the Representatives of the Governments of the Member States meeting within the Council of 27November 2001 concerning the taxation of savings in Caribbean dependent or associated territories [Official Journal L 314 of 30.112001].
Ten important territories dependent upon or associated to Member States (Jersey, Guernsey, the Isle of Man and the Caribbean dependent or associated territories) have, since 1July 2005, applied measures which are identical to those provided for in the Directive - the automatic exchange of information or, during the period of transition laid down by the Directive, the deduction of a withholding tax under the same conditions as those laid down for Belgium, Luxembourg or Austria.

http://europa.eu/legislation_summaries/taxation/l31050_en.htm

Panama negotiates 4 Double Taxation Agreements

Panama is expected to sign a double taxation agreement (DTA) with Mexico in February 22, which will be the first of its kind, and will start in late January a diplomatic offensive in Europe to promote the signing of similar treaties. The deputy economy minister of Panama (MEF), Frank De Lima told reporters today that the agreement with Mexico, which is signed in the Mexican city of Cancun, does NOT imply a reform of the banking law, but does result in the tax reforms which the government intends to submit shortly to the legislature. According to the official, issues such as exchange of information and concepts as transfer pricing, which are not covered by existing legislation, will be included in the tax reform.
Panama negotiated since 2009 similar treaties with various countries, including Italy and Belgium, and is on track to do so with Spain.
Economy Minister Alberto Vallarino, will meet in Paris Jan. 25 with representatives of the OECD. The next day, Vallarino will meet with French Finance Minister Christine Lagarde, to try to determine the date of start of negotiations to conclude a tax treaty with that country. The delegation will visit Spain to meet with the Spanish authorities of finance, who already expressed to Panama their interest to negotiate a treaty of this nature. "Panama has sent letters to 21 of the 30 OECD countries expressing interest in negotiating double taxation treaties, and the Foreign Ministry is making concrete steps to achieve final dates with said countries" the Minister added. He noted that out of the OECD lists, Panama must have twelve agreements signed, and it is on the verge of agreeing the second of those with Italy, a country with which it will hold a second round of talks, the 26th and 27th of this month in the Panamanian capital.
Jan 13, 2010 http://www.pa-digital.com.pa/periodico/edicion-actual/hoy-interna.php?story_id=875612#axzz0jFKXpON9

Panama concludes negotiation of double taxation agreements with Mexico, Italy and Belgium.
Jan 22, 2010 http://www.estudio1panama.com/?p=24316

France negotiates Double Taxation Agreement with Panama in Paris at the end of next May. Spain is expected to sign a treaty on April 26 in Madrid and another with Qatar on May 10. Notices were also sent to Israel, Great Britain and other countries outside the Organization for Economic Cooperation and Development (OECD). "We received news that Luxembourg will negotiate with Panama in June" said ViceMinister Frank De Lima. The deputy minister also spoke of progress with other OECD countries, among which he highlighted:
- Mexico: signing of a treaty on 22 February, which is awaiting ratification by the legislatures of both countries.
- Italy and Belgium: only hope to define the date for signing the agreement.
- Barbados: the negotiations will begin on Monday 8 March in Panama.
- Netherlands: it is planned to begin negotiations the first week of April in Panama.
Mar 5, 2010 https://www.mef.gob.pa/Portal/2010-comunicados/2010-FRANCIANEGOCIARaTRATADODEDOBLETRIBUTACIONCONPANAMa.html

Barbados became the 4th nation to conclude negotiations of a DTA with Panama, and joined Mexico (signed on 22 February) Italy and Belgium.
Other negotiations: Netherlands: negotiations begin the first week of April, Spain: Negotiations begin this 26th of April in Madrid, Qatar: Starting on 10 May, France: Starting on May 25, Luxembourg: begin in June. Letters have also been sent to Switzerland, Israel and England, among other countries which are not members of OECD.
Mar 10, 2010 https://www.mef.gob.pa/Portal/2010-comunicados/2010-PANAMaCONCLUYENEGOCIACIoNCONBARBADOS.html

Minister of Economy and Finance, Alberto Vallarino and Viceminister, Dulcidio De La Guardia, met this Monday in Mexico with finance authorities of Chile, Japan and France, with regards to DTAs in order to have Panama removed from the OECD grey list.
Mar 22, 2010 https://www.mef.gob.pa/Portal/2010-Comunicados/2010-Durantemisinoficialenelexterior.html

---

See also

Panama stays out of list of non-cooperative centers
http://mypanamalawyer.blogspot.com/2009/04/panama-stays-out-of-list-of-non.html

Economist: The G20 and tax - Haven hypocrisy
http://mypanamalawyer.blogspot.com/2009/04/economist-g20-and-tax-haven-hypocrisy.html

Panama currently has around 20 double taxation agreements for air and shipping transportation with countries such as U.S., U.K., Switzerland, Russia, Japan since the 1960s.
International Taxation of Low-Tax Transactions...

.

How the U.S. Is a Tax Haven for Mexico's Wealthy

Federal Taxation
8/26/2009 11:37:34 AM EST

News Analysis: How the U.S. Is a Tax Haven for Mexico's Wealthy
By Robert Goulder, Editor-in-Chief - Tax Analysts International Publications
Posted by Tax Analysts Editorial Staff

As if Treasury Secretary Timothy Geithner didn't have enough on his plate, there's one underappreciated problem his department now must address. This latest headache can be summarized in three words: U.S. bank secrecy.

The issue landed on Geithner's desk shortly after he accepted his current job, in the form of a February 9 letter from Mexican Secretary of Finance Agustin Carstens. At first glance, its polite language seemed innocuous. Geithner most likely read the letter, mumbled "ho-hum," and added it to the stack of low-priority items on the back burner.

But six months later, Carstens's letter ­ and how Treasury will respond to it ­ has the potential to become a lightning rod for controversy. That's because the IRS and the Justice Department, after decades of passive acquiescence, decided to pick a fight with Swiss banking giant UBS, the world's largest manager of private wealth.

...

What does the letter contain that's so shocking?

It asks the U.S. government to offer Mexico the same exchange of information terms the United States has with Canada. That's significant because Canada is a special case when it comes to cross-border tax enforcement. Despite possessing one of the world's most comprehensive tax treaty networks, the United States has meaningful information exchange with only one country: Canada.

Mexico has now put the U.S. government on notice: It wants in on what's previously been Canada's exclusive arrangement. Should that inclination spread to other governments across the hemisphere, it could have extraordinary consequences for the U.S. financial sector. Think of it as the fiscal equivalent of the H1N1 flu virus.

...

Just as the United States spent the last year demanding that Switzerland give ground on its bank secrecy regime, Mexico now wants the U.S. Treasury Department to yield on its own bank secrecy.

Fair is fair, the argument goes, lest Washington be accused of extraordinary hypocrisy.

By now you're probably thinking that something is wrong here; U.S. banks must be very different from Swiss banks. Guess again ­ they're not.

...

Mexican residents who hold an account with a U.S. bank ­ just like U.S. account holders at Swiss banks ­ are essentially on the honor system when it comes to declaring bank deposit income for tax purposes in their home countries. As students of the subject have learned, tax law enforcement using the honor system translates to rampant tax evasion.

...

To the neutral observer it might seem that America's opposition to bank secrecy is highly selective. Perhaps we object only when it's our tax base that's being eroded.

Geithner now must decide whether Treasury spoke with a forked tongue in the United States' showdown with the Swiss. Mexico City is awaiting a response.

http://law.lexisnexis.com/practiceareas/Practitioners-Corner/Federal-Taxation/News-Analysis-How-the-US-Is-a-Tax-Haven-for-Mexicos-Wealth

U.S. Exporters Open Latin America Regional Office in Panama

Photos: Above: Gabriel Aguilar, Panama Canal Administrator Alberto Aleman Z., Ambassador Barbara Stephenson, USGC Regional Director Kurt Shultz, Jorge Lombardi. Aguilar and Lombardi are members of Lombardi Aguilar Group www.laglex.com, legal counsel for the Panama office. Below: USGC Board members during ribbon-cuttting ceremony at Ocean Business Plaza.

U.S. Grains Council Opens Latin America and Caribbean Regional Office
Contact Marri Carrow at 202-789-0789
Thursday, 18 March 2010 00:00

U.S. Grains Council Chairman Rick Fruth announced the official opening of the Council's newest international office in Panama City, Panama. The USGC Latin America and Caribbean Region office represents a key presence in the region as the Council continues its work of Developing Markets, Enabling Trade and Improving Lives.

"The failure of the United States to ratify pending free trade agreements in the area has caused a significant loss in grain business and trade. It also has had a consequential effect on the economic development of our friends and allies in the Latin American region," said Fruth. "By establishing an office in Latin America and the Caribbean region, the Council is strategically positioning itself to defend U.S. markets while simultaneously enhancing the quality of life of our trading partners."

Kurt Shultz was named the first director of the Panama City office. Shultz has worked for the Council since 1999 and previously served for seven years as USGC regional director for the Mediterranean and Africa before transitioning to his current post.

See full text in http://www.grains.org/news-events/2266-us-grains-council-opens-latin-america-and-caribbean-regional-office -

---

La embajada estadounidense presidida por Barbara Stephenson, realizó un coctel de bienvenida a miembros del Consejo de granos de Estados Unidos

En el Hotel Marriott se organizó un elegante coctel con motivo de la visita de miembros de los miembros del Consejo de granos estadounidenses, los cuales establecerán una oficina regional para América Latina y el Caribe en Panamá, con la finalidad de afianzar el comercio entre las Américas. "La posición geográfica clave y punto de comercio internacional hace de Panamá un lugar muy atractivo para abrir esta oficina regional y hacer negocios", dijo el dirigente empresarial Rick Fruth. "Uno de los propósitos de nuestra organización es lograr un acercamiento entre Estados Unidos, Latinoamérica y el Caribe, para mejorar y profundizar el comercio de granos", expresó.

http://www.laestrella.com.pa/mensual/2010/03/18/contenido/214801.asp

---

Consejo de Granos de los Estados Unidos abrió una oficina regional en Panamá

El Consejo de Granos de los Estados Unidos abrió una oficina regional en Panamá para cubrir sus actividades en Latinoamérica y el Caribe y por tal motivo, en conjunto con nuestra Embajadora ofreció una recepción para sus colaboradores y contactos en el área gubernamental y privada.

El Consejo de Granos de los Estados Unidos representa a productores y comercializadores de cebada, maíz, y sorgo de su país que exportan hacia el resto del mundo y en conjunto con el Departamento de Agricultura de los Estados Unidos contribuye al desarrollo económico mundial y a la rentabilidad de la agricultura.

La Exportación de Granos representa el 17% del total de carga transportada por el Canal de Panamá y de ese porcentaje, un 90% son granos originarios de los Estados Unidos.

http://spanish.panama.usembassy.gov/fas.html

Webcam Panama banking center

Online video chat by Ustream

Панама офшорную

Краткое описание

Республика Панама, государство в Центральной
Америке, на Панамском перешейке, омывается
Карибским морем и Тихим океаном, граничит
на востоке и юго-востоке с Колумбией, на западе
с Коста-Рикой.

Население Панамы составляет почти 2 960 784
человек (на июль 2003 г.), примерно 52% из
которых проживает в городах.

Площадь страны составляет 78 200 кв. км.

Столица страны – г. Панама.

Климат субэкваториальный влажный. Средняя
годовая температура 27°С, сезон дождей длится
с мая по январь.

В 1903 г. Панама стала независимым государством.
Панама – это конституционное демократическое
государство. Главой государства является Президент,
который также возглавляет и правительство,
в состав которого также входят еще два Вице-президента.
Парламент однопалатный, состоит из 71 члена.

Правовая система – общее право, основана
на английском праве.

Официальный язык – испанский.

Официальная валюта – бальбоа (PAB), американский
доллар (USD).

На территории Панамы существует Зона свободной
торговли, которая расположена в северной части
государства. Операции по импорту из разных
уголков мира и реэкспорту, которые осуществляются
на данной территории, освобождаются от таможенных
пошлин. Доход, полученный от реэкспорта товара,
облагается налогом по сниженным ставкам. Зона
свободной торговли Панамы является второй
по масштабам в мире после зоны свободной торговли
Гонконга.

---

ХАРАКТЕРИСТИКИ КОРПОРАТИВНОГО ЗАКОНОДАТЕЛЬСТВА

Общие характеристики
Виды компании	Корпорация (Sociedad Anónima), по налоговому статусу: нерезидентная
Политическая стабильность	хорошая
Гражданское или общее право	общее
Раскрытие информации о бенефициаре	нет
Разрешена смена страны регистрации компании	да
Налогообложение офшорной деятельности	отсутствует
Требования к названию	латинский алфавит
Корпоративные характеристики
Минимальное число акционеров	один
Минимальное число директоров	три
Разрешены акции на предъявителя	да
Разрешены корпоративные директора	да
Разрешены корпоративные секретари	да
Стандартный уставной капитал	USD10,000
Локальные требования
Зарегистрированный офис/агент	да
Необходим ли секретарь компании	нет
Местные директора	нет
Собрания в стране регистрации	нет
Внесение в государственный реестр сведений о директорах	да
Внесение в государственный реестр сведений об акционерах	нет
Требования ежегодной отчетности
Годовой отчет	нет
Финансовый отчет	нет
Отчисления государству
Минимальный ежегодный налог/ лицензионный сбор	USD300
Сбор за годовую отчетность	не предусмотрено

Применение компаний

Панама представляет собой офшорную юрисдикцию.
Это значит, что здесь можно зарегистрировать
компании, которые не платят налогов и недороги
в поддержании. Для целей международного налогового
планирования интересны корпорации (Sociedad
Anónima), которые по налоговому статусу
являются нерезидентными, то есть ведущие деятельность
вне государства и получающие прибыль от источников,
находящихся за пределами страны.

Указанные компании
могут использоваться, например:

- в качестве звена
при трансфертном ценообразовании;

- в качестве холдинга;

- в качестве инструмента персонального налогового
планирования (т.н. «личный кошелек», когда
регистрируется компания, на которую открывается
счет в банке);

- в качестве принципала в составной агентской
конструкции, в которой агент – компания из
неофшорной юрисдикции.

Налоги

Налог	Ставка, %
Налог на прибыль	30/0*
Налог у источника
- дивиденды	10/20/0**
- проценты	6/0***
- роялти	6/0***
НДС	5
Минимальный ежегодный налог / лицензионный сбор	USD300

* - 0% - для нерезидентных компаний, 30%
- для резидентных компаний;

** - 0% - для нерезидентных компаний, 10%
- по именным акциям резидентных компаний,
20% - по акциям на предъявителя резидентных
компаний;

*** - 0% - для нерезидентных компаний, 6%
- для резидентных компаний.

Законодательство

Закон о корпорациях №32 коммерческого кодекса
1927 г.

Декрет 5 от 1997 г.

Исполнительный декрет 226 от 1997 г.

Заказ
текстов законов Панамы

Участие в договорах об устранении двойного
налогообложения

Панама не заключила ни одного соглашения
об избежании двойного налогообложения.

Конфиденциальность

С точки зрения конфиденциальности панамские
компании привлекательны, как и другие компании
офшорных юрисдикций, в силу недоступности
информации о бенефициаре государственным властям.

Необходимо представлять информацию о бенефициаре:

- юристам, которые непосредственно занимаются
регистрацией компании.

Акции на предъявителя разрешены.

Финансовая отчетность

Необходимо готовить ежегодную финансовую
отчетность, но сдавать ее государственным
органам не требуется.

Особенности

Валютного контроля нет.

Прибыль, полученная на территории Панамы,
подлежит налогообложению по ставке 30%. Прибыль,
полученная за пределами Панамы, не облагается
налогом. Отсутствует налог на любую деятельность,
которая ведется за пределами Панамы.

Полезные ссылки

Статьи

• Офшор
  и вопросы языкознания.


• Списки
  белые, списки черные…

Стоимость
услуг по регистрации

Краткое описание

Республика Панама, государство в Центральной
Америке, на Панамском перешейке, омывается
Карибским морем и Тихим океаном, граничит
на востоке и юго-востоке с Колумбией, на западе
с Коста-Рикой.

Столица страны – г. Панама.

Правовая система – общее право, основана
на английском праве.

Text from Roche & Duffay

How safe is your data in a Swiss bank?

Taxes 06.02.2010

http://www.dw-world.de/dw/article/0,,5220904,00.html

Germany steps up hunt for tax evaders

Großansicht des Bildes mit der Bildunterschrift: Germany is to pay 2.5 million euros for the Swiss bank data

German tax investigators are reportedly in France for negotiations with an informant to buy stolen Swiss bank data on 1,500 alleged tax evaders. The move comes amid reports of a fresh offer of data on tax cheats.

German magazine Focus reported on Saturday that tax authorities would acquire the controversial data on the weekend in France.

Quoting sources close to the investigation, the Munich-based magazine said the unnamed informant had insisted on a secret meeting in a neighboring country for fear of being arrested in Germany.

Germany is to pay a reported 2.5 million euros ($3.4 million) for the stolen data on 1,500 German clients of a Swiss bank. Reports say the data could potentially yield at least 400 million euros in tax revenues.

The decision to buy the illegally-obtained information has divided the German government and strained relations with Switzerland.

On Saturday, Germany's Finance Minister Wolfgang Schaueble said Switzerland's fabled banking secrecy laws were outdated and needed to be dismantled.

"Bank secrecy cannot be an instrument in the 21st century used to evade taxes," Schaueble told the Sueddeutsche Zeitung newspaper.

"There's no future for bank secrecy. It's finished. Its time has run out."

The decision by Germany to pay for the stolen data has sparked anger in Switzerland. Politicians in the country say Berlin's willingness to buy stolen data raises worrying ethical questions.

Two more German states offered data

Meanwhile, a new set of data with details of alleged tax evaders has reportedly been offered to German authorities in the southwestern state of Baden-Wuerttemberg and the southern state of Bavaria.

On Friday, Bertram Dornheim, a spokesman for the state's Finance Ministry, which was contacted by the informant offering the new data, could not confirm how many Swiss accounts were involved, nor whether the informant had asked for a fee for the information.

But he did say that the informant had supplied authorities with samples of data on potential tax cheats last year and had now "supplied additional, substantial quantities of data."

He added that the "potentially very interesting" information was currently being examined.

The Frankfurter Rundschau daily reported that the new disk contained information on around 2,000 German investors holding accounts in Switzerland. The newspaper reported that many of the accounts were with Swiss lenders UBS and Credit Suisse.

dfm/AP/AFP

---

Whistleblower asking for 2.5 million Euros (Video) http://www.reuters.com/news/video?videoId=36598786

Position of the Swiss Bankers Association SBA on the purchase of stolen data by Germany on 2 February 2010 http://www.swissbanking.org/en/home/stellungnahmen.htm/stellungnahme-20100130.htm

---

Share

Feb 24-26: 1st Texas-Central America Business Roundtable

Federación de Cámara y Asociaciones de Exportadores de Centroamérica, Panamá y el Caribe
FIRST BUSINESS ROUND TABLE
LAREDO, TEXAS - CENTRAL AMERICA

INTRODUCTION
The City of Laredo, Texas and the Federation of Central America Export Chambers are pleased to present the First Business Round Table Laredo Texas-Central America, which is a multi-sectored meeting of Central American entrepreneurs with entrepreneurs of the State of Texas and central United States, who will make presentations of their interests in establishing business agreements and they can guide their demands and needs as entrepreneurs. Thus the goal of this event is to articulate the supply and demand to facilitate business between these regions.
OBJECTIVES
GENERAL OBJECTIVE
Generate business opportunities, supporting trade to achieve that participants identify the characteristics of products and services present on the market, thereby contributing to the participants may increase trade for a better economic development of Nations.
SPECIFIC OBJECTIVES
1. That participants can make the purchase and/or sale of products and services.
2. Participants make the presentation of their products and services, identifying characteristics and attributes.
3. Assess the potential supply and demand.
4. Identify the productive potential of the market.
5. Achieve the inclusion of products and services of the participants in the regional and national markets.
BENEFICIARIES
This led to all entities engaged in foreign trade between the United States and Central America. This is directed to all engaged in foreign trade between the United States and Central America, be they companies, micro-businesses, wholesalers or retailers, agents, investors, logistics operators, etc.
ROUND TABLE BUSINESS CONCEPT
It is a mechanism of modern trade, in which an event is structured of simultaneous meetings between supplies and demands are in the same space and time, to arrange sales contracts, partnerships or any type of agreements for the exchange of goods and/or services directly.

WHAT IS OFFERED TO THE PARTICIPANTS
* Business opportunities
* Business Contacts
* Expand the portfolio of clients
* Expand the portfolio of suppliers
* Position of the company
* Optimization of resources (time and money), i.e. all proceeds from the event with
minimal investment
* A way of introduction into the commercial stage
* A network of commercial links
* Appropriate use of technology at the service of your business objectives
EVENT HOST
The Business Round Table Laredo, Texas – Central America will be held at the facilities of Texas A&M International University (TAMIU), with all the facilities and business
needs for the proper conduct of the activities of this event environment.
DATE OF THE EVENT
The event will be held February 24 – 26, 2010.
COORDINATION OF THE EVENT
City of Laredo, Texas, USA
www.LaredoCAFTA.com
Tel. 956-791-7302
Email: info@ laredocafta.com

http://www.laredocafta.com/English/English_index.html

---

Click here for more trade exhibits

Cascal N.V. Collects Outstanding Balance of $7 Million from Panamanian State-Owned Water Authority -- LONDON, Jan. 20 /PRNewswire-FirstCall/ --

This news item was not broadcast by the Panama government PR machine. It would be nice to know if the rate increase by APSA was legal or if the Panamanian consumer was just told "deal with it".

Cascal N.V. Collects Outstanding Balance of $7 Million from Panamanian State-Owned Water Authority -- LONDON, Jan. 20 /PRNewswire-FirstCall/ --
"LONDON, Jan. 20 /PRNewswire-FirstCall/ -- Cascal N.V. (NYSE: HOO), a leading provider of water and wastewater services in eight countries, today announced that its wholly owned subsidiary, Aguas de Panama, SA, ("APSA"), has successfully collected the outstanding balance of approximately $7 million due from Instituto de Acueductos y Alcantarillados Nacionales ("IDAAN"), the Panamanian state-owned water authority.
APSA had been in discussions for more than two years with Panamanian authorities to resolve the issue of non-payment of rate increases applied for in accordance with the terms of its contract with IDAAN. Consistent with these discussions, IDAAN formally approved all of the rate increases applied for by APSA, accepted all of the corresponding invoices and sourced the necessary funds from the Ministry of Finance."

Free Panama map online

The local tourism authority has a digital map online called the ATP GPS map http://sig.atp.gob.pa/ developed by Geoinfo (BVP: GEOI). This company has has been trading its shares since 1994 and has years of experience in gathering the data required for customized Panama maps in different technological formats.

Like all Panama government sites, it has a lot of Flashturbation. Apparently, government big guys are easily impressed by webdesigners but it seems that the issue of bandwidth is never brought up before shelling out taxpayer balboas. The map requires access from a desktop and cannot be used with a PDA Wifi when stopping by a Panama City Hotzone.

Once we deal with that small issue, we went to the menu (the English icon at the right just sends you back to the Spanish menu). The 4 menu items stand for :
Map: Street Map > Satellite Map > Combine Map > Map Index > Stored Views > Description > Print
Navigation: Zoom In > Zoom Out > Main View > Move Map
Tools: Search > Street Search > Route Generator > Neighboring places > Images > Identifier > Bathroom
Help: Help > Home > About

We looked up "Calle 47" (Herramientas > Busqueda de Calles) and got 5 hits. The search is nationwide so we got streets with the same name in Belo Horizonte close to Tocumen Airport, Brisas del Golf (47A Street), Bella Vista (47 East) and Chorrera (47 North and 47 South).

The results came as a surprise because for 40 years everybody who lives in Bella Vista has considered 47 Street East to be a street 3 blocks South of landmark 50 Street, running from HSBC Panama and Ocean Plaza Building to Federico Boyd avenue. So thought the restaurant owners whose businesses are listed in Google when "Calle 47" Panama is searched . According to Geoinfo, 47 Street runs from Via Espana in front of La Cresta to the Miramar Intercontinental Hotel.

Apparently, it gives directions also (Herramientas > Generador de Rutas) but after clicking on the "Crear Rutas" icon, we were asked to "click 'Obtner Direcciones' arriba" on a tab which we never found. The map is called "GPS" but we could not enter directions with GPS coordinates.

The map may not be very good giving directions to the newcomer but we cannot underestimate the task involved in making a very complete inventory of the streets in Panama City suburbs and towns from as large to David and as small as El Real de Santa Maria. This comes handy when going off the beaten path into the Interior - just make sure that all maps that may possibly be needed are printed BEFORE the trip because hi-speed access is hard to come by in the Interior.

Most locations of interest to the tourist (hotels, restaurants, ATMs) appear already on the map as icons. The location shown is more accurate than Google Maps which tends to show items one mile off to the Northeast.

My rating: 4 out of 5

March 3-5: EXPOCOMER helps start your Panama business network

The Panama trade fair EXPOCOMER has a free online B2B database of visitors and exhibitors attending the exhibit in March to meet on a one-to-one basis. This is an event attended by thousands of buyers from throughout the Americas and exhbibitors from as far away as Malaysia and both Chinas.

Keep in mind that international hotels may have no vacancies during those days so early reservations are a must. However, independent hotels and relocation companies can help you get lodging in Panama City during those days.

---

EXPOCOMER - organized by the Chamber of Commerce, Industry and Agriculture of Panama - is the largest, annual horizontal, international exhibition in Panama.

The event is to be held as below:
Date: 3^rd – 5^th March, 2010 (1.00 p.m. to 8.30 p.m.) B2B only
6^th March (11.00 a.m to 8.30 p.m.) General & trade

Venue:Atlapa Convention centre, City of Panama

Panama has a strategic geographic location, has a modern international banking centre also and the largest duty free zone in the western hemisphere. The last edition of fair had 481 exhibitors from 28 countries attracting 16,213 visitors where 9000 business match making were done.

EXHIBITORS PROFILE

This is a multi-sector trade exhibition. The main categories are:
· Textile: cotton, linen & silk fabrics, home & fashion textiles, table cloths, decorative textiles, decorative embroideries, handbags, leather products, jewellery, perfumes & cosmetics
· Food: Packed food, beverages, liquor, tobacco
· Construction: construction, equipment, material, hardware, manufacturing machinery, raw material
· Technology: computer & communication technology, transportation equipment, automobiles, medical, pharmaceutical, laboratory equipment & products.
· Services: all type of service providers related to textile, food, construction & technology

VISITORS PROFILE

Visitor categories would include:

· Importers, wholesalers & re-exporters
· Supermarket chains & retailers
· Business Houses
· Industry Professional
· Trade Associations
· Service providers

EXPOCOMER is the ideal place for company to exhibit products and services to local and regional markets, introduce new products to the market, evaluate the competition and use the Colon Free Trade Zone as a bridge to re-export products to the Caribbean, Central America and South America.

FREE online registration as Buyer http://www.expocomer.org/index.php?tu=comp&ci=4

Online registration as Exhibitor http://www.expocomer.org/english.html?js=1

Download Free Expocomer Information Package http://www.expocomer.com/alex/FILES/Brochure_Digital-Expocomer_2010.pdf

India Participation in Expocomer http://fieo.org/view_section.php?lang=0&id=0,548,550
In case you are interested, you are requested to send us your interest by sending us the enclosed form along with a Demand Draft of Rs 85,000/- in favour of Federation of Indian Export Organisations payable at New Delhi. The participation charges are non refundable once the participation is approved. For any clarification, you may contact MRD Division at 011-46042114 & 46042136-38, 46042222 or email at mailto:anandseth.fieo@gmail.com; prashantseth@fieo.org

Israel returns to Expocomer http://en.centralamericadata.com/en/article/home/Israel_Interested_in_Panama

Anthony Bourdain's Guide to Panama

Featured in the show Sambu, Fish Market, ChinaTown, Multiplaza, Isla Grande, Noriega's home, Chorrillo, Darien Gap. Highly recommended to see the good, bad and ugly of real Panama beyond the touristy banking area while learning about yummy food....

Tony travels to Panama, which is rumored to have originated from an Amerindian word meaning "an abundance of fish." One of Tony's stops includes the Mercado de Mariscos, a swank new fish market to sample the national go-to dish: ceviche.

More behind-the-scene clips at
http://www.travelchannel.com/TV_Shows/Anthony_Bourdain/Episode_Panama_ Panama


Google Map meant to point to the eateries featured in the show (each point is off like 1 mile Northeast)

http://www.travelchannel.com/TV_Shows/Anthony_Bourdain/Episodes_Travel_Guides/ci.Episode_Panama.map

---

.

.

.

.

BNP Paribas Latin downsizing may provide private banking opportunity

BNP Paribas (Paris: BNP .PA) has sold their local Panama business to Scotiabank (TSX:BNS) Panama. At the time of local press report, BNP had yet to find a buyer for the private banking and trust business served from Panama for the benefit of Latin American offshore beneficiaries. The small size of a Panama branch makes this market currently unattractive to multinational mega-banks.

Based on the experience from past closures of Panama branches of European banks, this could be an opportunity for private bankers seeking to acquire a portfolio of Latin American clients.

The Panama media originally reported that the closure was based on the blacklisting of the Panama banking system by the G-20 as described by French bank officials. However, the closure of the Argentina branch which has not been blacklisted and the drop in BNP Paribas makes the explanation by French bank executives unlikely.

If the G-20 black list forced BNP Paribas to sell its Panama branch, why did BNP also sell their Argentine branch after doing business for 95 years?

---

BNP Paribas vendió negocios locales

EDITH CASTILLO DUARTE
ecastillo @prensa.com

El banco canadiense Scotiabank concretó la compra de las operaciones de banca corporativa del BNP Paribas, pero aún no hay acuerdo para los negocios de banca privada y de fideicomisos.

El gerente general de BNP Paribas en Panamá, Christian Giraudon, dijo que está "en contacto con varios bancos locales y extranjeros para la cartera de banca privada y fideicomiso, proceso que sigue abierto y todavía tomará un par de semanas".

En una operación paralela, el panameño Credicorp Bank logró cerrar ayer la compra del edificio que albergaba­ antes de mudarse a Punta Pacífica­ las operaciones de BNP Paribas en la Vía España.

Banking crisis wipes 56% off BNP Paribas profits

BNP Paribas sells its retail banking business in Argentina to Banco Santander Río
This network consists of 17 branches in the City and Province of Buenos Aires and offers services to more than 30,000 private customers and 900 corporations.
"BNP Paribas has been present in Argentina since 1914 and remains committed to its corporate clients in the country. The bank will focus exclusively on providing its extensive platform of products and services to corporate clients and institutional investors," BNP Paribas reported.

Best wishes for 2010 from Panama

We wish you the best for the new year of 2010,

Regards from Panama,

LOMBARDI AGUILAR GROUP
Jorge Lombardi Dutari Alvaro Aguilar Alfú Gabriel Aguilar Pitty

---

LOMBARDI AGUILAR GROUP - Attorneys at Law
Private Client Services, Incorporation and Management of Companies, Trusts and Foundations, Immigration, Real Estate, Tax, E-Commerce and Intellectual Property Law.
Mobile: +507 6638-8707 Fax: +507 340-6446 Tel: +507 340-6444 / 6449 Y!Messenger/Skype aguilara_5389 / Facebook Abogados Panama
Airmail address: P.O.Box 0831-1110, Panama 0831, Panama
Courier address: Aquilino de la Guardia St. Ocean Business Plaza, 12th Floor, Panama City, Panama
For more information go to: http://www.laglex.com

---

Panama bank offers gold for sale to the public

Panama: Credicorp Bank Now Offers Precious Metals

Source: Prensa.com
Thursday, December 3, 2009

The bank will offer its investment clients gold and silver bars and coins.
The product was born as a request from the customers, who demanded investment alternatives, specially in gold, a commodity whose price has grown around 60% in the last 12 months.

"Called 'precious metals' the product comprises the sale of gold and silver bars and coins, refined exclusively for Credicorp Bank (BVP: CRED) and certified by Swiss company Argor-Heraeus", reported Prensa.com.

According to the newspaper, Credicorp is the first entity offering this product in Panama.

• Read more at the source article by Edith Castillo Duarte (only in spanish)
• http://www.martesfinanciero.com/history/2009/12/08/dossier_3.asp
• http://www.laestrella.com.pa/mensual/2009/12/03/contenido/176541.asp
• http://www.laglex.com/htm/en_so.htm Opening bank accounts in Panama
• http://mypanamalawyer.blogspot.com/search/label/bank%20account

Can I obtain a turista pensionado visa and not relocate to Panama?

Objet: Question Date: Dimanche 20 Décembre 2009, 7h33 Is it possible to obtain a turista pensionado visa and not relocate to Panama? I have herad you can do this with a multiple entry permit. Also,is there a major backlog to receive these visas and how long is the time for these visas to be issued? Thanks Yes, you can. However, one visit has to be made for the actual application of the visa and then no more than 1 year after actual approval to be served of the approval. A multiple-entry permit must be requested when leaving the country after filing. However, you have to budget a $25 monthly fine if you do not return to Panama after the 3-month multiple-entry permit expires to have it renewed. Backlog of applications has reached new records with the new Administration, with delays going into 14 months from the time of filing.