panama questions

[realcat]

You don't have to have business incorporated outside panama and bank account outside for this to work.

Your source of income has to be from outside of panama, that's all, they tax you only on locally generated income.

 

[maxmoney]

If your business and/or corporate bank account are outside Panama (example SVG Company + SVG Bank account), you are Tax Free in Panama. Not only. If your country dont' know about the new Panamanian residency, you are SAFE.

Why would they not report it according to the new applicable laws? just because it is a Paname passport you open the account with does not mean you won't get reported if you live say in Spain or Germany?

 

[Internationaloff]

You don't have to have business incorporated outside panama and bank account outside for this to work.

Your source of income has to be from outside of panama, that's all, they tax you only on locally generated income.

I know it. SVG Company + SVG Bank account is an example.
I have written: "If your business and/or orporate bank account are outside Panama (example SVG Company + SVG Bank account), you are Tax Free in Panama".
You can use a Panamanian Company and make business outside Panama. You are Tax Free in Panama.

 

[Internationaloff]

Why would they not report it according to the new applicable laws? just because it is a Paname passport you open the account with does not mean you won't get reported if you live say in Spain or Germany?

Why? Because it's a REAL residency and not a FAKE.
Example.
I live in Germany and I open a company and Bank account outside Panama (example St. Kitts and Nevis or SVG).
My bank, in according to CRS, reports automatically information to Panama and not to Germany.

 

[negon]

You can live example in Europe and use a Panamanian residency for business. Not for personal bank account in EU.

If you doing that you still have to pay tax locally in your home country. After applicable laws in almost any European country and the USA you are taxed on WorldWide income. Unless you can prove that the company is not managed and controled by you (dispite the fact you have a Panama passport) you will get troubles with the tax office!

Only if you move to Panama you can avoid to get taxed!

 

[negon]

My bank, in according to CRS, reports automatically information to Panama and not to Germany.

That could work. But one need to be careful as always

 

[Internationaloff]

If you doing that you still have to pay tax locally in your home country. After applicable laws in almost any European country and the USA you are taxed on WorldWide income. Unless you can prove that the company is not managed and controled by you (dispite the fact you have a Panama passport) you will get troubles with the tax office!

Only if you move to Panama you can avoid to get taxed!

I live in Germany and have 18 companies (15 offshore companies with Panamanian residency and 3 European companies with German residency).
The 15 companies are owned and managed by a resident in Panama and not in Germany. I have a real utility bill in Panama.
Germany don't knows my Panamanian residency.

 

[Internationaloff]

That could work. But one need to be careful as always

I quote

 

[CoinMaster]

But if they report you to Panama there will be no tax anyway right?