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Read on page two what the fascists and control freaks are doing now in our region.

Panamá may take a hit for its banking practices
By the A.M. Costa Rica staff with wire service reports

The G20 countries meeting in Pittsburgh are considering actions against Panamá and Uruguay for their favorable treatment of tax dodgers, The G20 works in conjunction with the Organization for Economic Cooperation and Development, which is pushing for an international tax on financial transfers. Panamá is considered a top tax haven country, and the non-profit Public Citizen said that "Panama serves as the financial nerve center for Colombian narcotraffickers and paramilitaries, who freely pass the largely unguarded border between the two Latin American countries. Finally, Panama is one of the easiest countries in which to register a foreign subsidiary, with lax taxes and regulations. These factors contribute to Panama having the highest number of subsidiaries of foreign companies (350,000) after Hong Kong."

A number of Costa Rican business people, including some expats, have accounts in Panamá. Among these are corporations controlledd by former president Rafael Ángel Calderón who is a defendant in a bribery trial. Regulators elsewhere are miffed that Panamá does not provide information on foreign account holders. The G20 Summit is Thursday and Friday. Member states may seek to apply sanctions to both countries if they continue to shield account holders. The G20 is also likely to discuss another issue that may affect taxation – the need for all countries to adhere to the same accounting practices.

"There is a patchwork of accounting practices," explains John Kirton, director of the G20 Research Group, based at the University of Toronto, Canada, "which makes it difficult for the average investor or citizen to read a company’s balance sheets and compare them across countries -- even if it is the same company doing business in different countries . . . which standards are they following?" Kirton says it’s not clear that delegates to the meeting will discuss the ultimate way to enhance the budgets of developing countries – additional aid. So far, the G20 has promised U.S. $50 billion to support social protection measures, boost trade and safeguard development in low income countries. The Organization for Economic Cooperation and Development estimates Africa could get between $ 21 - $23 billion.

Industrialized countries have also agreed to provide $300 billion over the next three years to development banks, including the African Development Bank in an effort to increase lending to low income countries. The World Bank and the Asian bank have allocated up to $15 billion to be used in Africa. Henri-Bernard Solignac-Lecomte, a senior economist at the Organization for Economic Cooperation and Development, said regulation of both transfer pricing and tax havens is important. He spoke in Washington. Analysts say some multinational companies avoid paying high taxes by using what financial experts call transfer pricing — improperly declaring high income and expenses in the low-tax countries they operate in, while underdeclaring their levels of income and expenses in high-tax countries. International experts see this as stealing money from developing countries.

Some economists have suggested the group consider a tax on international currency transactions to help developing nations build social safety nets. Solignac-Lecomte said, however, that there’s no consensus on the issue: Europeans often favor international taxes, while the U.S. opposes them.

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You ALWAYS have an option ....... "NEXT" !!!

So just how is addressing the issue of tax-evaders fascism?

Some people don't want to be responsible citizens. Some people feel that they are entitled to break the rules without suffering any consequences. The rest of society suffers because of their selfishness.

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It's faster horses, younger women, older whiskey, and more money--Tom T. Hall
No man is a failure who is enjoying life--William Faulkner

Maybe Nicaragua next. I found out it is easy to open an account. I will check into how much they interact and report to the States.

...Or perhaps El Salvador. They seem to be working to put their civil war behind them and opening up their Pacific areas to at least surfer tourism--where the surfers and other pioneer tourists go, general tourists usually follow if only at a discreet distance. No knowledge of their banking laws or how much under Uncle Sugar's thumb they are. I am not promoting this country or have an agenda.

http://travel.nytimes.com/2009/09/13/travel/13next.html

NOTE: The USD is the official currency there.

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"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED

jazzbocr;

read the article; seems to be cleaner beaches and non-crocodile infested

as like some costa rica beaches.


fred757

Just clicked on the link and will definitely check it out...

I have never been to Panama. I want to go. They should freeze out the banks.

Cost of living definitely a lot cheaper in El Salvador...

Panama the new Florida from a Business Week article.


http://www.businessweek.com/magazine/co ... 352321.htm

I've heard incredible things about Panama city. Great shopping, cosmopolitan, hot chicas, a real city. Just might not be the same banking option for some if they cave in to Big Brother.

Thanks for the BW Link, Brother DRD. There are 60+ comments attached, which make interesting reading. Many are RE Agents but a few seem to be from ex-pats living there with a more neutral agenda, some with embedded Web links.
As a side-note: Even when I link to an article, I'll go back and read it on the Web. I always do that when it's a Brother's link--usually the comments "make" the story.

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"A man accustomed to hear only the echo of his own sentiments, soon bars all the common avenues of delight, and has no part in the general gratification of mankind"--Dr. Johnson
"Amen, brother"-ED

Well, I can add some insight here. In December of 2007, I opened an SA Corporation in Panama. That corporation still exists. I simply pay a yearly corporate tax to keep the everything updated. The first trip down, when I set up the corporation I also had the opportunity to open a bank account. At that time, you could still open an account without a W-9 form. Now, I do not believe you can find any bank that will allow an account to be opened without a W-9.

If you are looking for privacy, you open a corporation and become the Power of Attorney for said corporation. Ie...signator on the bank account. "Your" corporation actually owns the account but, as POA, you have all signing authority to do as you wish with the funds. If you really, really need privacy, you can name your attorney or a trusted person to be the signator on the account.

Back to the point. I don't know anywhere in which you can open an account without going through the same "Patriot Act" procedures similar to that of the US. If you are an average Joe, I wouldn't worry too much about Uncle Sam coming to Panama to get you. They are looking for the multi million dollar corps., etc.

dapanz1

PS. I love Panama City as well.

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Paradise= Sitting outside the Bodega in Panama City about 1 am. Drinking cool Balboas with cool friends and blazin' hot Colombianas. I want to be there..RIGHT NOW!

One of the comments on the businessweek article stated that real estate

prices are still to crazy high in panama city. I concur.

I agree the skyline looks Miami-like.
alot of the condo units aren't sold or they have their lights out all the time because the electricity rates are three times higher than the USA?
also walking into one of the big malls in punta Pacifica one notices
that tropical heat and no sewage system can make a whole neigborhood smell like a giant sewer.
FARC also operates in Panama City. Kidnapped an cuban-american businessman right off the street.

panama has great travel brochures but somehow not everything makes it into print.

However, i think the place does alot of things better than San jose, Costa Rica- better hotels, casinos and restaurants.

just my take

fred757

Yeah, I really want to live in Panama City but the prices of real estate are still in never never land. Ridiculous, particularly if you want to live anywhere near Centro. I have seen some pretty nice, "livable" places in the 150K USD range. But it's not in centro. The good news is that a cab ride from anywhere in Panama City to centro won't be anymore than $4 USD. I'm still persuing the dream of living there. It's the perfect combo of Latin America with US amenities.

dapanz1

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Paradise= Sitting outside the Bodega in Panama City about 1 am. Drinking cool Balboas with cool friends and blazin' hot Colombianas. I want to be there..RIGHT NOW!