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Confidentiality
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February/21/2010
Hatfield Oak International reduces the minimum requirements to become a member of the Private Wealth Society.
 
 

Why use Foundations ?

The Panamanian Government carefully designed the Panama Private Interest Foundation with the intention of creating a more modern, more flexible, and more affordable estate planning vehicle for people from around the globe.

Why Panama ?

Panama is the ideal offshore jurisdiction and a great place to live. Panama enjoys a stable, democratically elected government, and has excellent asset protection, offshore corporation laws and the largest banking sector south of USA.
 
 

Secrecy Laws

 

Panama offers the strictest corporate book and banking secrecy laws available in the world, therefore providing legal protection to your assets and your identity through the confidentiality of corporate business and banking transactions. Most other offshore jurisdictions, such as the British influenced countries, have vowed down to recent legislation that has begun the removal of bank secrecy in those British colonies around the globe. Panama is a totally sovereign nation, not governed or controlled by any other country in the world.

 

 

Corporate Records and Bookkeeping

 

A Panamanian corporation which does not operate in Panama is not required to file any financial reports or tax returns and may maintain its books of account in any manner it desires in any part of the world. All Panamanian corporations are required by law to have a Minute Book, in which the minutes of all meetings of shareholders and/or directors should be transcribed in chronological order, and a Stock Registry which should contain the data relating to the ownership and issuance of share certificates. If shares are issued in bearer form, an entry to that effect should be inserted upon the original issuance thereof.

 

 

 

 

 

 

 

 

 

 

 

 


Know Your Client

 

All institutions conducting banking or investment business are required under respective regulatory codes to have in place adequate policies, procedures and practices for the deterrence and prevention of money laundering and the financing of terrorism.

 

This includes strict "Know Your Customer" rules, that promote high ethical standards in the financial sector and prevent the institution being used, intentionally or unintentionally, by criminal elements. These policies and procedures shall ensure compliance with the money laundering legislation in force at that time."


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