Panama – the last Tax Haven Hold Out – can they hang on against the might of the US patriot act? And the possible sanctions of the rest of the world. Maybe, just maybe, the tax havens are just reinventing the tax haven.
After the recent G20 summit Mr. Gordon Brown, Brittain’s PM declared the end of tax havens.
Are they really ending? Or is it going to be another political game of chess or backgammon? Maybe some chinese chess? ( try it).
So,
Here’s a rather tongue in cheek clip from A leading Panama newspaper, La Estrella (The Star).
[...seems to agree with Mr. Sambrook's view. In an editorial entitled "Panama must clean its image," it suggests a possible course to follow:
"Unfortunately, it would be predictable for Panamanian officials to attempt to sidestep the issue by imitating the recent announcements by the tax-haven nations of Andorra, Liechtenstein and Switzerland that they will address certain tax and banking transparency concerns.
"Why would Panama, a country whose comparative advantage is providing a haven for foreign firms to avoid taxes, consider such an announcement? Because the plans that the other three secrecy jurisdictions rolled out are far from adequate, full of loopholes, and do not represent a meaningful way forward for them - or for Panama.
"Thus, Panama could try to quell the growing controversy without making serious changes to its excessive banking secrecy and policies that waive taxes for foreign firms."]
Actually, rather than posting a long opinion, about Panama, simply read about “What Will Panama Do Now?” from the good folks at the Sovereign Society. It’s quite entertaining.
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Tags: Panama
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People must wrap their minds of the concept of Financial Freedom in it’s proper context. This is about the Life Style you choose. Financial Freedom really is a Life Style.
Like This Beach Front Life Style In Thailand?
Sure you can be super wealthy and fly around in your private jet while your business is being handled by some management company. You can then avoid the stresses of running the day to day issues of that mighty wealth.
Otherwise, you may decide to be extremely hands on and make very sure everyone that works for you builds for you ever more assets and money. But then, you are not averse to that kind of stress. You probably revel in it.
Here, the wealth may be the same or similar, but the Life Style choice is vastly different.
But what if you are only moderately wealthy according to many standards and you still wish to achieve Financial Freedom? But the main problem is that you are approaching retirement.
There are ways to see you there. Sometimes, moving to a very low cost jurisdiction that have most of the amenities that you would expect for health and your personal welfare, modern financial centres, great schools, great modern transport and communications would be your cup of tea.
You see, I do know of people who have moved their entire lives out from the USA, Canada, UK and some other wealthy jurisdictions into countries like Panama (a tax free jurisdiction) or Thailand (a low tax jurisdiction) and actually get to live a very carefree life style.
Some would call that Financial Freedom, won’t you?
Technorati Tags: Financial Freedom, life style, Panama, Tax Free Jurisdiction, Wealthy
Tags: Financial Freedom, life style, Panama, Tax Free Jurisdiction, Wealthy
Posted in Financial Freedom, Lifestyle, Sovereign Journey | 1 Comment »
