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OFFSHORE
SERVICES
CCYPROLAW
is a Law Firm with its main offices in Panama City,
Republic of Panama, and through the years has specialized
in the following fields of endeavor:
For
further information about our services, please do not
hesitate to contact us at your earliest convenience at: info@ccyprolaw.com
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CORPORATIONS
We
offer incorporation services in a diversity of
jurisdictions such as Panama, Belize and BVI
A.
Panama
For
over seventy-five (75) years the Panamanian Corporation
("Sociedades Anónimas") have been recognized
worldwide as an offshore vehicle that, with the proper
advice, can be successfully used in a variety of
International Business, Asset Protection, Estate Planning
Structures, etc.
Particular
features of a Panamanian Corporation:
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Panamanian
Companies can be incorporated without regards to the
nationality of its directors and shareholders.
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Incomes
generated by a Panamanian Corporation outside of the
Panamanian territory are tax exempted.
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The
authorized capital does not have to be paid in full or
partially.
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There
is no need to file any financial reports or tax
returns with any government entity in the Republic of
Panama, provided that the company does not operate
within the territory of Panama.
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Legal
entities of any jurisdiction may act as directors,
officers and shareholders of a Panamanian Corporation.
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There
is no need to hold annual meetings of Directors or
Shareholders.
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Directors
and Shareholders may attend to the meetings
personally, by proxy, by phone or by any other
electronic means.
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Three
(3) directors are required, either natural persons or
legal entities
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The
dignitaries (President, Secretary and Treasurer) do
not have to be directors and one person can occupy
several or all charges. Natural persons or legal
entities can also be appointed as dignitaries.
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Shares
may be issued to the bearer or in nominative form. In
any event, the name of the shareholder is not require
to be registered in the Panamanian Public Registry,
thus, ensuring total anonymity.
-
A
corporation can effectuate transactions and have
assets in any part of the world without the obligation
of maintaining assets in the Republic of Panama.
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Panamanian
Corporations are empowered by law to conduct any
lawful act within the territory of the Republic of
Panama or abroad.
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Absence
of exchange control.
B.
Belize IBC´S
Belize's
modern and up-to-date offshore legislation provides
maximum flexibility in global asset protection and tax and
investment planning.
Particular
Features of a Belize IBC:
- Conducts
its trading and business outside of Belize.
- Tax
exempt from, the payment of all forms of local
taxation, the payment of stamp duties for transactions
in respect of its shares and debt obligations or other
securities.
- Absence
of exchange control.
- Disclosure
of the beneficial owner(s) is not required; - share
register may be inspected only by a shareholder; -
nominee shareholders and bearer shares are permitted;
- assets are protected from confiscation or
expropriation orders or similar actions by foreign
governments.
- Security
and Confidentiality.
- Only
the Memorandum and Articles of Association are
required for public records; - the registration and
deregistration of Registers of Directors, Members, and
Mortgages and Charges is optional.
- No
minimum capital is required, no audit of accounts is
required, no filing of annual returns is required,
only one shareholder and one director are required,
who may be a legal entity, no company secretary is
required, no annual general meeting is required,
meetings may be held outside of Belize, and attendants
may be present therein by telephone or other
electronic means;
- Shares
may be issued with or without par value and in any
currency.
- Re-domiciliation
into and out of Belize is permitted, registration in
any foreign language is permitted.
C.
British Virgin Islands (BVI)
The
BVI International Business Corporations (IBC) was
incorporated under the International Business Companies
Act of 1984, which is a sophisticated piece of legislation
that has made this jurisdiction one of world leader in the
global offshore financial service market.
Particular
Features of BVI IBC's:
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No
taxes on dividends, interest, royalties, capital
gains, inheritance gifts or any other income paid by
the corporation to non-residents of BVI;
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No
requirement to file annual tax returns or any other
financial statements to the government of BVI, for
income generated outside the territory of BVI;
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No
requirement to hold annual meetings of shareholders or
directors;
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Full
exemption from taxation on any business activity or
transaction carried on outside the BVI;
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Complete
business privacy and confidentiality;
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Minimal
capital requirements and minimal registration fee on
capital.
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Shares
with or without par value are permitted, and
nominative or Bearer shares at owner's option’s,
although, from December 31st of 2004 bearer shares
must be delivered to authorized or recognized
custodians who will be entities approved by the
Financial Services Commission (“FSC”) in
accordance with the Financial Services Commission Act
of 2001.
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Companies
are allowed to have a sole director, which can be a
natural o juridical person;
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The
shareholders, directors and officers may be of any
nationality and may be residents of any country, and
may hold their meetings in any part of the world;
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Neither
the directors nor the officers need to be
shareholders;
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Director
and/or officers can be either legal entities or
natural persons;
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There
are no requirements to register within the BVI
registry initial or ongoing, changes of director(s) or
officer(s).
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PRIVATE FOUNDATIONS
The
Panamanian Private Interest Foundation is a hybrid between
the most favourable features of a Trust and a Corporation;
it’s a legal entity that can engage in legal activities
on its own name.
Advantages
of a Private Interest Foundation:
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They
provide a fiduciary structure for the orderly transfer
and disposition of assets to beneficiaries upon the
death of the Founder, keeping control of the assets
during lifetime;
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They
may be established to have effects from the date of
their constitution or after the death of the Founder;
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According
to Law 25 of 1995, inheritance laws that apply in the
domicile of the Founder or the Beneficiaries, shall
not be effective against the Foundations assets nor
may these laws affect the validity or performance of
the Foundations objectives;
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Foundations
are established to carry the specifics goals set out
in the Foundation Charter and may additionally
undertake commercial activities on a non regular
basis, exercise rights pertaining to their holdings,
own property, contract obligations and take part in
administrative or judicial proceedings.
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The
assets of the Foundation become legally independent
and do not form a part of the private estate of the
Founder. Such assets are not seize able and may not be
subject to any precautionary action or measure, unless
such action or measure pertains to obligations
incurred or damages arising from the fulfillment of
the Foundations objectives;
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Notwithstanding
the creditors of the Founder or of a third party shall
have the right to contest the contribution or transfer
of assets to a foundation when such transfer
constitutes an act in fraud of the creditors. The
rights and actions of such creditors shall lapse at
the expiration of three (3) years, counted from the
date of the contribution or transfer of the assets to
the foundation.
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According
to article 27 of Law 25 of 1995, Private Interest
Foundations are exempt from payment of any taxes,
contributions, duties, liens or assessments of any
kind arising from the acts of constitution, amendment
or extinction of the same, as well as acts of transfer
or encumbrance of the Foundations assets and the
income arising thereof, when related to:
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Assets localized abroad;
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Money deposited by natural or juridical persons
whose income does not derive from a Panamanian
source is not taxable in Panama for any reason;
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Shares
or securities of any kind issued by corporations
which income is not derived from a Panama source,
or which are not taxable for any reason, even when
such shares or securities are deposited in the
Republic of Panama.
The
transfer of immovable property, titles, certificates of
deposits, assets, funds, securities or shares carried out
by reason of the fulfillment of the objectives of the
foundation or the termination of the same, in favor of
relatives within the first degree of consanguinity or the
spouse of the Founder shall also be exempted from all
taxes.
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One
of the main areas of practice of CC&P is Immigration
Law. We take care and advise foreign individuals and
companies, mainly foreign investment clients, on all types
of Visas and Work Permits, as well as retired persons that
wish to establish themselves in the Republic of Panama.
For
persons who want information on requirements and places to
retire in Panama, click
here.
A.
Second Passports (RENTISTA RETIRADO)
Panamanian
Immigration Law offers through Law N°9 of June 24th of
1987 a special passport and residency to applicants that
establish a time deposit at Banco Nacional de Panama for a
period of five (5) years, that generates at least
USD750.00 per month in concept of interest.
- This
program covers not only the applicants but also their
spouses and children under 18 years old.
- Panamanian
Passport is renewable every 5 years.
- It
is not necessary for applicants to reside in Panama.
Requirements
for Obtaining a Special Panamanian Passport
- Power
of attorney.
- Formal
Petition to the Immigration Department of Panama,
which should be accompanied by the following
documentatio:
- A
certificate issued by the Banco Nacional de Panama
confirming that the applicant receives a minimum
monthly income of USD750.00 in concept of
interests earned from the time deposit.
- Copy
of the Time Deposit (CD) Certificate, duly
authenticated by Banco Nacional.
- Certificate
of Good Health indicating the applicant does not
suffer any disease, issued within three (3) months
from the date of the petition.
- HIV
test, issued within six (6) months from the date
of the petition.
- Two
(2) copies of the applicant’s entire passport,
duly notarized.
- Police
record from the place of residence.
- Original
passport, valid for at least six (6) months from
the date of petition.
- Four
(4) passport size photographs of the applicant.
All
documents issued outside the Republic of Panama should be
duly authenticated by a Panamanian Consul or by means of
the Apostille.
B.
Investor’s Visas
This
residence status is ideal for persons interested in living
in Panama and requires that the applicant establish a
proven investment in Panama of at least USD 40,000.00.
This
type of visa includes the applicant, his or her spouse and
children under 18.
The
Investor’s Visa is granted for a period of one (1) year,
renewable every year for the same period of time, and
during the fifth (5th) year, the Investor may apply for
Panamanian citizenship and passport.
Requirements
for Obtaining the Retiree Status
In
order to obtain an Investor’s Visa, the following
documents are required:
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Power
of attorney.
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Formal
Petition to the Immigration Department of Panama,
which should be accompanied by the following
documentation:
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Certified
check payable to “TESORO NACIONAL” in the
amount of USD 100.00.
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Certificate
of Good Health indicating the applicant does not
suffer any disease, issued within three (3)
months from the date of the petition.
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HIV
test, issued within six (6) months from the date
of petition.
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Police
record from the place of residence.
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Copy
of applicant’s passport.
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Two
(2) passport size photographs.
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Original
passport, valid for at least six (6) months from
the date of petition.
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Letter
from the company’s accountant attesting as to
the investment of the applicant, which should be
of at least USD40,000.00.
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Letter
from either Secretary or Treasurer of the
company attesting as to the investment.
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Certificate
of the Public Registry that credit the
following:
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Copy
of the Social Security Payroll certifying that
the company is operating.
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Declaration
before a Panamanian Public Notary attesting as
to the investment.
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Copy
of the employer’s Social Security payroll,
duly authenticated by the Social Security (Caja
de Seguro Social), reflecting a minimum of 3
Panamanian employees.
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Social
Security Good-Standing Certificate.
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First
tax return.
If
the visa applicant is married and has family, he should
obtain and submit the following additional documents:
All
documents issued outside the Republic of Panama should be
duly authenticated by a Panamanian Consul or by means of
the Apostille.
Once
the applicant and his family have been in the Republic of
Panama for 30 days, they have to register themselves at
the local Immigration Authorities. For this purpose, the
following documents are required:
NOTE:
We only need passports at the moment of filing the
documents at the Immigration Office.
C.
Self Economic Solvency
Law
No. 16 of June 1960 creates the opportunity for
international investors to obtain legal residency in the
Republic of Panama.
This
type of visa includes the applicant, spouse and children
under 18.
Requirements
for Obtaining this Type of Visa:
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D.
Pensioned Program
This
program is especially for persons who are retired or
pensioned, and which their income (retirement or pension
payments) is of at least of USD500.00 per month.
Requirements
for Obtaining the Pensioned Program:
-
Power
of attorney.
- Formal
Petition to the Immigration Department of Panama, which
should be accompanied by the following documentation:
- Certificate
of Good Health indicating the applicant does not
suffer any disease, issued within three (3) months
from the date of the petition.
- HIV
test, issued within six (6) months from the date of
petition.
- Copy
of applicant’s entire passport.
- Police
record from the place of residence.
- Original
passport, valid for at least six (6) months from the
date of petition.
- Four
(4) passport size photographs of applicant.
- The
applicant for this type of program must prove their
solvency by providing a letter from the company or
government that makes the payments.
E.
Reforestation Investment Program
Law
No. 24 of November 23, 1992 and Executive Decree No. 89 of
June 8, 1993, creates the opportunity for international
investors to obtain a special type of visa through its
Reforestation Program.
· Power of attorney.
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a.
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Certified
check payable to “TESORO NACIONAL” in the
amount of USD100.00. |
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b.
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Certified
check payable order to “MINISTERIO DE GOBIERNO Y
JUSTICIA” in the amount of USD500.00.
(repatriation deposit) |
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c.
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Certificate
of Good Health indicating the applicant does not
suffer any disease, issued within three (3) months
from the date of the petition. |
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d.
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Police
record from the place of residence. |
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e.
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Original
passport, valid for at least six (6) months from
the date of petition. |
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f.
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Four
(4) passport size photographs. |
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g.
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Certificate
of the Public Registry that credit the following: |
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1.
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Purposes
of the Corporation |
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2.
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Capital
(USD40,000.00 minimum) |
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3.
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Investors’
appointment as Director of the
corporation. |
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h.
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Certificate
that accredits the applicant’s company is
registered in the ANAM (Autoridad Nacional del
Ambiente). |
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i.
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Proof
of the investment. |
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j.
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Certificate
issued by the secretary of the company in which
appears the owner of the shares of the company. |
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k.
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Certificate
from a Bank in the name of the company. |
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l. Affidavit. |
For
more information do not hesitate to contact
us.
REAL
ESTATE
Whether
you are renting, investing or purchasing real estate in
Panama, CCYPROLAW can provide you with the legal
assistance that you may need, we will help you with all
the legal documentation that you may require for the
different types of real estate transactions that you may
do. The Firm will accommodate you with Panamanian realtors
that will help you find the property you are looking at
the most convenient price in the local market.
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YACHT
AND VESSEL REGISTRATION
Panama
has become the largest merchant marine fleet in the world
in terms of number of ships and registered tonnage, as a
result of a diversity of advantages it provides, such as
the following:
All
income arising from Panamanian registered vessels engaged
in international trade is tax free;
Capital
gains resulting from the sale or transfer of a vessel
registered in Panama is not considered taxable income in
Panama;
There
are no nationality restrictions when it comes to the
ownership of a Panama vessel;
The
existence of a specialized Maritime Court, authorized to
oversee and govern maritime cases in the Republic of
Panama, that operates 24 hours a day, every day of the
year, including holidays;
The
existence of an extensive network of overseas consulates
in major city ports throughout the world, which allows
convenient and expeditious processing of most maritime
related transactions.
In
CCYPROLAW we are aware of the place Panama occupies
as leading Maritime Centre and through our qualified team
of attorneys and legal staff we are prepared to assist you
with Yacht and Vessel registration.
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CORPORATE
BANK ACCOUNTS (INTRODUCTORY SERVICES)
One
of the prime reasons for incorporating a company is to
gain anonymity and protect your assets, but a company or
the structure you have chosen is not complete if you do
not have a bank account. In this matter CCYPROLAW can help
you by recommending several banks in a variety of
jurisdictions, such as Panama, Belize, BVI and Latvia.
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BROKERAGE
ACCOUNTS (INTRODUCTORY SERVICES)
If
your intention is to invest in the various stock markets
from an offshore location then we can recommend you to
reputable brokerage firms in Panama that can help you
achieve this goal.
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VIRTUAL
OFFICE
CCYPROLAW
offers our clientele mail re-forwarding services,
registered office, P.O. Boxes, re-faxing, re-emailing,
phone number and fax number, invoicing, among other
offshore services.
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