Panama: A True Haven For Offshore Assets

Concerned about the gloomy economic situation and the liberal drift in U.S. politics, a good many Americans are seriously considering the possibility of moving themselves and their finances offshore - while they still are able to do so.

The Sovereign Society (and yours truly) have long suggested that the Republic of Panama is the ideal place for retirement, a second home, or even to house your asset offshore protection trust or family foundation. It’s one country in this turbulent world that is proud to be known as a tax haven.

Healthy, Liquid Banks Thumb Their
Noses at Global Crisis

Now Reuters reports (Oct. 13) that Panama’s banks are flush with liquidity and well-placed to weather the international credit crisis.

The country’s banking superintendent - Olegario Barrelier - says liquidity in Panama’s banking sector stands at around 58% of deposits. Plus, they also have manageable exposure to the international markets that have been pummeled by the U.S. credit crisis.

“At the moment our banks are good, very good. They are healthy, they are liquid, capital is nearly double what is required. They are being financed by local deposits and are not dependent on external financial markets,” he said.

Time to Move Offshore - Literally!

The media reports that the American financial crisis, a weak U.S. economy and increased domestic competition for jobs are sending an untold number of banking, financial and other professionals running for the border -- literally.

Executive recruiters say more professionals, especially those in finance, have been inquiring about opportunities abroad in the past few months. Some undergraduate finance and MBA students are refocusing their job searches away from Wall Street to offshore venues. In a number of cases, people with families say they would pull up roots for the sake of job stability.