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Non-Tech : Shorting with Offshore Accounts
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To: peter michaelson who wrote (33)2/10/1999 8:39:00 AM
From: Philip S. LaMar Jr., J.D.  Read Replies (2) of 127
 
Thank you for your feedback.

Panamanian Corporations are useful for the following reasons:
-- Bearer Shares are permitted;
-- Nominee Service is allowed;
-- The use of corporate nominees is permitted;
-- There is no "ultra vires" (this means that when a corporation is formed, is does not have to state a specific purpose for itself, it may do anything);
-- There is no "piercing the corporate veil;" and
-- There is no local tax of the corporation so long as it does not conduct active business in Panama.

There are two central features that make Panama an ideal offshore jurisdiction. First, Panama criminalizes breach of corporate secrecy laws. Disclosure of corporate information is not only punishable by fines, but also by a jail term. Second, Panama is the banking center for all of Latin America (Central and South). There are approximately 140 banks in Panama City that are accustomed to large commercial and personal transactions.
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