Mossack Fonseca & Co.

With over 40 offices globally, few can match Mossack Fonseca & Co.’s offering in terms of offshore advice. The practice is a premier choice for company formation and trust services, and clients also benefit from two specialist subsidiaries which the firm has established: MossFon Asset Management for investment advice, and MossFon Trust Corporation for estate and tax planning matters. Ramón Fonseca and Jurgen Mossack are both extremely well known in the market.

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1. Panama Not on Tax Haven List: Passes Strict DC Test

The Republic of Panama is not included on the District of Columbia’s (DC) list of tax havens for fiscal year 2016. The DC Fiscal Year 2016 Budget Support Act of 2015 defines “tax haven” as a jurisdiction that:

 

•    Has no effective tax, or a nominal tax on the relevant income
•    Has laws and practices that prevent the exchange of tax information with other governments
•    Lacks transparency
•    Facilitates the establishment of foreign entities without a local presence or impact on local economy
•    Excludes local residents from taking advantage of the tax regime’s benefits
•    Has a tax regime that is favorable for tax avoidance

 

The government of Panama has recently enacted laws that include stringent controls, supervision, and regulation of its banking, financial, and non-financial sectors.

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