Quote:
Originally Posted by Loch
Wouldent mind staying in touch, how to contact you?
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You can email me lee at dreamnet.com
As to the negatives about Panama. You might like living here, I do. But whether you live here or not, basing a business in Panama makes good economic sense.
As to US taxpayers needing to file and pay the IRS, it is true but...
1. If your company, a Panama SA, a legal entity, holds the it's income in Panama and it is not paid out to you it is not taxable by the US until you pay it out to you.
2. also there is a nice sized, about $90,000 plus rent and utilities tax exemption if you live and work overseas. So your first 90K of income is tax free.
Many US CPA's have no clue about this If you want to read the details read this IRS publication.
LINK