• 10,000 green cards reserved each year for the EB-5 regional center program
• No minimum education requirement
• No business or management experience requirement
• No language requirement
• No excessive waiting periods or quota backlogs
• No sponsor needed
• Investment capital can come from any lawful source
• Investors not required to manage their investment on a daily basis so they may pursue other professional and personal ventures inside or outside of US
• Satisfy job creation requirements by counting both direct and indirect jobs

June 11, 2010, 8:24 AM ET
Immigrant Investors, An Underserved Market


Finding new clients is a challenge for all financial advisers. But most advisers are overlooking an untapped and growing client base: wealthy foreign investors seeking to gain permanent residency in the U.S.
....
EB-5 green cards also allow affluent foreign investors (and their family members) to work in the U.S. in any capacity, go to school, or retire here.
....
Each year, 10,000 visas are available for EB-5 investors looking to come to America.
According to the U.S. State Department, the number of so-called “investor green cards� issued nearly tripled to 4,218 in the fiscal year 2009 ended September 30, compared to just 1,443 EB-5 visas issued in fiscal year 2008.

TAX PLANNING FOR EB-5 INVESTORS BECOMING PERMANENT RESIDENTS

With proper advance planning, EB-5 Program applicants can undertake measures to minimize their U.S. FIT and FTT exposure. Thus, applicants for the EB-5 Program should consider tax planning prior to becoming U.S. residents, that is, while they are still non-residents. This tax planning can be formulated so as to take effect only when the applicant knows that he or she is eligible for the EB-5 Green Card, but the urgency for the applicant to undertake this FIT and FTT planning becomes more critical as the EB-5 application proceeds towards permanent residency, as depicted below:

TIME LINE FOR EB-5 PROCESSING AND TAX PLANNING
The "EB-5" Investor Visa Program provides foreign nationals an innovative and flexible path to permanent residency in the U.S. (Green Card) for themselves, their spouses and their children less than 21 years of age.
The EB-5 Program permits an applicant to invest a minimum of $500,000 in a U.S. Government designated Regional Center in the U.S. The Regional Centers are designed to allow pooled investments to create jobs in targeted high-unemployment areas in the U.S. Thus, the qualified applicant can obtain a Green Card without having to create their own business in the U.S. or to even emigrate to the U.S. until the Green Card has been issued. A Green Card gives the holder the right to live and work anywhere in the US.

EB-5 Visa Program Process
â—† Step 1 - The qualified applicant files form I-526, a petition requesting the U.S. Citizenship and Immigration Services to certify the applicant and the investment as eligible for the EB-5 Program.
â—† Step 2 - Upon approval of the I-526 petition, the applicant files an immigrant visa application and is interviewed at the Embassy in the applicant's home country. Upon approval of the application, the applicant is issued an immigrant visa to the United States. A conditional Green Card is issued to the applicant shortly after his/her arrival in the United States.
â—† Step 3 - After two years, the applicant must file to remove the "condition" from the Green Card using form I-829. At this time, the Regional Center will provide proof of job creation.

Tax & Estate Planning for EB-5 Program Applicants
Citizens and permanent residents of the U.S. are subject to federal income tax (FIT) on their worldwide income and to gift and estate tax (FTT) on their assets located anywhere in the world, while nonresidents of the U.S. are taxed only on their income and assets arising or located in the U.S.

MDH specializes in international income and estate tax planning for EB-5 Program applicants, and we work with nationally-recognized immigration law firms in the U.S. to assure a seamless transition for applicants becoming permanent residents of the United States. Some of our planning techniques include corporate reorganizations, foreign and U.S. trusts, partnerships, limited liability companies, life insurance, annuities, and gifting programs. We also work with our client's advisors in his or her home country to assure that the client receives complete and comprehensive tax and business planning services, and that the client and their loved ones maintain the standard of living to which they are accustomed.

Kevin J. Mullin, J.D., C.P.A., has been practicing law for over 15 years with a focus on advising foreign investors on their U.S. real estate investments and international business and tax planning. Mr. Mullin has offices in Denver, Colo., and Washington, D.C. http://www.intl-taxlaw.com/ . He also maintains representative offices in Latin America and the Middle East to support his professional and client relationships globally.

5. Conseil d'Etat: Resources Management Corporation S.A., 16 December, 1991

A. The facts

Resources Management Corporation was a company limited by shares incorporated in Panama. The company had issued 5,000 shares in bearer form and only two of the shareholders were known to the French tax authorities: a Mr. Arias and a Mr. Suarez, each holding one share. The remaining 4,998 shares were in the hands of shareholders who had not been identified.

Resources Management owned a villa in Eze-sur-Mer, on the Còte d'Azur; it had no other property or other activities in France. The villa was – the whole year round an free of charge – atthe disposal of Mr. Chofaras, a Greek national, who lived in Paris, at avenue de l'Are de Triomphe.

Resources Management had never filed a tax return. The tax authorities assessed the company to corporation tax for the years 1974 to 1977. For 1974 to 1976 the tax was assessed on the basis of the real rental value of the property. For 1977 it was assessed on three times the real rental value, according to article 209A, which came into force on 1 January, 1977.

Only the assessment for 1977 is relevant for our purposes.

B. The Conclusions of the Commissaire du Gouvernement

In his conclusions, M. Fouquet made the observations summarized below and requested the court to discharge the assessment for 1977.

(a) The administration argued that tax treaties traditionally allocate the right to tax income from immovable property to the Contracting State in which such property is situated. M. Fouquet observed:

• The court had previously decided (in Le Beau Logis and Quadriga) that the non-discrimination clauses in the tax ([...])

• As a result of these decisions the Government has asked Parliament to abolish Article 209A and replace it with the 3 percent annual tax on the market value of French real property (article 990D of the General Tax Code).

• Article 7 of the treaty with Panama, being similar (analogue) to the non-discrimination clauses found in the vast majority of tax treaties, should be given the same effect.

• It was not contested that “nationalsâ€�, the term used in the treaty, applied not only to individuals but also to legal persons, according to Royal, which he cited.

(b) The administration argued that article 7 of the treaty with Panama did not refer to “corporation tax�. M. Fouquet observed:

• The wording of article 7 (“duties, levies, taxes, or contributions, of whatever denominationâ€�) was sufficiently wide to include corporation tax.

• Moreover, it was no longer relevant, since Nicolo, that the law of 29 December 1976 (at the origin of article 209A) was subsequent to the treaty.

(c ) The administration argued that the treaty with Panama was not valid because it had not been ratified by the president of the Republic, M. Fouquet replied:

• According to the decision in Navigator (1965), the treaty had been properly introduced into French law by a decree of the President followed by publication in the Official Journal.

(d) To conclude, M. Fouquet mentioned Société Panagest, where the court,following his own submissions, had applied article 209A to two Panamanian companies: “Lack of sufficient time�, he said, had prevented him from discovering earlier the existence of the treaty with Panama.

• Following Carboline-Europe (1986), he added, “the equality-of-treatment clause in a treaty is of [concern to] public policy (ordre public) and must be applied by the court ex officio, [even if it has not been pleaded by the taxpayer].â€�

C. The Decision

The relevant part of the decision reads as follows:

“As far as the year 1977 is concerned:

“Whereas, according to article 209A of the General Tax Code, in force at the time: 'If a legal person (personne morale) whose seat (siège) is situated outside France, has at its disposal one or more real properties or grants the use of such property either gratuitously or for a rent inferior to the real rental value, it is subject to the corporation tax on a basis which cannot be lower than three times the real rental value of the said property'; that for 1977 the petitioner has been subject to corporation tax, according to that provision, on a base equal to three times the rental value of the aforementioned villa; that, however, petitioner invokes the provisions of article 7 of the treaty of establishment between France and Panama of 10 July, 1953, published by virtue of decree 58-438 of 12 April, 1958 in the Official Journal of 23 April, 1958, according to ([...]) within the territory of the other Party, to any other or higher duties, levies, taxes, or contributions, of whatever denomination than those which are imposed on the nationals'; that these provisions form an obstacle to the fixed rate taxation (taxation forfaitaire) foreseen by article 209A of the General Tax Code; that the company limited by shares Resources Management Corporation is, accordingly, entitled to demand the discharge of the assessment to corporation tax to which it was subjected for the year 1977.

“[The court] decides: …

“The company limited by shares Resources Management Corporation is discharged from the assessment to corporation tax and ancillary penalties to which it was subjected for the year 1977.�

VI. A Point That Was Not Raised: Abuse of Rights

A word of caution for anyone planning to use Panamanian companies to hold French real estate: beware of the doctrine of abus de droit. It was not raised in Resources Management, but might well be invoked in other cases.

In French tax law, the expression abus de droit (abuse of rights) refers to unacceptable tax avoidance. Outside the tax field it has a different meaning and refers to a doctrine that has been developed by the French courts and become a “general principle of law�: a person acts unlawfully, or he made use of a right with the intention or purpose of causing harm to another person. Transposed to taxation matters, the doctrine means this: although a taxpayer has a right to arrange his affairs in any way which is legal, he abuses that right if he exercises it solely to avoid tax.

VII. Are Panamanian Companies Protected from the 3 Percent Annual Tax on the Market Value of French Real Property?

A short note, signed with the initials “O.F.� (Olivier Fouquet?) is appended to the report of Resources Management in the Revue des Sociétés. ([...]) … times the rental value of French real property) appeared to be “transposable� to the “new� 3 percent annual tax on the market value of the property (imposed by article 990D which replaced article 209A) because the Cour de Cassation had also decided (in Société Royal) that a non-discrimination clause in a “bilateral treaty� was an obstacle to application of this tax.

This analysis is correct and is shared by another commentator, M. Phillipe Derouin.

Comparing Société Royal with Resources Management it is apparent that both decision have three fundamental points in common:

• A tax that is discriminatory because it applies only to companies which have their seat outside France (both taxes are closely related: one replaced the other).

• A treaty with a non-discrimination clause (both clauses have similar wording).

• A constitutional principle of supremacy of treaties over domestic legislation (both taxes were enacted after conclusion of the treaties).

In this circumstances, unless the Constitution is amended or the treaty is renegotiated, it is doubtful that the 3 percent tax imposed by article 990D of the General Tax Code could ever apply to Panamanian companies.

• Quick registration 24-72 hours;
• 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;
• They may be established to have effects from the date of their constitution or after the death of the Founder; 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;
• Foundations are established to carry the specifics goals set out in the Foundation Charter and may additionally undertake sporadic commercial activities, exercise rights pertaining to their holdings, own property, contract obligations and take part in administrative or judicial proceedings.
• A Private Interest Foundation should be established with a patrimony destined to fulfill its objectives, which shall be no less than US$10,000.00.
• Said patrimony may be increased by additional contributions of the Founder or third parties and does not have to paid in part or in full before the incorporation;
• 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 sizeable and may not be subject to any precautory action or measure, unless such action or measure pertains to obligations incurred or damages arising from the fulfillment of the Foundations objectives.

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 was done.

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:

• Assets located abroad;
• Money deposited by natural or juridical persons whose income does not derive from a Panamanian source is not taxable in Panama for any reason;
• 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 unmovable 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 Panama taxes.

Among the most important uses of the Panamanian Private Foundations we find:

• Family and family office support
• For Tax purposes
• For the protection and management of assets
• For educational purposes Testamentary purposes
• For life annuity purposes
• For charitable purposes
• To receive and manage capital and titles
• For the purpose of serving as guarantee or collateral
• For the management of insurance.

We must comment that several or all uses mentioned above can be given to a particular PIF, there are no restrictions as to the objects or uses one PIF can be given. For example, one PIF can be created to protect assets, but also with a testamentary use or in any case, with all the above-mentioned uses. However, a PIF cannot engage in commercial or for profit activities as a day-to-day activity.

Panama

Panamanian offshore corporations are an easy vehicle to negotiate and close deals.
The simple and yet formal provisions of the Law, render the users to trust the system. The amendments necessary to close one deal are quickly done by registering them at the Public Registry Office, and since it is a government institution, the certificates and Apostilles are easy to obtain in order to sign a contract in a short period of time.

Directors of the companies do not necessarily have to be shareholders and vice versa. Panamanian companies are not bound to issue shares. Powers of Attorneys may or may not be registered in the Public Registry Office.

For over seventy five (75) years the Panamanian offshore corporations has been recognized worldwide as a suitable offshore vehicle and with the proper legal advice can be utilized in a diversity of structures to conduct international business, asset protection, and estate planning, among others.

Among the most important features of the Panamanian offshore corporations we can mention:

• Quick registration in 24 to 48 hours.
• The Panamanian offshore corporations can be registered notwithstanding the nationality of its directors or shareholders.
• The income produced by a Panamanian offshore corporations outside the territory of the Republic of Panama is exempt of paying Income Tax in Panama.
• The capital of the company does not have to be paid partially or fully at the moment of incorporation.
• There is no obligation to file annual reports, financial statements or sworn income declarations, always that the company does not generate Panamanian sourced income.
• Legal entities of any country can be appointed as directors, officer or shareholder.
• There is no obligation to undertake annual meetings of the Board of Directors or Shareholders.
• The directors and shareholders can meet in person, by Proxy, phone or by any other electronic means.
• Three (3) directors are required, either physical persons or legal entities of any nationality.
• The officers (usually a President, a Secretary and a Treasurer) not necessarily have to be directors and one person can occupy one or more or all offices.
• The officers can be either physical persons or legal entities.
• The shares can be issued in nominative or bearer form.
• In any case, the name of the shareholder is not required to be registered at the Public Registry, so confidentiality is ensured.
• The corporate books can be kept in any part of the world and can be managed by electronic files or program.
• A Panamanian offshore corporations can do transactions and own assets in any part of the world, without having the obligation to maintain assets in the Republic of Panama.
• The Panamanian offshore corporations can undertake any type of legal business activity in any part of the world.
• The use of the Apostille is permitted.

Among the most important uses of the Panamanian offshore corporations we can find:

• As a holding entity for shares, bonds, bank accounts, term deposits, investment projects or any other financial or commercial title.
• Owner of shares in other companies, be them Panamanian or foreign.
• Owner of property, such as apartments, lots, houses or any other asset, be them personal or real estate.
• Manager or promoter of international commercial transactions.
• International lease of aircraft, vehicles, machinery, vessels and others.
• Instrument to receive and deliver loans in cash or commissions for products and services.
• Marketing and promotion of products and services.
• Other financial or commercial activities.

Belize

Belize 's modern and up-to-date offshore legislation provides maximum flexibility in global asset protection and tax and investment planning.

Particular features of the Belize international business companies are:

• Registration is quite fast as you can have your company registered in one (1) hour.
• 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.

Additional reporting compliance may be required from entities doing business with local clients inside said jurisdictions, as well as from shareholders and/or beneficiaries resident in some jurisdiction. Advice from a tax attorney and accountant in your country of citizenship and residence must be sought before using offshore entities.

Contact Us through our website, by email, Bitwine or Skype

Photo: With this meeting the Panamanian delegation, lead by the president, Ricardo Martinelli concludes its Asian tour. Photo / Courtesy of the Presidency

During a meeting with Panamanian businessmen and Taiwan, the president, Ricardo Martinelli, announced that the two countries begin talks on signing an double taxation agreement.

"Panama respects foreign investment and we are open to receive new investments," said Martinelli to Taiwanese businessmen who mentioned that with the signing of the Free Trade Agreement, Taiwan companies have invested heavily in developing the service transportation, technology, among others.

On another topic, Martinelli presented to entrepreneurs in Taiwan's competitive advantages offered by the country to foreign investment.

"In Panama they have opportunities to invest in agriculture, real estate, among other areas, where already several companies that have entered this Asian country," he said.

For its part, Taiwan's deputy foreign minister, Thomas Hou Ping-fu noted that Panama is Taiwan's staunchest ally in Central America that have maintained diplomatic relations for more than a century and that these bilateral ties have increased after the entry into force the Free Trade Agreement between both countries, as Taiwanese investments in Panama have increased by over 215 million Dollars.

More on Taiwan-Panama business
http://aprochipa.blogspot.com/search/label/negocios

The Meneren Corporation
4610 South Ulster Street, Suite 150 • Denver, CO 80237 • (303) 221-3369 • Fax (303) 972-8669
7 June 2008

Senate Committee on Finance
Attn. Darci Vetter
Rm. SD-219
Dirksen Senate Office Bldg.
Washington, DC 20510-6200b

Subject: Corruption in Panama, Human Rights Abuse and Trade Agreements

Dear Darci and Committee Members:
I am writing you regarding a serious foreign relations matter regarding the Republic of Panama and the corruption of its legal system and the regular and organized abuse of US Citizens and their civil and human rights—all of which should be considered in any discussion of trade agreements.
I am one of many Colorado businessmen (and a number of CO Corporations and LLC’s) who have been actively doing business in Panama for the past 3 years. During that time, I have witnessed first-hand the extend of the corruption of the Panama legal system, and the systematic robbing of US and Canadian investors (both professionals and retiree’s) by cabals of Panamanian attorney’s, prosecutors, law enforcement officials and other government officials—
all the way to the Supreme Court. I having seen it firsthand and discussed it in detail with the Americans and Canadians who have suffered financially and personally because of it. It is a travesty that should not be rewarded with a Free Trade Agreement of any form.
The most public example of this corruption can be seen in the case of the handling of the estate of Wilson Lucom, a past advisor to the US Secretary of State and his attorney, Richard Lehman, a Florida attorney and US citizen, who has been for 3 years attempting to prevent one of the Panamanian oligarchy’s from stealing the $50+M estate of Wilson Lucom—which Lucom left to the orphans of Panama in the largest ever bequeath of its kind.
The Panamanian government/authorities have relentlessly abused the civil and human rights of Mr. Lehman as he tried to protect the Lucom state, to ensure the money reaches the poor children of Panama and the Charity formed to accept it. This story has received major press coverage in the US and Panama.
You can see the full litany of false charges, false arrests, assaults on the Civil and Human Rights of this US citizen in the documents filed with the Organization of American States, at: http://www.lehmantaxlaw.com/RSL_/62667387_1.PDF http://www.lehmantaxlaw.com/RSL_/62667382_1.PDF
It is important to note that in November 2008 the head of the Panama Governments National Council of Transparency for Corruption, Alma Montenegro de Fletcher, herself published a finding that found “extreme abuse of the Panamanian civil and penal system�, noting the false arrest of a US Citizen who was defending the interests of the children of Panama, Mr. Lehman, a Florida attorney and long time friend and lawyer for Wilson Lucom. The details of Alma’s letter to the Panama Supreme Court can be found at the following (translated) website:
http://translate.google.com/translate?hl=en&sl=es&u=http://www.setransparencia.gob.pa/noticias/noticia_nota_caso_wilson_lucom.htm&ei=kcWVSdqUIoHasAPA1ei4Bw&sa=X&oi=translate&resnum=5&ct=result&prev=/search%3Fq%3D%2522alma%2Bmontenegro%2522%2Blucom%26hl%3Den
To be clear, neither I, nor my business associates are a part of the Probate dispute that Mr. Lehman is battling in Panama. However, when Mr. Lehman was recently detained illegally in Panama—again—I was so upset that a US Citizen could be so abused by the Panamanian government and corrupt legal system that I wrote a “Call to Action� that was circulated among the expatriate community in Panama. As a result, I have received numerous other horror stories from US and Canadian businessmen and retiree’s detailing the systematic pillage of their retirement monies, trust funds, and properties by lawyers acting in concert with local and federal government officials (prosecutors and judges), all with impunity! One of these relates how the Panamanian attorney that stole her retirement monies told her to her face that he robbed her and that there was nothing she could do about it because he was a member of the Panamanian legislature. I would be most happy to share the details of these and other similar cases with you or your staff.
As a businessman, I have done business in many of the ugly parts of the world (Congo, Yemen, Kazakhstan, China etc.) and I understood their corrupt systems before setting foot on the ground. However, Panama holds itself out to US retiree’s and businesses as being a US friendly country that has a US currency, US provided infrastructure and institutions, statutory protections for US Citizens (including a guarantee of “equal access� under the law), and preferential agreements with the US government (FTA’s). US and Canadian citizens are entranced by this façade to make major investments in Panama totally unaware of the extent of corruption of their judiciary and other government officials. This is a recipe for disaster for US interests, and damages the future of the Panamanian people as well.
When we contacted the US Embassy in Panama over a year ago to describe how our firm/project was being manipulated by the corrupt courts and officials, we found a sympathetic ear and could see some effort was being made to press the Government to “clean up their legal system�. Unfortunately, when the Ambassador and key staff changed, the Embassy position turned to one of indifference coupled with a clear desire not to press the issue with the Government. As a result, US Citizens like Mr. Richard Lehman and many others who we have documented, have been, and continue to be abused with impunity.
As a US Citizen, I am shocked that our Government allows this to continue—with impunity and that our Government is willing to turn a blind eye to it by rewarding Panama with a trade agreement that prospers Panama. I ask that you have your staff research the human rights case mentioned and provided above and use it as a symptomatic reason for opposing any further Free Trade Agreements with Panama until it cleans up the corruption. Until then, I also ask that US State Department US Citizen advisories be updated to sternly warn US investors and retiree’s of the escalation in the organized abuse of foreigners by a corrupt judiciary working in concert with unscrupulous lawyers and government officials.
Thank you for your attention to this urgent matter.

William A. Tolbert
President

Senate Finance Committee Hearing on "The U.S. - Panama Trade Promotion Agreement" May 21, 2009 http://finance.senate.gov/hearings/hearing/?id=d88a7f79-c7e0-8ee8-4f2d-226447ffbbe7

Panama FTA will create US jobs http://mypanamalawyer.blogspot.com/2009/05/panama-fta-will-create-us-jobs.html

US-Panama Free Trade Links http://www.uspanamatrade.org .

LISTAS NEGRAS

Rebelión en la granja

Alberto López Tom

'Panama Week' planned in Washington, D.C.

The new version of "Panama Week" will take place starting Nov. 17 in Washington, D.C.

Félix Carles, president of the U.S.-Panama Business Council, said the motto of this year's event is "Panama, changing world trade."

One of the objectives of the event is to promote the ratification of the free trade agreement between the two countries that is still waiting to be discussed by the U.S. Senate.

It will also emphasize the role of the country as a maritime center, the progress of the Panama Canal expansion and the modernization of Tocumen International Airport.

The Panama Tourism Authority will also discuss its master plan at the event, which is aimed at increasing the number of visitors to the country.
http://mensual.prensa.com/mensual/contenido/2010/09/30/hoy/english/news_4891.asp

November 1, 2010

Dear Friends of Panama and the United States

The U.S.-Panama Business Council (USPA) was created in 1994 with the mission of strengthening relations between the United States and Panama, and promoting business opportunities between the two countries. During its sixteen years of existence the Council has organized hundreds of programs and events which have greatly contributed to enhancing relations between the two countries.

Every year the Council organizes a comprehensive program in Washington D.C. entitled Panama Week. This year Panama Week will be held on November 18-19 in the Nation's Capital, coordinated by both the U.S. and Panama USPA associations. We anticipate a strong attendance this year, and several high profiled speakers that will address the numerous business opportunities offered by Panama.

Panama's excellent economic climate has produced positive news over the past five years with annual growth close to double digits. Even in 2009, when the world was impacted by a financial crisis, Panama still registered economic growth. The Panama Canal is undertaking an ambitious expansion, unemployment has decreased dramatically, the country attained investment grade and recently a $13 Billion investment plan was announced for the next five years.

An updated program is enclosed and periodic updates will be published in USPA USA website http://uspanama.webs.com/pwprogram.htmSeveral Ministers from Panama will be attending the program including Minister of Commerce and Industry H.E. Roberto Henriquez, Minister of Tourism H.E. Salomón Shamah, Minister of Energy H.E. Juan Urriola and Deputy Administrator of the Panama Canal Authority Jose Barrios Ng. The traditional black tie Gala Friendship Awards Dinner will be held on the evening of Thursday, November 18th and H.E. Jaime Alemán, Ambassador of Panama to the United States, will be the Keynote Speaker.

We avail of the opportunity to thank sponsors for their generous support. Please review the website for additional information. Should you have any questions you may contact Amb. Juan B. Sosa at (713) 426-0554. We look forward to see you in Panama Week 2010.

Best regards,

Amb. Juan B. Sosa President, USPA (USA)
Amb. Roberto Alfaro President, USPA (Panama)

Panamá le aplica la retorsión a Francia

EDITH CASTILLO DUARTE

El Gobierno reaccionó prontamente a los señalamientos de Francia en el sentido de que Panamá es un país no cooperador en la lucha contra la evasión fiscal. El ministro de Economía y Finanzas, Frank De Lima, giró instrucciones para que se le retire el mandato a la Compagnie Francaise D´Assurance Pour Le Commerce Extérieur (Coface) en cuanto a un contrato de préstamo por 297 millones 852 mil 971 dólares para financiar parte de las obras de construcción de la línea uno del Metro.

Esta medida aplica dentro de lo establecido en la Ley de Retorsión.

Panamá no solo enfrenta presiones de la OCDE; ahora también se han sumado otros organismos, como el Fondo Monetario Internacional.

http://www.prensa.com/impreso/panorama/panama-le-aplica-la-retorsion-francia/42975

Panamá le responde a Francia

El Gobierno retirará el mandato al banco francés Coface, que iba a prestar $297.8 millones para financiar parte de las obras del Metro.

EDITH CASTILLO DUARTE

Antes los constantes ataques y presiones que han ejercido contra Panamá las grandes potencias del G-20, el país ha decido reaccionar echando mano de la Ley de Retorsión.

El ministro de Economía y Finanzas (MEF), Frank De Lima, giró instrucciones el viernes a la Dirección de Crédito Público para que se le retire el mandato a la Compagnie Francaise D´Assurance Pour Le Commerce Extérieur (Coface), sobre un reciente contrato de préstamo acordado con Panamá.

El Gabinete aprobó el 1 de noviembre firmar con Coface un contrato por 297 millones 852 mil 971 dólares para financiar parte de las obras de construcción de la línea 1 del Metro.

Esta medida es una reacción al hecho de que Francia sigue considerando a Panamá un paraíso fiscal y porque esta semana su ministra de Presupuesto y de las Cuentas Públicas, Valérie Pécresse, puso a este país como ejemplo de Estado no cooperativo en materia de evasión fiscal.

Con este dinero se financiarían los equipos y vagones, así como las señalizaciones, circuito cerrado de vigilancia, rieles y comunicaciones de la línea 1 del Metro. Ante esta decisión, Panamá debe buscar otra fuente de recursos para financiar parte del proyecto.

El secretario del Metro, Roberto Roy, dijo que la Secretaría es la encargada de ejecutar el proyecto, y el financiamiento lo coordina directamente el MEF.

"Estoy seguro que si se ha tomado esta acción, el ministerio debe tener otra alternativa para el financiamiento", explicó Roy.

De Lima dijo que la medida de "retorsión" se aplica al banco francés ante los injustos señalamientos del que Panamá es objeto, a pesar de que se ha firmado con Francia un acuerdo para evitar la doble tributación (TDT).



Arrecian las presiones

Gremios empresariales y de profesionales han pedido en diversas ocasiones al Gobierno que aplique la Ley de Retorsión (medir con el mismo rasero) a los países que que discriminan y afectan a Panamá.

Las presiones vienen de todos lados, ya que a Francia, o la Organización para la Cooperación y Desarrollo Económico (OCDE), se le ha sumado el Fondo Monetario Internacional, que en sus reuniones para un informe que prepara sobre Panamá también cuestionó la parte fiscal, porque la evasión es considerada para ellos un delito de lavado de dinero.

Las nuevas exigencias

Panamá no había terminado de celebrar su salida en julio de la "lista gris" de la OCDE, tras la firma de los 12 acuerdos que se le exigía, cuando el Foro Global sobre la Transparencia Fiscal –un grupo de este organismo– informaba que este país había reprobado la evaluación y pidió nueva información.

Se está exigiendo, entre los puntos más relevantes, que se eliminen las acciones al portador, que las sociedades anónimas presenten registros contables, aunque sus operaciones estén fuera del país y que se firmen tratados para el intercambio de información fiscal (TIEA) en vez de TDT.

El Gobierno analiza los pasos a seguir, aunque en lo que respecta a las acciones al portador hay adelantos. Los bancos ya no están aceptando cuentas de sociedades con acciones al portador. Además, a las sociedades con acciones al portador no se les permite participar de licitaciones públicas.

Canadá, Alemania, India y Australia han pedido firmar TIEA con Panamá. De Lima reconoce que en el caso de Canadá conviene más un TIEA por los sacrificios fiscales que implicaría un TDT.

Haciendo la salvedad de que aún no se ha adoptado una posición conjunta para ver hasta dónde se puede permitir una injerencia en la soberanía de Panamá, el presidente del Colegio Nacional de Abogados, César Ruiloba, aplaudió la decisión del ministro De Lima contra el banco francés e hizo un llamado a defender los instrumentos jurídicos que han servido de base al desarrollo de la economía panameña.

"Reconocemos que hay temas que requieren actualización, pero debemos sentarnos en igualdad de condiciones y discutirlos y sin amenazas", señaló.

Por su parte el abogado internacionalista Mario E. Correa considera que para estos países "nunca será suficiente" lo que haga Panamá.

Lo primero que debe hacer el Gobierno, aconsejó, es esperar el informe suplementario que solicitó sobre el reporte de Panamá antes de apresurarse a comprometerse con cualquier cambio fundamental a nuestra legislación.

Además, debe apoyarse en los gremios de abogados, porque serían los más afectados con los cambios que se adopten.



ENFOQUE

Medidas a tomar ante una nueva realidad

DOMINGO LATORRACA*
economia@ prensa.com

OPINIÓN. Panamá enfrenta diferentes retos en relación con el ser catalogado como paraíso fiscal. En primer lugar, algunos sectores de la plataforma de servicios internacionales, en efecto, han promocionado a nuestro país como un paraíso fiscal por su sistema territorial, que solo grava los ingresos generados en el territorio fiscal panameño y la estructura de vehículos jurídicos –entre ellos la sociedad anónima con sus acciones al portador– los cuales han facilitado que buenos y malos utilicen esta plataforma para realizar operaciones dentro y fuera de nuestro territorio.

En segundo lugar, frente a una nueva realidad mundial en materia de los principios de transparencia e intercambio de información tributaria, los países de las principales economías –paradójicamente hoy casi todos enfrentando grandes retos de crecimiento y sostenibilidad fiscal– a través de la OCDE promueven una agenda que cambia con el tiempo y presiona a todos a impulsar modificaciones.

No les interesa mucho las realidades locales ni las limitaciones existentes; tienen su agenda y únicamente les interesa su acatamiento. Para esto, sancionan directa e indirectamente a través de instituciones multilaterales, incluyendo más recientemente la Corporación Financiera Internacional, o IFC por sus siglas en inglés, el brazo inversionista del Banco Mundial, que inexplicablemente aprobó tomar medidas discriminatorias en contra de Panamá y otras jurisdicciones sobre la base de un informe desactualizado y preparado por un organismo del cual Panamá no es miembro.

Con respecto a ciertos políticos extranjeros de países con que Panamá ya ha cerrado acuerdos, que incluyen la no discriminación y que insisten en referirse a Panamá peyorativamente, sería bueno que conectaran la lengua al cerebro y revisaran sus compromisos incluidos en estos acuerdos internacionales.

Panamá debe mantener su orientación de avanzar en materia de implementación de los principios de transparencia e intercambio de información, y realizar los ajustes a su estrategia que aseguren el fortalecimiento y la competitividad de la plataforma de servicios financieros e internacionales. Debe seguir defendiendo su buen nombre frente a quienes no tienen la moral para exigir lo que no practican, aplicando la ley de retorsión a quienes lo ameriten.

* El autor es exviceministro de Economía.

http://www.prensa.com/impreso/economia/panama-le-responde-francia/42867

Gabinete delega a Secretaria de Metro facilidad de COFACE por US$297,852,971.00
http://www.gacetaoficial.gob.pa/pdfTemp/26920_B/35886.pdf

Best wishes to all our clients and friends in 2012!


                  Lombardi Aguilar Group
Jorge Lombardi  Alvaro Aguilar          Gabriel Aguilar


Emacs!





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