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The Cook Islands Anti Money Laundering/Countering the Financing of Terrorism (“AML/CFT”) regime is officially one of the best in the world. The APG is a regional body of the Financial Action Task Force (“FATF”), the independent inter-governmental body that develops and promotes policies to protect the global financial system from money laundering and terrorist financing. The Cook Islands MER was tabled and adopted at the APG’s annual meeting held in Kathmandu, Nepal (21-27 July 2018). The APG has 41 member countries from around the Asia/Pacific region all of which were in attendance at the meeting represented by 520 delegates. The...

PRIVATE & INTERNATIONAL BANKING REPORTS 2018

Country:                                  The Republic of Panama Region:                                    Central America Currency:                                United States Dollar (USD) Languages:                              Spanish Time Zone:                              UTC -5 Phone Code:                           +507 Communications:                    Excellent The Republic of Panama became independent fromthe Spain in 1821 and united to the Great Colombia. After years of being put aside, Panama seceded from the Great Colombia on November 3 of 1903 and the Republic of Panama was born as an independent and sovereign country. The population is approximately 4,1 Million. The official language is Spanish, although English is widely spoken or at least understood and there is a...

2018

When were trust and foundation law introduced in your jurisdiction English common law and equity were formerly adapted from New Zealand through the Cook Islands Act 1915, prior to the Cook Islands acquiring self-governance in 1965.  The common law concept of a trust has been in the Cook Islands for about a century.  However it was the Cook Islands who invented the modern asset protection trust through its innovative legislation, the International Trusts Act 1984, which has been substantially embraced by many offshore finance jurisdictions. The Hague Convention on Trusts does not apply in the Cook Islands.  Seeking to capitalize...

CORPORATE & FIDUCIARY JURISDICTION 2020

What is unique in your jurisdiction and why Chinese investors should form companies there?Panama has a Free Zone in the Panama Canal Zone. There are more than 300 banks dealing with import, export of goods. Bank of China is in Panama. We can use CNY (Renminbi) as contract-currency. What makes your jurisdiction different from other competitors for Chinese investors?Panama Canal is unique. Panama Canal is a magnet. Everybody has a representative office in Panama.What is the general taxation rate for incorporating companies in your jurisdiction?Zero. Can the regulatory authority request information about the company and officers or account details from...

2020

Executive Summary:Panama has come a long way since the free-wheeling days of the 1990s, but it is still relatively tax-friendly. The service sector contributes more than 75% of the economy, which is based on banking, tourism, mining and commerce, alongside of course the famous canal, currently being enlarged for the nth time. The government is trying to make productive use of the canal's facilities with export processing zones and many investment incentives.  The Colon Free Zone is very successful, accounting for more than 10% of GNP. Only locally-sourced income is taxed. It is reasonably easy to form corporations, and privacy...

2020

By Leo Zhang. As a leading international finance center for three decades, the Cook Islands is a prime choice for sophisticated international services for the most discerning wealthy clients and corporate entities. Located in the South Pacific northeast of New Zealand, east of Tahiti, and south of Hawaii, the country boasts an ideal location and a global client reach for its legal and financial services. The Cook Islands is known for its innovative services and ability to respond quickly to changes in and d emands from the global market . With the recent changes in the global banking environment, the...

2020

Latin American Offshore Paradise. By James Zhang.With a population of some 3.5 million, the Oriental Republic of Uruguay, is a small nation situated between Brazil and Argentina in the southeast region of South America. The country's citizenry speaks English, Spanish and Italian, and about 88% of the population is of European descent. Economic growth for Uruguay was robust, enjoying an average growth between 2004 and 2008 of almost 10%, a rate that could beat all but China. The 2008-2009 global financial crisis distorted Uruguay's path of vigorous growth that decelerated in 2009 to 2.9% at US$ 45 billion, which was...

2020

Executive Summary:Located in the South Pacific Ocean approximately half-way between New Zealand and Hawaii, the Cook Islands are a widely scattered group of islands occupying a surface area of about 240 sq km. As a legacy of its status as a British protectorate, the legal system is based on English common law and the official language is English, but the jurisdiction is now a self-governing democracy. The Cook Islands geographic isolation and their lack of natural resources have hindered economic development.Offshore financial and fiduciary services are now the second largest contributor to Government finances, and there are special regimes for...

EXPERT INSIGHTS 2020