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Don Winner has posted a draft of the new "Tax Information Exchange Agreement Between the US and Panama" in his web site Panama Guide (11/29). Wow! Talk about a government license to steal!


In my case and personal situation, I can not see that it has any impact on me, other than a rather sinister look of 'things that might be to come'. But, I am sure that a large percentage of expats with different personal and financial circumstances may not be as blase as I.


Here is the link:
http://www.panama-guide.com

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a.v.
I agree. I think most of us are not interested in residing in an area that invites deception of any variety. I will also add:

Oh my! I have been out of touch for a few days and failed to notice there was already a discussion thread on this subject on-going. After I read the back-forth on that thread, I feel it is necessary to clarify:

1. Mi intent was merely to pass on information to the ex-pat community.

2. Before the responses start, I hasten to add:
My existense in David does not indicate I am running/hiding from anyone, government, or person. I am not, at this time, wanted (especially by ex-wives). I have not 'served time', or even had to plead 'not guilty' on any occasion.

I am not pushing an agenda, championing a cause, running for office or starting a PAC.

I did not intend that my posting offend anyone, stir up old memories, or cause a revolt. Nor did I intend for it to influence anyone's decision-making process, unduly influence your relatives, or cast dispersions about your pets.

No one should interpret the posting so as to conclude any hidden agendas involving food supplements, parking regulations, the subject of Tuesday's meeting, crime in Chiriqui, or any other vitally important subject which normally generates vitrolic responses here.

I profess to harbor no ill will towards Panamanians, Ticos, Nicas, women, gays, bi-sexuals, red-necks, baby boomers, back packers, the unemployed, Tea-Partyers or any other ill defined class of people in the huddling masses, up to and including Martians. This includes any and all old gringo ex-pats spouting the latest, and most inventive conspiracy theories (which, saddenly there are many - and who, I am also sad to report, are not a dying breed).

I also did not intend for a link to an article on Tax Info Agreement to subject me to accusations about my position on tax relief for the wealthy, Obama health care, TARP, bail-outs, repossesions, or a whole laudry list of other hot topics that seem to prevail right below the surface, primarily in people with both limited knowlege of the subjects and time on their hands.

I assure you I am not trying to stifle responses that fall in these broad categories, the responses that seem to be the knee-jerk responses on this forum. Just forewarning you that there is an 800 number that you can call to respond, and the people who answer really care, although you may have to struggle with the accent.

And finally, yes I am certain that this listing contains mis-spellings. I assure you that it is not that I don't have a spell-checker, it is just that I don't give a ......

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I do hope this rambling got a chuckle out of you and put a smile on your face. Have a good day. Pura Vida!
Larry,
You got more than a chuckle from me. Grow some eyebrows and you can be the next Andy Rooney :)
Larry, Any chance you might come out of retirement and go to work for a local newspaper as a commentator? My husband and I really enjoyed your clever take on a serious matter, and your disclaimer. I worry that we may be double taxed, for example, capitol gains on a home sale in Panama. Both country taxing the same gain. I guess time will tell. Never wanted the U.S. to not know about earning in the U.S., we pay those dearly, along with the majority of Americans. Pretty sure that most ex-pats feel that the U.S. got its lions share of our earnings....I think Panama sold us out... Abby
Did you believe they were ever "out"?
When I first moved here, my attorney of the time, had many years of experience in Panama. He said clearly Panama is a tail wagged by the US and if I was coming here to hide from anything there, find another place. I have nothing to hide.

This new treaty might upset some people but I too am unaffected. The wager the government of Panama is making is that the gain for them will exceed the flight of capital. In reality where can that money go where it will not soon be uncovered by still another extorted treaty.

The days of hiding assets from the world's taxmen are disappearing governments have a lust for power and money to fund that power. The US is one of the worst in demanding it's citizens pay forever regardless of residence. I don't like it very much, but short of renouncing citizenship it is a cost of being born where I was given the opportunity to earn the money.
One of the problems no one has talked about yet is the damage this law will do to PANAMANIANS with dual citizenship. Many acquired US citizenship by having being born in the old Zone then being granted Panamanian citizenship and decided to stay. Also many Panamanians who lived in the US for a while, became US citizens and returned to Panama. I would bet there are several thousands dual citizens who have spent their whole life in Panama and have no clue what the US is about to do to them.
What were talking about is native born Panamanians who for some reason or another also have US citizenship. In this case I believe they will be treated just like an expat. Remember the US believes that US law superseeds all other law even for a Panamanian who has never lived in the US who also has US citizenship.
I believe renouncing US citizenship will not get you off the tax hook. It used to be you were on the tax hook for 10 years after renouncing, but that has been extended to forever some years back. I am sure there is more to this but I am too lazy to check, as I don't have any real significant tax issues to worry about.

As an aside, I don't think you can get out of capital gains in on your principle house in Panama, while the US will give you a large exemption. If it is not your principle house then I think you pay gains in both places, and cannot offset with a tax credit until Panama has a tax treaty with the US. I am not a tax expert, would be interested in comments on this.
Hummm...good point (s)
No place left to hide your millions? I'll bet there are a lot of us who wish we had that problem. Makes you want to cry!

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