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Cromwell's ghost

Some tax-compliant Americans have strong reasons to stay offshore, says Derek Sambrook

30 May 2014

Panama, the region's banking centre, has seen a flood of business from Venezuela (see Here comes the sun).

Conversely, because of the Foreign Account Tax Compliance Act (FATCA), some Americans have been exiting the local banks - in some instances, they are egged on by the banks, who see American depositors as trouble. And a coterie of banks, growing in number, may themselves use the acronym FATCA: Forum Against Taking Clients from America. As I am sure you appreciate, the forum has not been restricted to Panama for its membership.

However, some tax-compliant Americans have strong reasons to stay offshore. Tax and transparency are a given for them because one compelling reason for Americans to look offshore...

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