Can a Panama bank/business have your assets taken by the Gov?
I have an account on e-bullion, a place that holds gold that you can trade with anyone online. I have no funds in it yet because I don’t know how safe it is from having your assets taken by the Government. E-Bullion is based in Panama with it’s corporate headquarters in Deleware. Another question is why would a company set itself up in such a fasion?
I’ll start off by saying that although Panama is not considered to be a developed country, but it certainly is of the upper echelon of developing nations. Their government is stable, and they have a rather high-income middle class. Democracies are rare to seize assets in the first place though (and Panama is a Constitutional Democracy) is goes staunchly against their philosophy. The risk of Panama seizing assets from private industry seems in my opinion, slim to none.
E-Bullion is actually a firm based and incorporated in Panama. The firm that manages its reserves is a Delaware based and incorporated firm “Goldfinger Bullion Reserve Corporation” or GBRC for short.
This has to do with various legal issues that US-law has with foreign asset ownership on behalf of the investor. I’m sure it simplifies the process tremendously on behalf of the individual investor like yourself, making it much easier to attract clients (Just imagine if you had to deal with the taxes and legal framework that went along with individual foreign ownership of assets, what a nightmare!!)
GBRC appears to be wholly owned by E-Bullion though, so essentially, they are the same firm, again, just separated for legal reasons.
As for why they probably keep the Bullion in Panama I can think of two possible reasons. One, and I hate to be redundant, there is probably more legal issues with the physical trading of assets internationally than can be reasonably accommodated for by letting the assets reside in their original country of origin. Thinking more along the lines of operational expense for the company, having a large majority of precious metal mines located in Central America is a key reason for storing them there as well. The pure cost of transporting bulk bullion (not including the arcane insurance they would pay to assure reimbursement in situations lacking safe passage) is huge. Storage near the source seems the most cost-effective management strategy for this particular firm.
Gold Bug 11.03.09- Trade gold, bullion, gld & make money in
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