13. Panama
Panama is arguably the infamous tax haven in America. It has been receiving drug money from Latin America and ample other sources of dirty money from the United States and elsewhere for ages.
Besides having over 350,000 secretive International Business Companies (IBCs) registered, Panama is active in forming tax-evading foundations, trusts, and insurance. It also covers boat and shipping registration.
There are no taxes for offshore companies that conduct business outside Panama. They are exempt from any sort of tax. Among them are corporate tax, withholding tax, income tax, capital gains tax, local tax, and estate or inheritance tax.
Panama ensures corporates and individuals financial privacy with strict confidential laws and regulations. They are applied to documentation of offshore corporations, trusts, and foundations. Thus, any violation of confidentiality will receive severe civil and criminal penalties.
