Thursday, January 29, 2009

Panama removed from Russian black list

Until recently the government of Russia had imposed a series of restrictions on financial transactions involving Panama, because mobsters and tax evaders in the former country were known to hide their assets here. But as part of Russia joining the World Trade Organization, a bilateral accord between Russia and Panama that deals with many of these concerns has been signed and Russia has removed this country from its financial transactions blacklist. The agreement also contains a merchant marine clause that eliminates special surcharges and coast guard inspections for Panamanian-flag ship calling at Russian ports, which were imposed because of concerns about unseaworthy vessels registered in this country posing hazards in Russia's waters.

Source: Panama News Volume 12, Number 7 April 9 - 22, 2006
http://www.thepanamanews.com/pn/v_12/issue_07/business_briefs.html





Panama has been removed from the blacklist of the Russian Central Bank. The list, first published in the second half of the 90s, contained those jurisdictions whose financial transactions were deemed by the Central Bank to be worthy of special attention from the Russian banking sector.

The removal from the list comes as a result, at least in part, of the bilateral arrangements and agreements concluded between Panama and Russia. Samuel Lewis Navarro, Panama’s foreign minister, achieved similar results in his meetings in France, with Panama also being removed from the blacklist drawn up by the French tax authorities. This gesture by the French was aimed at helping French enterprises operating in Panama, particularly in regard to the expansion of the Panama Canal.

But what exactly are these blacklists really? As the name suggests, certain state organisations or national bodies draw up lists of offshore jurisdictions whose legislation and legal practices they consider harmful to their own country or region. The main objection raised against the offshore jurisdictions is that they siphon off capital, or rather taxation income, from countries which typically have very high rates of taxation. To defend against this, the aim of the lists is to create a kind of discrimination, or “deterrent”. Public opinion can generally be swayed by the notoriety of the lists, leading clients to think seriously about whether it is worth establishing a company in a blacklisted jurisdiction, or rather avoiding such complications.

The most serious sanction, however, is when the country using the list introduces concrete financial steps. For example, they may not allow, or may impose conditions on, certain bank transfers. The other important area of sanctions is where local companies who, say, pay invoices from blacklisted jurisdictions, may be subjected to more stringent inspections. If, for example, a German company includes in its accounts an invoice for consultancy services from a company in Liechtenstein, this may be enough for the authorities to instigate a full tax inspection of the German company for the last 5 years.

Source: Laveco




Canciller panameño rinde informe de exitosa gira de trabajo por Europa.

Panamá, 7 de mayo de 2007.
El primer vicepresidente y ministro de Relaciones Exteriores, Samuel Lewis Navarro rindió un informe sobre la reciente gira oficial a Europa que abarcó Roma, Paris, Madrid y Moscú....

Lewis Navarro dijo que “Francia ha determinado no aplicar medidas discriminatorias con nuestro país y contra empresas panameñas de ningún tipo y para esto estamos a la espera de una confirmación por escrito de los términos de esta información ”.

En cuanto a Italia y España hemos logrado establecer un mecanismo de consulta de los equipos técnicos, de manera que podamos abordar el tema de listas de países que llevan una serie de medidas discriminatorias contra empresas nacionales, informó el canciller panameño.

El primer vicepresidente y ministro de Relaciones Exteriores, Lewis Navarro indicó que “con Rusia hemos logrado reiterar y hacer oficial el retiro de la llamada lista negra en que nos mantenían”.
http://www.miregobpa.info/noticia.asp?elemid=1784
.





Rusia estudia crear en Panamá centro logístico energético regional
Agencia EFE. Desde Moscú, Rusia. mayo 4, 2007
El canciller de Panamá, Samuel Lewis Navarro, aseguró que ha abordado con las autoridades rusas la creación en territorio del país canalero del primer centro logístico energético regional.

Durante su visita, las partes firmaron un convenio de cooperación para promover el turismo en ambas direcciones, mientras Rusia excluyó a Panamá de la lista negra de paraísos fiscales
http://www.radiolaprimerisima.com/noticias/13272
.

Friday, January 23, 2009

Allied charities join Lucom fight


The Sisters of Mercy, the SOS villages, the San Jose de Malambo Orphanage, Nutrehogar, the Ciudad de Niño and the Fundacion Pro Niños de Darien have joined together to form the Fundacion de Apoyo a los Niños Pobres de Panama. This was done in anticipation that Hilda Piza (viuda de Lucom, and before that de Arias) and her children will lose their challenge to the Wilson Lucom will, which is now pending in the Supreme Court. Lucom, a very wealthy man, left millions to his widow but the large residue of his estate to the poor children of Panama. Piza and especially her children by a previous marriage --- most notably Gilberto Arias of EPASA, the company that owns La Critica and El Panama America --- have challenged the will and, largely through attorney Héctor Infante, have fought vicious legal battles in Panama and the United States. These have concentrated on Richard Lehman, the Florida attorney appointed by Lucom as his will's executor, against whom bogus murder charges were brought, groundless arrest warrants were issued and an arrest order on a warrant that didn't exist was put into INTERPOL's international database. The case has become an emblem of corruption with impunity in the Panamanian legal system. The Supreme Court recently slapped down a detention order that Infante obtained against Lehman and the contest on the will itself is now pending before the court. The creation of the charitable alliance distances Lehman from the controversy, as the Piza / Arias family is basing their challenge on the supposition that he's a crook who's out to loot the fortune. Now it would be the charities rather than Lehman in charge of how the bequest is spent. Sister Lourdes Reiss of the San Jose de Malambo Orphanage heads the new foundation and has expressed confidence to the competitors of the Arias family's newspapers that the Lucom bequest will be upheld in court.

Volume 15, Number 1 January 22, 2009
Full text in http://www.thepanama/ news.com/pn/v_15/issue_01/economy_briefs.html




The charity is called FUNDACION DE APOYO A LOS NIÑOS POBRES DE PANAMA. Its Foundation Council is formed by:

Orfelinato San Jose de Malambo http://malambo.org/
Asociacion Religiosos Mercedarios http://www.un.org/other/unwg/projects/panama.html
Fundacion Pro-Niños del Darien http://www.darien.org.pa/
Asociacion de Aldeas Infantiles SOS de Panama http://www.aldeasinfantiles-sos.org
Asociacion Nacional Pro Nutricion Infantil http://www.nutrehogar.org
Patronato de la Ciudad del Niño http://www.ciudaddelnino.org/

Sunday, January 18, 2009

Outlook stable for Panama bank

Banco General, S.A., is controlled by holding company Empresa General de Inversiones (BVP: EGI).



Fitch Affirms Banco General's Ratings; Outlook Stable

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed Banco General's (Panama) ratings as follows:

--Foreign Currency Long Term Issuer Default Rating (IDR) at 'BBB';

--Foreign Currency Short Term IDR at 'F3';

--Individual Rating at 'C';

--Support Rating at '5';

--Support Floor at 'NF'.

The Rating Outlook is Stable.

The rating of Banco General's US$150 million issue maturing in 2010, formerly obligations of Banco Continental, is affirmed at 'BBB'.

Banco General's (BG) ratings reflect its strong local franchise, market share, strengthened competitive position, consistent strategy, dependable performance, good portfolio quality and sufficient capital. They also factor in the worsening economic scenario and the increasingly competitive landscape.

A long-standing dollarized economy, Panama lacks a central bank or lender of last resort. Banco Nacional de Panama, the largest state controlled bank, could only provide temporary liquidity loans - if needed. In Fitch's opinion, external support for BG, although possible, cannot be relied upon.

Near-term potential for upside rating movement is limited given the worsening economic scenario. Should portfolio quality or capitalization deteriorate, they could put downward pressure on the ratings; however, Fitch considers these events unlikely in the short run.

BG successfully merged with Banco Continental (BC), integrating its customers, employees and products in less than nine months. BG's management focused its resources on the merger, providing clear direction to the enlarged franchise while achieving most financial goals. The bank emerges well positioned to compete with local and regional players.

BG showed a strong performance in 2007 and into 2008 with resilient margins underpinning interest revenues in spite of only modest loan portfolio growth; non-interest revenues increased their contribution to operative revenues. Costs remained well under control while credit cost stabilized, resulting in improving efficiency and sustained performance in terms of profitability.

The loan portfolio improved its diversification, concentration and asset quality with Past Due Loans (PDLs) reaching what could be their lowest point and reserves comfortably covering the troubled portfolio. The level of related party lending has declined but remains somewhat high when compared to its peers; some additional improvement is expected. Deposits are broad-based, well diversified and show a healthy growth that contributes to lower funding cost. After the natural decline due to the merger, capital improved largely thanks to retained earnings; the BIS capital ratio stood at 17.1% at September 2008.

Going forward, margins are expected to remain under pressure while profitability should come more from cross-sell and efficiency than from asset growth. Costs should stabilize and portfolio quality is expected to decline (i.e. provisions should increase) but remain within reasonable levels. Overall, in Fitch's view, the bank should remain profitable.

Banco General is Panama's second largest private bank. After a consistent growth strategy that involved strong organic growth and strategic acquisitions, BG further cemented its position by merging with BC in September 2007. BG holds about 12.7% of the system's assets and is controlled by BG Financial Group Inc., which is in turn controlled by Empresa General de Inversiones (61%) and 490 independent shareholders registered at the Bolsa de Valores de Panama, S.A. (39%).


Permalink: http://www.businesswire.com/news/home/20090106006480/en

Sunday, December 21, 2008

The beauty of property bubbles

Anxious investors descend on far away locations ready to pay money to anybody for a piece of paradise ... and then flip it. Dubai? Panama? No, Miami 1925...

The more things change the more they stay the same...


Booms and busts

The beauty of bubbles

Dec 18th 2008
From The Economist print edition

Property bubbles have painful consequences. They also have useful ones




THE fireworks could be seen from space (allegedly), putting China’s Olympic displays to shame. Hollywood celebrities studded a guest-list of 2,500 people. Kylie Minogue, a diminutive Australian singer, cavorted in a gold and black corset designed by Jean-Paul Gaultier. Guests consumed an estimated 1.7 tonnes of lobster.

The launch party for the Atlantis hotel in Dubai on November 20th was a perfect, noisy finale to the world’s latest age of excess. But its loudest echoes—the man-made islands, the iconic hotels, the overheated property market, the celebrities and the sun—are from another, more distant time: south Florida in the 1920s.

The summer of 1925 was mania time in Miami. Speculators descended on the city, hungry to buy land in the hottest property market in America. Salesmen swarmed to meet them. “Bird dogs” (youngsters looking to make their way in the industry) scanned the new arrivals at Miami’s train station and steered the most promising prospects to their bosses’ offices.

The heart of the boom was Flagler Street, clogged with traffic and tourists. Would-be buyers were put in the hands of “binder boys”, named for the binders in which sales were recorded. Transactions were swift and shoddy. Buyers had to put down only 10% of the purchase price for the lot they were buying to close a deal; further instalments were payable when the sale was legally recorded. Many new owners had no intention of waiting that long. In another echo of modern-day Dubai, they wanted simply to flip their property, which often had yet to be dredged from the ocean, on to the next man. Some bits of land were sold and resold several times during a single day.

Among the principal beneficiaries of Florida’s extraordinary land boom was Carl Graham Fisher, a serial entrepreneur who can take much of the credit for turning Miami Beach from a swampy strip of mangrove trees into the most talked-about resort in the country. As prices soared, so did Fisher’s fortune, at least on paper.

But he saw trouble ahead. Along with a handful of others, he had spent many years turning his vision of Miami Beach into reality. The quick buck was not his goal. As sales grew more and more frenzied, he tried to dampen things down. In a letter to the publisher of the Miami Daily News, whose pages were fattened with property advertisements, he gave warning that many of the development schemes were misleading and that prices had become wildly inflated: “Some of the property being sold in Florida will not bring as much money in 30 years as it is selling for now.” Fisher did more than write letters. He instructed his own salesmen to raise the required down payment on land from 10% to 25%, and to entertain bids only from buyers who planned to develop the lots on offer.

Fisher’s foreboding was soon proved justified. Savvier investors began to pull back from their interests in Florida. In the winter of 1925-26 the number of visitors dropped. So did the level of property transactions. A capsized ship blocked entry to Miami harbour in early 1926, slowing the pace of construction work. Banks that had lent money to property developers wobbled. As concern grew that the skin of Florida’s bubble was tearing, nature provided a drawing-pin of its own. On September 18th 1926 a hurricane hit south Florida, ripping through the hotels, piers, marinas and mansions that had been put up in the preceding years.

The storm killed 400 people and made another 50,000 homeless. It also marked a decisive downward shift in south Florida’s economic fortunes. “Castles in the Sand”, a biography of Fisher by Mark Foster, records that bank deposits in the region fell by 75% between 1925 and 1929, bankruptcies jumped by 600% and the value of building permits slumped from $101m to less than $13m. And all this was before the Depression piled on further misery.

Fisher himself did not escape the damage. His worries about Florida had not stopped him embarking on another grand project, to develop a dazzling resort much farther up America’s east coast at Montauk Point on the tip of Long Island. But his ability to finance the Montauk scheme largely depended on the money flowing in from Florida, money that dried up as the bubble deflated. With no cash in the bank and big bills to pay, Fisher was forced gradually to dismantle his Florida empire, selling and bartering land in a desperate bid to balance the books.

The Montauk project went bust in 1932. By 1933 most of his remaining employees in Florida were being paid in property deeds rather than cash. Fisher declared bankruptcy in 1935 and died four years later, still in Miami, bloated from cirrhosis of the liver but a shrunk figure in every other way. His former wife, Jane, described his final years in Miami Beach: “Through its streets Carl moved slowly, hardly known by the new crowd whose cars flashed through the streets he had built.”

What is left behind

The story of Florida’s land boom is a classic example of a bubble and its dangers. The costs are clear: growing speculation as the bubble inflates, driving prices and value further and further apart; the sharks and the fraudsters, peddling fantasies to misguided investors; the gathering doubts about sustainability; and then the calamitous bursting of confidence, causing debts, defaults and despair.
Full text in http://www.economist.com/finance/displaystory.cfm?story_id=12792903&CFID=36646690&CFTOKEN=41419828


Thursday, December 18, 2008

Las Uvas: Fever in the coast


The following is draft a translation in Tropiland of an article appearing in La Estrella.



La Estrella, December 15, 2008

12-15-2008 RICHARD M. KOSTER
mailto:periodistas@laestrella.com.pa

On the beach of Coclé, where the Anton river comes meets the ocean, the waters of the river mouth have created a long lagoon and a peninsula that throws itself on the west ,parallel to the coast. They call it Las Uvas. It is possible to access it ,during low tide, via the beach from Juan Hombrón, but otherwise, it is not accessible by land.
Since it has neither drinking water nor irrigation and agricultural potential, it had no value until the fever of the tourist development came to the area of Farallón. In the summer of 2007, a person called Sonia Álvarez offered to buy possessory rights in Las Uvas for $ 3.00 per square meter. Immediately, she found local fishermen caliming that they had Rights Of Possession over the land.
In June, 2007 Álvarez, Roberto Homsany , Alberto Sudarsky and Henry Lebowitz, requested to buy 31.6 hectares of the peninsula to the State making a formal, written request (as per protocol) at the Department of Economy and Finance . Their request mentioned as motive “a project of " country-style villa ecotourism project” and it was accompanied by 32 “contracts of sale of the Rights of Possession of the resident inhabitants of the area” and “an agreement signed by the holders of these property Rights of Possession, who have been inhabiting them for 39 years”.
When La Estrella visited the peninsula, on November 13, it was desert. Seagulls were patrolling the smooth sea. The only human element was a rancho of four posts with tin roof bent from the breeze. To imagine 32 supposed inhabitants needed a poet's imagination.
Having road access to the property is a requisite so that Cadaster grants title by means of Rights of Possession. Be that as it may, the purchase request included a letter of the mayor of Anton, Roger Ríos, who was requesting from Hacienda Santa Mónica “a road servitude (right of pass) to lead to the peninsula of Las Uvas”.
Hacienda Santa Mónica is one of the most beautiful properties of Central America - approximately 3,000 hectares that spread from the Inter-American highway down to the ocean. It was created by combining land from five farms by president Harmodio Arias Madrid. In it he developed rice and bred cattle . He then turned it over to his son Gilberto Arias Guardia, and then to his grandchildren. They sold it to the second mother's second husband , Wilson Lucom. Lucom paid the mortgages and set the farm to produce, but in 2005 he sold it so that it was the site of the first “Branded City” of Latin America.
"Branded Cities" are communities designed to serve simultaneously as esidential, commercial and recreational. The most out-standing example is Palm Island of the United Arab Emirates. The project, which will be called Grand Panama and which will cost $3 billion, will feature a five -star hotel, a marina, four golf courses, 9,700 residences, and a 400,000 square meters of shopping center.
It will generate 10,000 jobs during the phase of construction and 5,000 permanent jobs. It will give incalculable profits to the region and the country.

Lucom accepted a first payment of half a million dollars, but he died in June, 2006 before finishing the buying and selling. In his testament he left an apartment of $ 1 million and a million dollar anuity to his widow, but he directed the buldge of his assets to a foundation dedicated to to feeding children in need in Panama. The widow has urged to annul the testament, and Santa Monica, the principal part of the executrix, has remained tangled in the succession dispute, under the administration of lawyer Marta Cañola, named by the Judge of the Fifth Circuit.
When Grand Panama International paid half a million to buy Santa Monica, they hired Meneren Corporation of Denver USA, to develop and administer the project. Meneren must wait for the conclusion of the judgment of succession to complete the buying and selling with the winner,of the case and has remained alert to the real property swaying in Panama. On May 11 of the present year Meneren inspector, Steve Guthrie, received an e-mail of a broker in Panama offering him area in the beach close to Juan Hombrón. On having investigated, Guthrie discovered that Las Uvas were being marketed even though they and the peninsula were part of the "Branded City" property.
“They were trying to sell to us land that our bosses already were ready to buy!”, he said to La Estrella. “With the down payment of half a million dollars, he lagoon is where we think to put the marina, and without these kilometers of beach the property does not serve for the project”.
Aurelio Andrión, until March of this year regional Cadaster chief in Coclé, confirmed what Guthrie said. “There is no case of "purchasing from the State in that place”, he said to La Estrella. “The peninsula of Las Uvas belongs to finca number 7022, which is part of Hacienda Santa Mónica ”.The Public Register confirms Andrión . It establishes that the south boundary of finca 7022 is “the Pacific Ocean”.
Mayor Ríos said to La Estrella that Sonia Álvarez had asked for the letter in which Hacienda Santa Mónica requested right of way from the Treasury Department. He wrote it to help the fishermen, who are his constituents. He delivered it to Álvarez and not to lawyer Cañola.
According to the said lawyer, the grounds in the peninsula of Las Uvas “are not state but a private property that finca 7022 is part of and Rights of Possession do not exist on private property”.
Sonia Álvarez, Alberto Sudarsky, Roberto Homsany, and Henry Lebowitz have not come on record as of yet. On November 8 there was a meeting of the fishermen who had sold their "Rights of Possession to Sonia Álvarez. They were angry. They were selling in $ 3.00 per square meter, but they received only 8 %. The rest would come when the investors were receive title of the area which, from the looks of it, is far,far away.







Feb. 17, 2009: The Spanish online version of La Prensa has been truncated (censored?) with a disclaimer "Look for the full version in page 2A of our printed version." Thanks to Google cache, we are able to share the full version with our Spanish-reading users.

LAS UVAS DE COCLÉ
Fiebre en la costa
12-15-2008 RICHARD M. KOSTER
periodistas@ laestrella.com.pa
El desarrollo turístico ataca al país desde múltiples frentes y en toda guerra la primera baja es la verdad
Portada PANAMÁ. En la costa de Coclé, donde el río Antón llega al mar, las aguas de la desembocadura han creado una laguna larga y una península que se tira al oeste paralela a la costa. La llaman Las Uvas. A marea baja se puede llegar allí por la playa desde Juan Hombrón, pero de otra manera no es accesible por tierra.
Como no tiene ni agua potable ni fertilidad, no tuvo valor hasta que la fiebre del desarrollo turístico llegara a Farallón. En el verano del 2007, una persona llamada Sonia Álvarez ofreció comprar derechos posesorios en Las Uvas a $3.00 el metro cuadrado. De una vez encontró pescadores dispuestos a sostener que los tenían.
En junio de 2007 Álvarez, Alberto Sudarsky, Roberto Homsany, y Henry Lebowitz, solicitaron al Ministerio de Economía y Finanzas comprar los 31.6 hectáreas de la península a la Nación. Su solicitud mencionó como motivo “un proyecto de villas campestres ecoturísticas” y fue acompañada por 32 “contratos de compraventa de los derechos posesorios de los moradores residentes del área” y “un acuerdo firmado por los poseedores de estas tierras, los cuales las habitan desde hace 39 años”.
Cuando La Estrella visitó la península, al mediodía del 13 de noviembre, era desierta. Patos cuervos patrullaban un mar liso. El único rastro humano era un rancho de cuatro postes con techo de zinc agachado debajo de la llovizna. Imaginar a los 32 supuestos moradores nos hubiera requerido grandes dotes de poeta.
Acceso vial es un requisito para que Catastro otorgue título a base de derechos posesorios. Así es que la solicitud incluía una carta del alcalde de Antón, Roger Ríos, quien solicitaba a Hacienda Santa Mónica “servidumbre vial para dar acceso a la península”.
Hacienda Santa Mónica es una de las propiedades más bellas de Centroamérica —unas 3,000 hectáreas que se extienden de la carretera Interamericana hasta el mar. Fue creada de cinco fincas por el presidente Harmodio Arias Madrid. Allí sembró arroz y crió ganado. Esta la pasó a su hijo Gilberto Arias Guardia, y luego a los hijos de él. Ellos la vendieron al segundo marido de su madre, Wilson Lucom. Lucom pagó las hipotecas y puso la finca a producir, pero en 2005 trató de venderla para que fuera el sitio de la primera “ciudad marca” de América Latina.
Las ciudades marca son comunidades diseñadas a la vez residenciales, comerciales y recreativas. El ejemplo más destacado es Isla Palma los Emiratos Unidos Árabes.
El proyecto, que se llamará Gran Panamá y que valdrá 3 mil millones, contempla un hotel de cinco estrellas, una marina, cuatro canchas de golf, 9,700 residencias, y un centro comercial de 400,000 metros cuadrados.
Generará 10,000 empleos durante la fase de construcción y 5,000 empleos permanentes. Dará beneficios incalculables a la región y el país.
Lucom aceptó un pago inicial de medio millón de dólares, pero murió en junio de 2006 antes de finalizar la compraventa. En su testamento dejó un apartamento de $1 millón y un cuarto de un millón anual a su viuda, pero destinó el grueso de sus bienes a una fundación cuyo propósito es alimentar niños con necesidades en Panamá. La viuda ha instado anular el testamento, y Santa Mónica, la principal parte de la testamentaria, ha quedado enmarañada en la disputa de sucesión, baja administración de la licenciada Marta Cañola, nombrada por el Juez Quinto del Circuito.
Cuando Gran Panamá Internacional abonó medio millón para comprar Santa Mónica, contrató a la Meneren Corporation de Denver, EEUU, para desarrollar y administrar el proyecto. Meneren debe esperar la conclusión del juicio de sucesión para completar la compraventa con el vencedor, y ha quedado alerta a los vaivenes de bienes raíces en Panamá. El 11 de mayo del presente año su director administrativo, Steve Guthrie, recibió un e-mail de un corredor en Panamá ofreciéndole terreno en la playa cerca de Juan Hombrón. Al investigar, Guthrie descubrió que se trataba de la península Las Uvas, que él conoció como parte de la Hacienda Santa Mónica.
“¡Pretendían vendernos terreno que nuestros principales ya contrataron comprar!”, dijo a La Estrella. “Con abono de medio millón de dólares. La laguna es donde pensamos poner la marina, y sin estos kilómetros de playa la propiedad no sirve para el proyecto”.
Aurelio Andrión, hasta marzo de este año jefe regional de Catastro en Coclé, confirmó lo que dijo Guthrie. “No hay compra a la Nación en aquel lugar”, dijo a La Estrella. “La península de Las Uvas pertenece a la finca 7022, que forma parte de la Hacienda Santa Mónica”.
El Registro Público confirma el criterio de Andrión. Establece que el lindero sur de la finca 7022 es “con el Océano Pacífico”.
El alcalde Ríos dijo a La Estrella que Sonia Álvarez había pedido la carta en que solicitó servidumbre a Hacienda Santa Mónica. La escribió para ayudar a los pescadores, quienes son sus constituyentes. La entregó a Álvarez y no a la licenciada Cañola.
Según la licenciada, las tierras en la península de Las Uvas “no son estatales sino propiedad privada que forman parte de la finca 7022, y no existen derechos posesorios sobre propiedad privada”.
Sonia Álvarez y Roberto Homsany no han devuelto llamadas de La Estrella. No hemos podido localizar ni a Alberto Sudarsky ni a Henry Lebowitz. El 8 de noviembre se celebró una reunión de los pescadores quienes habían vendido sus derechos posesorios a Sonia Álvarez. Estaban enojados. Vendían en $3.00 el metro cuadrado, pero cobraron solo 8%. El resto vendría cuando los inversores recibían título del terreno. Se estima una larga espera.

--------------------------------------------------------------------------------

CRONOLOGÍA
En el verano del 2007, una persona llamada Sonia Álvarez ofreció comprar derechos posesorios en Las Uvas a $3.00 el metro cuadrado.
En junio de 2007 Álvarez, Alberto Sudarsky, Roberto Homsany y Henry Lebowitz, pidieron al Ministerio de Economía y Finanzas comprar los 31.6 hectáreas de la península al Estado.
La Hacienda Santa Mónica es una de las propiedades más bellas de Centroamérica, 3,000 hectáreas desde la Interamericana al mar.
El 8 de noviembre hubo una reunión de los pescadores que vendieron sus derechos posesorios a Sonia Álvarez.

Friday, December 12, 2008

Panama is popular choice of Canadian Offshore Investments



Canadian Offshore Investments Have Risen Ten-Fold Since 1980s
By by Mike Godfrey, Tax-News.com, Washington
10 June 2003

It was revealed this week that a presentation given by Canadian federal tax officials to the Minister of National Revenue Elinor Caplan some months ago showed that Canadian citizens are investing ten times more money in low tax jurisdictions than they were in the late 1980's.

The Canada Customs and Revenue Agency's presentation, entitled 'Tax Havens, An Evolving Taxation Issue' and shown to government ministers last November, claimed that the total amount invested offshore stood at $44.6 billion in 2001, against a figure of $4.5 billion in 1988, according to the Globe and Mail.

Whilst a spokeswoman for the revenue agency was prepared to accept that the majority of Canadian taxpayers are investing offshore for entirely innocent purposes, tax officials are worried that it is difficult to police such a large volume of such transactions, and fear that not all income from overseas investments is being reported to the domestic tax authorities.

"Whenever there is any kind of tax that's not being paid, it's a serious issue. It's not the offshore transaction itself that's the matter. It's the fact that you are taxable on your worldwide income," spokeswoman Colette Gentes-Hawn told the Globe and Mail, adding: "So you may have all kinds of wonderful reasons to put your money offshore even if it's only to hide it from a spouse or a creditor or whatever, and that's fine as long as you report the income from that money."

Of particular concern to the CCRA is the growth of internet banking, a method that it says many Canadians have chosen to use to transfer funds offshore in recent years. The consequent lack of a clear audit trail in internet transactions is making it harder for tax officials to discover whether the appropriate laws have been complied with.

Also, concern is growing over the rise of consultancy firms that market and promote investment schemes in low tax jurisdictions, a phenonemon that the revenue agency says is also making its life more difficult.

It was highlighted at the presentation that a disproportionately high number of Canadians are investing in certain offshore centers, compared to investments held in the United States, Canada's nearest and largest trading partner.

However, to Walter Robinson of the Canadian Taxpayers Federation, this comes as no great surprise. "People say, 'Why would I pay an extra $10,000 when the government is going to [waste it] and not fund health care or build highways or give me better schools?'" he explained.

According to the revenue agency's figures, one of the largest beneficiaries of Canadian money was Barbados, which has seen a rise from $628 million in 1988 to $23.3 billion in 2001. Other popular choices were the Cayman Islands ($234 million in 1988 and $5.5 billion in 2001) and Panama ($14 million in 1988 against $230 million in 2001).

.


Thursday, December 11, 2008

Making your Panama investment safer

Just like in any country with a financial center, there are 2 ways to invest in securities:
- Buy bonds or shares from publicly-held companies which provide quarterly reports and are regulated by a Government securities administration, sometimes traded in a stock exchange after disclosing the names of their principals, or
- Sending money to a company with unknown promoters after receiving an email (or a "tip" from a "friend") promising double- or triple-digit returns on investment.


The largest Panama corporations trade their shares in the Panama Stock Exchange - Bolsa de Valores de Panama (http://www.panabolsa.com/ - which has Spanish versions of their prospecti). Dividends and return from securities listed in the BVP are free of Panama tax. The operations of the companies listed can be seen all over the city: Banco General - Empresa General de Inversiones (BVP: EGI), Melo (BVP: EMEL), UNESA - Panama owners of TGIF and other franchises (BVP: UNEM) or the companies which shares are owned by the Panama Fixed Income Fund (BVP: INPFIF). A registered Panama stockbroker must be retained to buy these investments.

Other regulated investments are not listed with the Stock Exchange but are registered with the National Securities Commission (http://www.conaval.gob.pa/). As the Commission has become more stringent, the number of unlisted shares in the current list of registered issuers has been reduced.
Banks and trustees are licensed by the Superintendent of Banks, which has a list of :
- Authorized banks
- Authorized trustees
The Commission has also taken a role in keeping tabs of Panama corporations which have unregistered shares and have been known to take advantage of grey areas of securities law in order to take risks from unsavvy investors. Complaints for securities scams are investigated by the Commission http://www.conaval.gob.pa/principal.asp?id=pre&sb=den

Many of those businesses are scams which conceal their activities under the name "forex", "trading accounts" and high yield investment accounts.
Usually they are in the same locations, such as a maildrop in "Plaza Neptuno Oficina 7 Avenida Ricardo J Alfaro, Tumba Muerto Panama city" (left) or fancy locations in the World Trade Center.


Before wiring money for one of these "investments", due diligence is important. Check that the company is listed with one government entity (beyond the usual Public Registry incorporation and Ministry of Commerce Business License). Seek references from locals about who runs the business and ask a local person to check out the physical address of the company.


National Securities Commission Warnings about Unlicensed Investments
# GENEVA ASSET MANAGEMENT S.A.
# SCOTT FITZGERALD GROUP
# PROSASK TRADERS CORP
# PDR EXCHANGE (PANAMA), INC. y FUNDACION PAN AMERICA
# Sens CFD Trading, S.A.
# Brics International Capital Inc.
# SECURE ONE INVESTMENT GROUP SECURE ONE HOLDINGS PANAMÁ, INC.
# Global Finance Corporations, S.A.
# Alliance Asset Management
# Guardian & Associates, Inc.
# First Global Ventures, S.A.
# HARLEEM UNIVERSAL CORPORATION
# BRITEX INTERNATIONAL LIMITED
# TIME PUBLISHING
http://www.conaval.gob.pa/principal.asp?id=inv&sb=ale&div=0




Superintendent of Banks Warnings about Unlicensed Banking Activities
http://www.superbancos.gob.pa/advertencia/list.asp
http://www.superbancos.gob.pa/advertencia/communique.asp

Indice Diario

See more information on the BVP