Here is an excellent article by my good friend Derek Sambrook of Trust Services, S.A. http://www.trustserv.com/ about the importance of Offshore Estate Planning:

In centuries past the Catholic church amassed a fortune from wills which left money for prayers to be said for the souls of the departed. John Shakespeare, William’s father, for example, died in 1601, the year that Hamlet was written, and left a plea, along with a spiritual, if not an actual, last will and testament, that his relatives should pray for his salvation. In today’s world, salvation can concern temporal matters as well, and needs the intercession of not just prayer if one has assets offshore.
A lot of personal wealth is held in companies registered offshore, but what happens to the assets when the owner dies? Although Plato contends that nothing in the affairs of men is worthy of great anxiety, I can guarantee that not getting your affairs in order before your rendezvous with death can cause great anxiety for those left behind.

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Canadians travelling or residing abroad may die as a result of natural causes, accidents, murder or suicide. Canadian consular officials overseas and in Ottawa assist families in making all the necessary arrangements if such a situation arises. Visit:

http://www.voyage.gc.ca/main/problems/deaths-en.asp

When a U.S. citizen dies abroad, the nearest U.S. Embassy or Consulate should be notified as soon as possible. Upon notification, the consular officer, in accordance with local laws, may do the following....

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It is my opinion that TERM insurance is the best life insurance for most occasions. While term life insurance rates in Panama are still on the high side, they are considerably lower than Whole Life or Universal Life products.

As part of the Mortgage/loan contract, banks and other lending institutions will require life insurance from a Panama licensed insurance company (will not accept your USA, Canada life policy as a guarantee).

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