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Panama Banking For Offshore Asset Protection

May 1, 2008
Once on the United States hit list as an uncooperative tax haven Panama has made large strides in the offshore banking world to both satisfy the United States while at the same time providing the level of privacy and banking secrecy that has helped Panama take in billions of dollars in investment.

In recent years Panama revised its laws against money laundering and has developed a banking system that is both extremely private and highly competitive. The system is carefully monitored by the international offshore banking community making it a relatively safe place to do business. Banks in Panama are generally easy to do business with and you can feel comfortable knowing that your assets are being taken care of by a reputable and safe jurisdiction. The banks in Panama are held to strict banking and privacy regulations, but at the same time they ensure illegal practices are not taking place.

Panama has many tax laws that make it a favorable place for foreigners to do their banking. If you incorporate a Panama company for example, and get a bank account for it. If that company makes all of it's money outside Panama you can safely send all of this money to your Panama bank account and you will not be subject to tax on this money in Panama.

Banks in Panama have comparable features to their North American counterparts including; online banking and ATM cards. Bank accounts in Panama come in 3 distinct flavors including; personal bank accounts, company bank accounts or merchant accounts for businesses that process credit cards.

If you don't live in Panama, you can have Internet access to your account set up by the bank's so that you can access your account for any reason including, getting account information and transferring funds to and from your account. Many of the banks offer an ATM card so that you can have even easier access to your funds.

When you bank in Panama you are able to choose many options when setting up your account. Panama banks allow you to open a basic personal account and they also can help you take the necessary steps to incorporate an entity or an offshore company. You will be required to show your personal information and you will also have to verify your identity by showing a notarized copy of your passport, references and a drivers license or another form of photo id.

Banking in Panama is a great option for most people who need to utilize a stable and secure offshore banking destination in their financial planning. The level of secrecy and privacy afforded in Panama is very hard to come by in other countries.
About the Author
To learn more about Panama banks or to learn more about offshore banking in panama visit OffshoreLegal.org
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