Banking in Panama For Offshore Investment | Legal

By MorrisPedasian
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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.

Panama took steps to revise it's tax laws to protect against illicit money laundering, drug trafficking and terrorist financing activities through it's banks. The system that is in place is monitored by the international banking community to ensure that these illegal activities are not allowed to proceed once detected. First time visitors to Panama are impressed when they see the banks in Panama are so large. They don't expect that a tiny third world nation could possibly have a huge and thriving banking business. In reality these banks take in foreign investment as most Panamanians live well below the poverty line and have no need for a bank account.

There are many advantages to using banks in Panama over banks in other offshore jurisdictions. The government of Panama only taxes the money that is generated outside of the country. So, even if you incorporate your business in Panama and conduct your business somewhere else you can still deposit all of your assets into your bank in Panama and you will not be responsible for paying any local taxes on your money.

The banks in Panama have all of the same features as a typical North American bank including; online banking, ATM cards and checks. Bank accounts in Panama come in three different flavors and those are; corporate bank accounts, personal bank accounts and merchant accounts.

Accessing your funds internationally can be done in two ways typically. You can access your account online using your bank's website. From here you can transfer money internationally to and from the bank account (not available at all banks). The ATM card you will receive will allow you to access your funds virtually anywhere in the world.

For those international customers who are concerned with financial privacy it is possible to create an anonymous bearer share corporation through a Panama law firm and then get a corporate bank account for this offshore company. Your name will only appear in the Panama bank's records as an account signatory. Panama's strict banking secrecy laws ensure that your personal information cannot be given out to anyone without a court order from a Panama judge. Be prepared to get a number of documents notarized and then authenticated by a Panama consulate if you do not plan on flying to Panama to set up your account.

Since Panama has been removed from the non cooperative tax haven blacklist an influx of capital has happened. Combine this with a booming real estate market and growing tourism industry and Panama is really taking large steps to becoming a world class center.

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Learn more about personal offshore bank accounts or legal services in Panama at OffshoreLegal.org

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