Banking in Panama For Offshore Investment

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Banking in Panama For Offshore Investment

by: MorrisPedasian | Total views: 3 | Word Count: 508 | View PDF | Print View
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Once considered an uncooperative tax haven, Panama has evolved into one of the premier places to bank or protect your personal assets. It is important to have a working knowledge of Panama's banking practices and to protect yourself by investigating any financial institution in which you choose to place your money. That said there are many reasons why people bank in Panama.

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.

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.

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.

Panama bank accounts can be set up for international customers without the need for them to visit the country. Furthermore, if privacy is an issue, an anonymous bearer share corporation can be incorporated in Panama with this corporation able to open up a company bank account in Panama. Your name will appear as a signatory in the bank's records only and they are bound by strict banking secrecy laws. No government entity in Panama will know who owns your company and bank account. Only a court motion filed in a Panama court can have these banking secrecy laws lifted.

Banking in Panama is a viable option for many people and only you will know if it is right for your personal banking needs. That said, Panama is no longer consider a shady place to do business anymore and the country has a lot to offer its financial customers. The banking system in Panama is cleaned up and offers customers the ability to keep their assets in a safe place without the concern of taxes.
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