Panama Banking For Offshore Asset Protection

Panama was once blacklisted as an uncooperative tax haven but has cleared up their name with the United States without actually caving in on their banking secrecy laws. The upshot is Panama is a world class offshore banking destination offering full service accounts that include all of the features of a traditional North American or European bank account.

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.

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.

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.

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.

Article Source: http://www.myaddirectory.com

To learn more about Panamanian banking or to learn more about offshore banking in panama visit OffshoreLegal.org

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