Panama Offshore Banking Benefits
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 developed many laws in the offshore banking and tax spheres that are very friendly to foreign investors doing business outside of Panama. If you incorporate an offshore company in Panama then set up a corporate bank account for this corporation whatever deposits you make into this account on the companies behalf are tax free provided the money was earned outside of 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.
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.
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.
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.
Filed under: Business