Banking in Panama For Offshore Investment

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.

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.

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.

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.

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

To learn more about Panama banks or to learn more about opening corporate bank accounts in Panama visit OffshoreLegal.org

Please Rate The Above Article From The Legal Category
Article Title: Banking in Panama For Offshore Investment

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated

Syndicate Legal Related Articles Via RSS!

Boost your websites' search engine ranking! Attract more repeat visitors!
Automatically, consistently update your content via Really Simple Syndication (RSS). To syndicate the above article and other Legal related articles on your blog or site, simply click on the XML Icon above to grab the RSS feed -- It's FREE!

Subject to Orbitaloc.com's Publisher Terms of Service, you may reprint this article on your own website, blog, and ezine. (English only) You may also syndicate the article via Really Simple Syndication (RSS). It is free of charge.

Free Articles on Legal and Other FREE Content Article Topics
The preceeding is an informative article from the Legal category.

Visit Our Sponsor for 2 Free Quarts of Liquid Vitamins