Panama Banking For Offshore Asset Protection
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.
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.
Banks in Panama have comparable features to their North American counterparts including; online banking and ATM cards. Bank accounts in Panama come in 3 distinct flavors including; personal bank accounts, company bank accounts or merchant accounts for businesses that process credit cards.
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.search-raven.com
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Learn more about personal offshore bank accounts or offshore banking services in Panama at OffshoreLegal.org
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