Offshore bank accounts in Panama

Panama is a tourist delight, and with over 80 international banks is one of the largest banking sectors in the world. Many of the world’s largest banks are represented in Panama, including CITI, Chase, Credicorp, HSBC and Scotiabank.

Panama bank accounts are among some of the most desired bank accounts in the world today. The banks are solid, the US Dollar being the national currency of Panama. The government is a stable democracy and the corporate privacy, bank secrecy and attorney privacy is among the best.

No other country has shown more resolve on the matter of financial privacy than Panama. As a stable democratic nation it boasts one of the fastest growing economies in Latin America that is backed up by a banking privacy policy entrenched in its Constitution.

Panama has a fairly high rate of internal tax; however the status as a tax haven depends upon the principle that income received from outside the country is earned tax free. Business is always conducted in US Dollars with no currency exchange controls.

Benefits include:

• No requirements for the disclosure of beneficial ownership of corporations to the Panama authorities
• No requirement for audited reports or financial statements
• No double taxation agreements
• No tax exchange agreements with other countries

Panama banks are open to foreigners. All employ English speakers and offer online banking services including the service of international wire transfers, cheque balances etc.

It is not necessary to go to Panama to open an account; however this is advisable as in any country it is good to meet with those handling your account.

The documents required include:

• Complete application form
• A notarised copy of the picture page of your Passport or a notarised driver’s licence or other government issued photo ID
• A letter of reference from a recognised bank
• A letter of reference from an attorney, accountant or company you do business with on their letterhead

There is no need for utility bills or any tax identification numbers from your home country as these will not be called for.

Once the application forms and signature cards have been signed and a minimum deposit of $1000 is made the account is opened within 2-5 working days.

Only the bank account holder and designated signatories will be given access to your offshore Panama bank account.

Disclosure of bank records in Panama would require a court order from a Panama Court, and the court would have to find criminals guilty of child pornography, terrorism, large scale money laundering; narcotics trafficking and fiduciary fraud i.e. having a false bank or selling gold mines that do not exist.

Panama is not interested in Fiscal Offences especially those relating to taxation. There is no taxation for offshore income. It also has no capital gains tax. Panama has no probate, no inheritance, and no estate taxes.

To open a bank account in Panama, call or email us today.