Panama Offshore Banking

Panama is one of the world’s premier financial centers that provide several domestic and offshore services to persons internationally.

Panama offshore banking provides a means by which individuals and corporate entities can invest and accumulate their funds in a tax free environment. Panama offshore banking services are offered to persons who are not resident in Panama. According to Panama’s banking regulations, this is an essential aspect of offshore banking which justifies the reason for exemption from Panamanian corporate taxes due to the fact that the funds held in Panama offshore banks do not come from sources within Panama.

Panama offshore banks provide numerous services. Some of these include 24 hour online banking which enable the clients of Panama offshore banks to perform banking transactions at any time or day. Panama offshore banking gives access to international debit and credit cards which are vital for conducting trade, making payments or receiving funds via any internationally recognised banking institution, as well as multi currency accounts that allow for doing transactions in any major currency, such as the Euro, US dollar and Pound Sterling. Panama offshore banking gives clients the advantage of saving in any of these currencies. Panama offshore banks are particularly useful for international business persons since they facilitate and process a wide range of complex banking transactions that domestic banks generally may not have the capacity to perform. Different types of accounts such as merchant, personal and corporate accounts are available at offshore banks in Panama.

The procedure for setting up a Panama bank account is generally straight forward. In order to open a Panama offshore bank account, an offshore bank in Panama will require proper identification documents. There may be a minimum amount, in some cases for instance USD1, 000 for accounts in USD and Euros 3,000 for accounts in Euro, which must be deposited into the Panama bank offshore account as a standard requirement. A Panama bank account can be opened within one to three working days providing that the bank provides very quick and efficient services and that the necessary documents are sent in and approved by the Panamanian offshore bank for offshore account opening purposes. Some of the documents that are generally required for opening a Panama bank account include a notarized and apostilled copy of passport, bank reference letter, professional reference letter and a notarized and apostilled copy of driver’s license.

Panama banks provide their clients with complete confidentiality. The employees of offshore banks in Panama are restrained by Article170 of the Panama banking laws from divulging any information regarding the personal information or private banking transactions of their clients. Violation of banking confidentiality is sanctioned accordingly by the Banking Superintendence, which is the principle regulatory body for banking activities in the Republic of Panama. The Panama banking commission is prevented from investigating individual clients of Panamanian offshore banks. Information obtained in the course of an investigation cannot be divulged to any authority or person as such information can only be given if required by a court order. The way in which the banking Commission accesses data is regulated by Article 65 of Cabinet Decree 238 whereby the Commission is required to perform a general inspection of the Panama offshore bank’s books rather than singling out the transactions of one particular client.

Persons wishing to do Panama offshore banking could choose to travel to Panama, but can be saved from the expense and hassle by simply using the services of a lawyer that is licensed as a registered to provide offshore services. Some of the offshore services that may accompany Panama offshore bank account opening include the incorporation of Panama corporations incorporation and Offshore Foundation.