| Panama was once listed as a "non | | | | number of different options for their |
| cooperative tax haven" but the small | | | | business. There are three types of |
| country has worked hard to shed itself | | | | accounts that you can get at a Panama |
| of that rogue image. If you are | | | | bank including; merchant accounts, |
| interested in a Panama bank, you should | | | | personal accounts and business accounts. |
| educate yourself about the policies, | | | | Non-resident Panama bank customers can |
| procedures, risks and benefits involved | | | | have Internet account access set up by |
| in doing business with a Panama bank. | | | | the bank's management in order to access |
| Panama has recently tightened its | | | | any necessary account information and in |
| anti-money laundering laws and has | | | | order to transfer funds to and from your |
| created a banking system that is | | | | Panama bank. It is also easy to apply |
| extremely private and highly | | | | for and receive a debit, ATM or credit |
| competitive, but it is monitored well by | | | | card from a Panama bank to make access |
| the international offshore banking | | | | to your money even easier. |
| community. Doing business with a bank in | | | | The majority of banks in Panama require |
| Panama is generally hassle free. You | | | | that their potential customers have an |
| can rest assured that your assets are | | | | initial minimum deposit which can be as |
| being managed in a reputable and safe | | | | low as $1000 USD. Many banks also |
| banking jurisdiction. | | | | require that each account must maintain |
| Before the major reforms of the mid | | | | a minimum balance in order to avoid |
| 1990s, Panama was home to over 150 | | | | costly fees. |
| offshore banks, but that number has been | | | | If you decide that a Panama bank is for |
| trimmed to around 80 banks. The | | | | you, you are able to choose many |
| remaining banks must adhere to strict | | | | options. You can open a personal account |
| banking and privacy regulations while at | | | | or you can takes steps to incorporate an |
| the same time ensuring that illegal | | | | IBC or an offshore company. Be prepared |
| activities are not allowed to happen. | | | | to show your personal information and |
| Banks in Panama have many advantages | | | | verify your identity by providing a |
| over banks in other offshore | | | | notarized copy of your passport, |
| jurisdictions. The only type of monies | | | | reference letters and a drivers license |
| that are taxable in the Republic of | | | | or equivalent photo id. |
| Panama are those that are generated | | | | Only you can decide if opening one of |
| outside of the country. If you choose to | | | | the many available accounts at a Panama |
| incorporate your business in Panama, but | | | | bank is for you, but you can rest |
| you decide to conduct your business | | | | assured that Panama is no longer the |
| elsewhere, you can deposit all of your | | | | place for shady business dealings. The |
| assets and earning into your Panama bank | | | | Panama bank system has been cleaned up |
| without being responsible for paying | | | | and offers savvy customers the |
| local taxes on your money. | | | | opportunity to keep their money in a |
| Panama banks offer many banking services | | | | safe account while watching it grow with |
| for the banking client that requires a | | | | little tax burden. |