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