Benefits of Banking in Panama
Deciding what to do with your money can be a difficult task. You want to make sure you money is safe. You also want to reduce your tax burden, limit financial liability and product your privacy when conducting your financial business. If all of these match your financial priorities, you may be well serve by placing your money in the Panama banking system.
One of the biggest benefits for account holders in the Panama banking system is a reduced tax burden. While you still must pay United States taxes before you transfer money to your bank account, once the money is in the Panama banking system, any interest your money earns is not subject to local taxes. This can offer you significant savings.
If you are in need of estate planning services, many banks in Panama will help you in that area. You may also be eligible for a higher interest rate on your money. Asset protection from future liability is also a major benefit of Panama banking.
Panama banking can also offer you the ultimate in financial privacy. Complete anonymity is possible by taking advantage of Panama banking accounts like IBC accounts and Panama corporations. All of your transactions will be secure and Panama banking officials will never disclose your identity. You can conduct all of your banking business with full confidence that your privacy will be protected.
You don’t have to live in Panama to take advantage of Panama banking. Many Panama banks offer telephone, Internet, fax and email access to your Panama bank account. It is easy to deposit money into your account and to transfer money between accounts. ATM and debit cards are available for most accounts, making it easy to access your accounts from anywhere in the world. Unlike United States banks, most Panama banks don’t have a daily transaction limit,so you have complete access to your money, not matter how much you need to withdraw.
Opening an account in the Panama banking system is easier than you might think. You never have to travel to Panama, although you may wish to. All you need to supply is a notarized copy of your passport. You may also need to supply letters of reference from any current banks where you have accounts. Business partners may also need supply reference letters for you. Once all of your documentation is received, your account will be opened.
The Panama banking system uses the U.S. dollar as the official unit of currency, but other major currencies are accepted, including the Euro and the Canadian dollar. Cash can be deposited into your bank account by transferring funds from one account to another or by wiring money. You can also send a certified bank check to add funds to your Panama bank account.
There are many benefits to having an account with a Panama bank. You are the only one who can decide if the benefits of a reduced tax burden, confidentiality and easy access to your accounts are right for you.
The following is a list of banks that operate in the Republic of Panama. Where possible website contact details have been included for convenience.
Foundations have existed in jurisdictions like Lichtenstein for many years, but they have only been available in Panama since 1995. There are many benefits to setting up a Panama foundation, but first you should know exactly what a panama foundation is.