Our Panama Law Firm assists clients in establishing offshore bank accounts in Panama as requested through correspondent banks and brokers in Panama City, Panama. Panama uses the US Dollar as it’s circulating currency, so banking or brokerage services are very straight forward and easy as there are no currency conversions or hassles.

Many people and companies in the world open Panama bank accounts because Panama Banks and Brokers offer financial privacy from their home governments tax authorities. Panama is a major international banking center (IBC's), second in the world to Switzerland. The Panama Banks do not report to your local government as do the banks in the USA, Canada, England and many other countries. All interest income or capital gains income is tax free in Panama and there are no reporting requirements to the Panamanian government. Plus, Panama banks offer higher interest rates on savings accounts, checking accounts, and CD’s ( time deposits ). Some banks offer up to 6% annual interest on savings accounts, and up to 8.5% on time deposits ( CD’s ).

Most Panama banks and brokers offer the same types of services that your local broker offers now. You can invest in CD’s (time deposits) with the banks or invest right back into stocks, bonds, mutual funds, options, money markets, etc. on the markets you are used to dealing with ( NYSE, NASDAQ, AMEX, Toronto, Vancouver, London, Hong Kong, etc.). They offer access to your account information and funds through Visa Credit Cards, Visa Debit Cards, ATM Cards, Checkbooks, and Internet banking or brokerage services.

The Panama banks and brokers we deal with are major, reputable, registered and insured international banks and brokers, so your funds are totally safe. Panama has one of the most advanced banking infrastructures in the world today.

There are many different factors that may motivate individuals to establish offshore bank accounts in Panama. The goals that individuals consistently cite as they explore international solutions to their concerns include:

1. Relief from Harassment Lawsuits;

2. Relief from Excessive Tax Rates;

3. The Need to Re-establish Financial Confidentiality;

4. The Desire for Complete Diversity of Investments

5. Re-invoicing for Import / Export Businesses;

6. Passage of Estate to Designated Beneficiaries without Legal Delays or Deductions; and

7. Diversification of Risk.

In some cases people establish personal offshore accounts with your Panama offshore bank account, we recommend that our clients establish a corporation in Panama with a corporate bank account or brokerage account (or both). You are appointed as the sole signatory on the offshore bank account so you maintain complete control over your funds. Offshore Panama corporations provide you with total anonymity and confidentiality. Panama offshore corporations offer "Bearer Share Certificates" and "Nominee Directors", plus there are no taxes or reporting requirements to the Panamanian government. There are many advantages of Panama corporations.

Bearer shares enable you to own a corporation without anyone knowing you own it because the shares of the corporation are not registered to you, rather they are registered to "The Bearer". In other words, they are like cash and can be passed from one person to the next without having to re-register them or report it to anyone. We send you the Bearer shares once the Panama offshore corporation is established.

Nominee directors for the corporation are provided by our legal staff so that you do not have to appear at the Panama Public Registry when the corporation is established. By using nominee directors, you remain completely confidential and anonymous. We provide you with pre-signed, undated letters of resignation from the nominee directors so that you can replace them at any time through another Panamanian attorney if you wish to do so. The nominee directors have no control over the corporation or your funds and they are only there to fill in the blanks on the corporations articles of incorporation at the Public Registry. The nominee directors can also be used to sign contracts, agreements, or sign for any other type of transaction that you wish to engage in.

Contact us: info@panamalegalconsultants.com