Identity Protection with Panama Banks

The World's New Home for Identity Protection

Panama is the world's new home to the asset and identity protection. Although privacy has been restricted in other countries, Panama has moved to ensure that citizens, foreigners and corporations all enjoy the highest level of protection. Panama banks play a fundamental role in the country's privacy structure as well, providing the most secure banking available in the entire world. These banks are the final piece necessary for successfully creating a private environment for personal and corporate needs.

Details about Identity Protection

Panama is the second largest banking center in the world (behind Switzerland) and possesses the best bank privacy laws. The government has moved to ensure that its banks are attractive by guaranteeing the identity protection of those using them. This high level of protection makes Panama banks very attractive to people in countries where this kind of privacy no longer exists.

The offshore banking here is in stark contrast to the banks of many "free" countries in that have been systematically eliminating the privacy because of terrorism, money laundering and tax evasion concerns. While the government has been improving anti-corruption legislation, the banks have been empowered to offer customers the finest asset and identity protection in the world. The results of this effort have produced impressive results; the banking district in Panama City is the second largest in the world and includes branches of over 150 international banks. The appeal of banking in Panama will continue to increase as asset and identity protection decreases in other countries.

Can Foreigners get Bank Accounts in Panama?

Foreigners can definitely open bank accounts in Panama; in fact, it isn't even necessary to visit Panama in order to open a bank account. The typical requirement for opening an account is a notarized copy of the picture page of a passport, a letter of reference from an internationally recognized bank and a letter of reference (including letterhead) from an attorney, accountant or company. Panama banks do not require cash to open an account so if the proper information is included in a package, only the time to deliver it will delay opening an account.

Panama banks have many benefits for their customers; some of the benefits are common to countries like the US and others are different. Among the benefits offered in Panama banks are:

• ATM cards - Like most other banks, they have internationally accepted debit / ATM cards. Unlike many other countries, it is possible to obtain a third-party debit card; such a card includes only numbers, there are no names listed on the card. This is a feature that allows continued anonymity for the holder.
• Various types of accounts - Panama banks will open accounts for individuals, corporations or foundations. Foreigners can only open individual accounts if they can prove that they reside in Panama, such as would be the case for a pensionado. Panama foundations and Panama corporations are preferred for opening accounts when there is a vested interest in asset and identity protection.
• Foundations and corporations do not have entity status - In the US and many other countries, foundations and corporations have a legal status the same as an individual. Because of this, they are required to be identified and the transactions are linked to specific individuals. Since Panama foundations and Panama corporations are not given entity status, all transactions end with anonymous corporations or foundations, providing no additional information to anyone attempting to track the transfer. The US government was recently shown to be monitoring wire transfers; if money is wired to an anonymous Panama foundations or corporation, little can be determined and banks in the country do not share customer information with other countries or interests.
• World-class bank secrecy - Not only are names protected by banks here, but account information is protected as well. As a tax haven, Panama is superior to other tax havens such as Switzerland or Belize because tax treaties are not allowed in Panama. Governments can use tax treaties to not only pursue assists in other countries, but identity information as well; this practice is not only forbidden in Panama, it is illegal. In fact, international banks that have branches in different countries cannot even share account information from Panama with other branches within the organization. Such actions leave banks liable to millions of dollars of damages and liability claims if this privacy is compromised.
• Panama banks don't turn over funds - While treaties exist in other countries, there are no treaties in Panama that allow for funds to be confiscated satisfying liens or judgments. In other words, an award in a civil suit in the US has no effect on funds held in Panama. By design, it is almost impossible to obtain records or funds from bank accounts in Panama.

Panama isn't a country that only discusses bank secrecy; it is a country that puts its words into law. In an ironic twist, the "secrecy laws" for the country of Belize are not even part of the law. This tax haven has not even written bank secrecy laws and therefore has precepts that can not even be enforced. This is not a problem in Panama, where the best secrecy laws are on the books and strongly enforced.

Panama has put many measures in place to become the most secure location for asset and identity protection and Panama banks are at the forefront of observing and protecting this security. The Panamanian government does not allow interference from other countries and does not get involved in releasing information or seizing funds. Panama has risen in prominence in the world as a tax haven and the international banking location of the future. Panama banks offer some of the finest services and the assurance that the assets and information of their clients is safe and secure.

Once just a tax haven, Panama is now among the world leaders as a strong offshore banking entity and a business district that encourages and enables Panama investment diversification. Find out the about the myth of a Panama tax haven being the only opportunity in town no longer exists as business leaders make their move to Panama for investment diversification needs.