Offshore Banking in Panama

Setting up an offshore bank account in Panama provides a level of privacy for your bank account not seen in other countries. Panama has no tax treaties with other countries. The privacy of Panama offshore banking makes fishing expeditions from your home country very difficult as assets in a Panama offshore bank account are very hard if not impossible to discover.

Offshore Banking in Panama for a Foreigner

For a foreigner to open a bank account in Panama there are only a few requirements.

You will need to present copies of your driver’s license and photo page from your passport as well as any other government issued photo ID’s.

The bank will want a letter of reference from your bank as well as a letter of reference on company letterhead from a company you do business with or your attorney or accountant.

Most Panama law firms will have relationships with one or more of the large international banks in Panama and will be able to facilitate Panama banking in a few days. In addition, if you prefer that your Panama banking to remain a private matter the law firm can set up a Panama private interest foundation and/or a Panama bearer share corporation to hold the account leaving your name out of any public records. Again it is wise to discuss these matters with a competent attorney in Panama. Please feel free to contact ABPanama for a referral.

Check this link for a brief list of offshore and other banks in Panama.

The process of setting up offshore banking in Panama can be started before you arrive in Panama. You will need to notarize documents before sending. The whole process is easier to do in Panama and not especially time consuming. Many law firms advertise that they can set up your account for you in a few days.

Privacy of Offshore Banking in Panama

Bank employees or employees of the Panama banking commission are subject to criminal penalties if they should reveal any private banking information found out in the normal pursuit of their duties. This is spelled out in Panama law.

For another level of banking privacy Panama law specifies that any regulatory activities of the banking commission be carried out on a collective basis and not on individual accounts.

If the individual sets up a Panama bearer share corporation for even further bank account privacy then the corporation and not the individual is the owner of the Panama offshore bank account and is not mentioned in bank records.

Panama Bearer Share Corporations and Panama Banking

An increased level of privacy of a Panama offshore bank account can be obtained by setting up a Panama bearer share corporation and opening Panama banking through the corporation. This need be done with the advice and help of a competent Panama attorney. Please feel free to ask ABPanama for a referral in this regard.

If you are planning on retiring to Panama or seeking residency by other means consult your attorney regarding Panama offshore banking as a resident. Consult ABPanama regarding retirement property and investments in Panama.