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Posted By on August 8, 2011

You can obtain a Panama Bank Account without having to come to Panama!

Panama Banks – Panama banks do open bank accounts for foreigners. Panama asides from being the number one retirement haven in the world is also the world’s foremost tax haven. Offshore bank accounts in Panama are the most coveted in the world today. All the banks we use have online banking including the ability to send international wire transfers, check balances, history and other information. You can get an ATM Deduction card that is excellent worldwide for ATM withdrawals and it works for some Point of Sale Buys. We work with several different banks and savings and loans in Panama. We do not discuss names of banks until after a person becomes a paid client, and all the vital documents have been provided, please do not question. Same applies to sending out bank forms, signature cards, etc. We have a list of banks that we have a effective relationship with where we are able to have accounts opened without the need for the parties to come to Panama. Some of these banks are large multi-national conglomerates with assets in the 100 Billion Dollar Range and others are small Panama only Banks that offers a more personal upset and banks with everything in linking. We have never had a customer leave us since we could not get them an account with a bank or savings and loan they felt was not apposite. We can normally have an account opened within 5 effective days of the receipt of our fee and the vital documents, some times quicker.

The Administer – Making a trip to Panama is not necessary. Panama Banks never accept cash to open an account. Some customers wish to come to Panama to meet the bank, etc. This is fine but we will NOT introduce a person to any bank until after they are a paid up client and we have done our due diligence having their reference letters, passport copy etc. The banks rely on the law firm to do the vital due diligence in the area of know your customer which is the same as vital by the banks. The banks in Panama have no shortage of customers since a Panama Bank Account is the most coveted in the world right now. The banks do not wish to have the makings customers contacting them directly before the law firm has completed their due diligence. The banks are not fond of foreigners calling on the phone about opening up an account. If you are coming to Panama which again is not necessary, we suggest you do the formation of the corporation or foundation before you come and we can get the bank account approved by the new account committee before you arrive so basically you just meet the bank manager, sign the forms and signature cards and then are free to depart and your account should be functional the next day. We can help with corporate rates on a hotel; get you an English speaking driver with a car, etc. You can have a checking account or a savings account. Time locked deposits for higher interest rates are available. Minimum deposits tend to run linking 0 and 00. Some banks will provide an ATM card with the account immediately. Some banks will issue direct from the bank a Visa card that is a secured deduction card. It is excellent for ATM machines, internet buys etc. The bank will generally require a security deposit which goes into a special interest bearing account. If your Visa card had a ,000 credit line they would probably request a security deposit of ,500. At the end of the billing cycle the money to pay your card balance down to zero would be deducted from your regular account. If a need arose you could question the bank to clear the balance before the end of the billing cycle freeing up your credit for travel. Here is the option of a third party ATM card that has numbers only, no account name at all on the card. Here is also the option of having a third party MasterCard or Visa deduction card (not credit card) for an extra fee. The Visa or MasterCard deduction card also can function as an ATM card.

Documents Vital – A notarized copy of the depiction page of the Passport, epistle of reference from a recognized bank, and a epistle of reference from an attorney, accountant or companionship you do business with on their letterhead. Any bank in the modern world by the international wire system will require at least this much documentation from a foreigner opening up a bank account in their jurisdiction.

Stock Trading – The savings account can also be directly tied to a stock trading account. This allows one to trade online around the world. Here is a ,000 minimum to open such an account. The clearing agent is top drawer. We can also arrange for you to have a separate brokerage account in Panama with minimums as low as ,000. USA passport holders can not have a personal stock trading account corporate or foundation only.

Type of Account – Offshore bank accounts in Panama can be opened for a corporation or a foundation. Accounts can be opened for personal, corporate or for a foundation. USA passport holders can not open personal bank accounts unless they really reside in Panama and can document this. We always suggest the offshore bank account in Panama be opened by a Panama corporate structure. This way when wires are sent or received it can not be seen that you are the person(s) in the rear the corporation. When you use an anonymous Panama Bearer Share Companionship the ownership of the companionship is not recorded in any registry or public record database so no snooping being can determine who is really receiving the assets, and this makes for very private personal banking. Recently here was a scandal in the media where it came out that the USA was monitoring SWIFT wire transactions for some years. Monitoring a wire transaction to an anonymous corporation is honestly meaningless since nothing is known about the ownership of the corporation. If the sending being was also an anonymous corporation that would be a excellent effective definition of a dead end both ways. We always advise against personal offshore bank accounts in Panama for these reasons in addition to the fact that a corporate or foundation bank account greatly enhances asset protection but will work on personal accounts at the client’s request. We can not get personal bank accounts for USA residents/citizens. As an additional option one can open an offshore Panama bank account by a Panama Foundation which is also anonymous.

Bank Account Signatory Verification You or your designated signatory(s) will be the only person(s) with access to your offshore Panama bank account. What we do is have the bank opened up as a zero balance account; no money is in the account. Before you load the account with any assets we will show you how to steadily contact the bank by phone and verify that no one else can sign on the account or otherwise access the bank account. After the account is funded online banking information will then be emailed to you directly and you reset the password steadily online immediately upon receipt. ATM card will be sent by courier directly to you.

Number of Bank Accounts – You can open up more than one Panama offshore bank account in different banks by different corporations or same corporation or a corporation and a foundation. Sending assets from one corporation or foundation to another for payroll, buys or other reasons can straightforwardly be accomplished by the ACH system in Panama which 30 large banks use. This is not a wire transfer and the data is covered by Panama Bank Secrecy laws and only entities covered by these laws have the data. It takes one to two days for the ACH transfer to be completed and the cost is about .00 per transaction.

Panama Bank Secrecy – Panama has strict banking secrecy laws better than any jurisdiction we know of. Panama has no tax treaty with any other country. This is not the case with tax havens like Switzerland, Belize etc. who do get into tax treaties with numerous countries. Tax treaties are the legal basis for government fishing expeditions. Fishing expeditions do not happen in Panama. If a bank employee or officer violates the bank secrecy laws they can go to prison, get fined and of course you can sue the daylights out of the offending bank. The bank secrecy laws are statutory in Panama. A question that frequently comes up is if a Panama Bank that is operating under the name of a chain of large international banks is able to maintain right Panama Bank Secrecy. Let us say the Bank is called Bank Two (no such bank in Panama) and Bank Two operates in Europe and North America with 68 bank branches in different countries. The Bank Two banks in other countries can not go into their computers and see account holder information about Panama Bank Accounts. This would violate Panama Bank Secrecy, expose the bank officers to criminal prosecution and enable you to sue the bank and its responsible parties for millions of dollars of hurts. In spite of this some public prefer a bank that operates only inside of Panama and we can accommodate this sort of request.

For more information, please visit:

http://www.panamalaw.org

email at: panamalegal@hush.com

Categories: Uncategorized
Tags: Accounts, Bank, Offshore, Open, Panama