Panama – newfound opportunities for offshore banking!

By: Ingrid Sure


What are the documents required for opening an offshore bank account? You will need to gather and send them before you arrive in the country. These include: notarized copy of the photo page in your passport, notarized drivers license, letter of reference from a recognized bank and letter of reference from an attorney. All these documents are important and they are requested for offshore banking accounts. When you hire the firm to deal with legal proceedings and send their fee for the service provided, make sure that you send these documents as well (no matter if you plan on making a trip to that country).

Panama is considered as one of the most ideal places for offshore banking, offering a number of financial advantages. One can open several bank accounts and take advantage of complete private banking services. One particular type of offshore bank account is the one that can be tied to a stock trading account. This way you can use the money found in the account to trade online, in any part of the world you desire. Offshore bank accounts in Panama are advantageous indeed but you have to keep in mind that they can be opened either for foundations or corporations.

All this talk about offshore banking and nothing about the company providing the legal assistance. What do you need them for? They know all the legislation in Panama and the banks that provide private banking services. Their assistance is invaluable when it comes to opening up an account in Panama. The first step is to set up a corporate or a foundation account with a Panamanian bank through the firm you’ve hired. Then, using their years of experience and training in the field, they can also set up a personal account.

Why are offshore banking accounts opened using corporations or foundations? The answer is simple: you want private banking, you got it. The person hidden behind that structure is never visible. In fact, the ownership of the company is not even recorded. This is what private banking is all about. You receive funds under the corporation name. Not even the Government of Panama can determine who the owner is. Just like other countries use numbered banking accounts, in Panama funds are transmitted using names of corporations. It is indeed a financial haven and not only when taxes are involved.

As you will be informed by your legal representative, you can open several offshore bank accounts in Panama. Funds can be transmitted to and from accounts using a safe and highly effective ACH system (information protected by Panama bank secrecy).

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Panama Legal Law Firm Offshore Banking, Offshore Corporation & Asset Protection Center. We are a licensed Panama law firm specializing in Asset Protection, Offshore Bank Accounts, Formation of Panama Corporations and Foundations, Panama Real Estate and Private Banking.

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