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by: MorrisPedasian
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Once on the United States hit list as an uncooperative tax haven Panama has made large strides in the offshore banking world to both satisfy the United States while at the same time providing the level of privacy and banking secrecy that has helped Panama take in billions of dollars in investment.

Panama took steps to revise it's tax laws to protect against illicit money laundering, drug trafficking and terrorist financing activities through it's banks. The system that is in place is monitored by the international banking community to ensure that these illegal activities are not allowed to proceed once detected. First time visitors to Panama are impressed when they see the banks in Panama are so large. They don't expect that a tiny third world nation could possibly have a huge and thriving banking business. In reality these banks take in foreign investment as most Panamanians live well below the poverty line and have no need for a bank account.

Panama has many tax laws that make it a favorable place for foreigners to do their banking. If you incorporate a Panama company for example, and get a bank account for it. If that company makes all of it's money outside Panama you can safely send all of this money to your Panama bank account and you will not be subject to tax on this money in Panama.

The banks in Panama have all of the same features as a typical North American bank including; online banking, ATM cards and checks. Bank accounts in Panama come in three different flavors and those are; corporate bank accounts, personal bank accounts and merchant accounts.

If you do not live in Panama you can still access your account as well as send international bank wires from online banking (not all banks allow this so make sure to ask).

For those international customers who are concerned with financial privacy it is possible to create an anonymous bearer share corporation through a Panama law firm and then get a corporate bank account for this offshore company. Your name will only appear in the Panama bank's records as an account signatory. Panama's strict banking secrecy laws ensure that your personal information cannot be given out to anyone without a court order from a Panama judge. Be prepared to get a number of documents notarized and then authenticated by a Panama consulate if you do not plan on flying to Panama to set up your account.

Banking in Panama is a viable option for many people and only you will know if it is right for your personal banking needs. That said, Panama is no longer consider a shady place to do business anymore and the country has a lot to offer its financial customers. The banking system in Panama is cleaned up and offers customers the ability to keep their assets in a safe place without the concern of taxes.

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Read more information on Panama banking or to learn more about banking offshore in panama visit OffshoreLegal.org

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