Offshore Bank Accounts In Panama And What They Offer To You

Panama offshore banking is governed by strict anti money laundering controls as well as exacting privacy guidelines There are around eighty offshore banks operating out of Panama. The advantage of going for Panama offshore bank accounts is that they ensure client privacy and prevent criminal banking activities.

Individuals who choose to bank with Panama banks but stay outside the country can remit income to their Panamanian offshore bank account without the need to pay local taxes on that income.

The types of offshore bank accounts available in Panama are personal accounts, business and merchant accounts. In order to facilitate accessing account information and performing transactions for non-residents, internet banking facilities have been offered by offshore banks. Furthermore, it is simple to get credit cards, debit cards and checkbooks from these offshore banks in Panama.

You need to have a minimum initial deposit in order to open a Panama bank account. Once you have opened a bank account it is necessary for you to keep a certain balance in the account; otherwise you will be charged a specific amount of fee. Apart from this, opening an offshore bank account in a Panama offshore bank is a straight forward process.

There are also a number of companies offering IBC incorporation and bank account establishment packages. The fee charged by these companies for the services they provide is almost the same for all. If you wish to open an offshore bank account in Panama there are some formalities to be fulfilled. You will have to provide financial reference letters and proof of identity in the form of notarized copies of your passport.

Panama offshore banks offer the facility of online banking. This eliminates the need to come all the way to Panama in order to open a bank account; but you still need to supply reference letters and passport copies. As far as interest rates are concerned, you may get up to 7% interest on 5 year deposits. US dollar is the national currency in Panama but sometimes Euro accounts are also available.

When you open a Panama bank account you can obtain an ATM card through which you can withdraw cash from the banks ATM machines worldwide. These cards will have your name. For privacy protection, some people obtain an ATM card from unrelated financial institutions. Money can be transferred to the ATM card by wire from your Panama or other bank account and then withdrawn as needed.

Panama offshore bank accounts are an important component of the overall asset-protection strategy. These accounts have no restrictions for foreigners. They can be set up within five days. The minimum deposit is usually $1,000. At the same time, they are considered legal as well.