Quote:
Originally Posted by alec11
Panama is well-known with their Offshore Banking.
And Panama Banks have the best privacy laws in the world. You can protect your money in Panama Banks. With no-taxes and using US Dollar as their currency, Panama Banking is choosen by many rich people over the world.
The real question is, If i want to open a bank account in Panama, should I come and visit Panama?
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I don't think Panama is the offshore haven it was a few years ago. Much has changed; especially banks. As far as privacy laws and banks are concerned, I don't think that's true. I'd say Switzerland or Austria have the best banking privacy laws. I once called my bank in Panama to ask for my balance, I just gave them my account number and nothing else and they told me; anyone could have called. I also once called to approve a wire transfer and neither on this occasion did they ask me for ID or anything. Another time they forwarded me my entire account history via unencrypted email just because they had a stupid question about one transaction.