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?

Laura

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.

__________________
Laura

soltero

Most people who invest or bank in Panama for secrecy reasons do so through a corporation or trust; the regs are much different for those kinds of entities.

twocents

I actually just read an article recently on the upcoming expansion of offshore banking that is projected to take place in Panama. I never thought it was the place to do it before, but the banking community is behind it.

I think its a little risky though and need to wait and see who all comes into play with this. Its not like a construction boom or anything, this type of stuff takes time and requires a whole lot of backing and trust.

BEL-AIR

In the west any lawyer can find out what you have for assetts and were, this is true in the case of divorce etc and seize them.

Hoverments around the world have no say in Panam to get your assets... Panama is the best there is for secrecy......... Exspecially if you set up a bearer share corporation or foundation.... I have not heard anyone being compromissed unless they were big time crimiminals, or ratted themselves out.

BEL-AIR

These are good sites if you want more info on bank secrecy etc... Took me weeks to read it all.

http://www.offshorelegal.org/asset-p...rotection.html

http://www.panamalaw.org/

soltero

There are always exceptions. Google "peter gordon hsbc."

BEL-AIR

Thats true, but it is very rare....This is the exception rarther than the rule.... Plus that case is still in court, that one was a long story and about defamatory against the bank by Mr Gordon.... We will have to see what happens with this case. Gordon might win, and win millions from the bank if he wins...

There are thousands on pages online about Panama great asset protection and banking secrecy in the world.... It is one of the best on the world at these things....

soltero

...nearly all of them written by real estate agents, lawyers, brokers, and others who are trying to sell you something. In addition, the government here is wont to change the rules as they go. It is a nation where the most important thing is who you know, not who you are. If a well-connected person wants something you have -- money, house, whatever -- it is possible for them to get it, or at least lock you into a many-years court battle, while your assets are frozen. Look, I'm not saying you're wrong -- Panama does have very tight banking secrecy laws, and I feel safe enough that I did invest in a home here -- I'm only trying to add a cautionary vote to those who would pick up and move all their assets to Panama. That would be a very risky proposition, imho. Personally, I would only invest in Panama what I could afford to lose.

fullmoon

It's good to see all the messages posted.

Education is Key and I recently joined a group to start that process as they seem to have a number of options.

Please pm me if you would like to receive more information.

H

MRWOOHOO

There are always options in Panama. Please share with the forum what group you joined that does this process and give you so many options.