Panamanian Banking Myths
There are lots of banking myths that prevent people from taking advantage of the benefits that an account can offer. Once you know the truth about using Panamanian banks, though, you can make educated decisions that help you protect your assets from lawsuits and privacy invasion.
Myth #1: Panamanian Accounts Are Illegal
Perhaps the most persistent offshore banking myths are those that question the legality of using offshore accounts. Most of the time, this misperception comes from movies and television shows. The truth is that offshore accounts are perfectly legal as long as you use them properly. For instance, an offshore account can help you pay fewer taxes, but your country of residence will still require you to pay some taxes.
Myth #2: Panamanian Accounts Aren’t Safe
Other banking myths question whether Panamanian accounts are safe. There are some cautionary tales about people losing all of their money because their accounts suddenly disappeared. This, however, only happens in countries with poor legal systems. When you choose Panamanian accounts in stable countries like Panama, you don’t have to worry about the safety of your assets. In fact, you might find that the Republic of Panama has a system that is more stable than your own country’s.
Myth #3: Panamanian Accounts Are Only for Wealthy People
Panamanian accounts are useful for lots of people, not just those who are wealthy. You wouldn’t want to spend the time and money establishing an offshore account for just a couple of thousand dollars, but many people find that they can benefit from opening an account that protects their assets from lawsuits and invasions of privacy