Facts about Panama Offshore Bank Accounts
1. Panama still has strict laws to preserve secrecy, in regards of revealing who are the shareholders and/or signatories of the accounts.
Is worth mentioned that the only country that Panama has signed an agreement to exchange tax information, is the United States of America. Although the agreement allows the exchange of information, this will only be carried out under the strictest security measures and complying with the provisions of the agreement, meaning that the U.S. authorities cannot request this information directly to the Panama Bank and they cannot require general information (for example they cannot require information of all Americans who has accounts in such bank) on the contrary, the person which are requesting information must have a proceeding already establish in the U.S, the request must be made formally to the Panamanian tax authorities an it must be for a specific citizen, not general.
2. Panama is one of the major banking centers of America, with a modern banking system where clients can transact safely through the most sophisticated online Banking as well as through personalized banking.
3. Banks in Panama has an excellent reputation worldwide being one of the countries with one of the fastest growing levels, with investment grades. In addition our major banks have excellent qualifications worldwide, resulting in one of the most stables and thriving economies in the world.
4. Panama Offshore Bank accounts are not subject to any tax by the Panamanian Government. To offer a more concrete example, if a fixed deposit is opened, in the name of a Panama Company or a Panamanian Private Interest Foundation, the interest produce by such account will not be subject of any tax. Another particular example would be the one of those who establishes Panama Companies to issue invoices to their overseas clients; this payments won’t be subject to any tax as long as the gain or profit was produced outside of Panama.