Open A Panama Bank Account in Euros, USD or Pound Sterling Without Visiting Panama
Panama is arguably the world’s no.1 tax haven, so it’s no surprise that offshore bank accounts in Panama are a highly coveted commodity.
All the banks used by 2ndPassports.com have online banking facilities that include the capacity to send international wire transfers, check balances, banking history and other information. These banks will provide clients with an ATM Debit card or a secured Visa card that can be used worldwide for ATM withdrawals. The staff in the banks 2ndPassports.com use are all English speakers.
The banks 2ndPassports.com work with are the largest in Panama, and each bank has in excess of $25 billion in assets. The names of these banks are not disclosed until an individual becomes a certified client of 2ndPassports.com.
2ndPassports.com can have an account opened within 2 -5 working days of receipt of required documents and payment.
The Process of Opening a Panama Bank Account
It is not a necessity when opening a bank account in Panama to actually be in the country at the time. If however the applicant would prefer to be in Panama for the opening of said account, 2ndPassports.com suggests they do the following:
- The formation of the corporation or foundation before arrival in Panama
- Go with a 2ndPassports.com lawyer to the bank to meet the branch manager and sign all forms and signatures
- Leave an opening deposit check, cash under $10,000 or traveler’s checks with the bank
The client can have either a checking account or a savings account. The account can be in USD, Euros, or Pound Sterling. Time-locked deposits for high interest rates are also available. The secured Visa card works perfectly both online or in person, and it also functions as an ATM card, and can be used in cash machines around the world.
The bank normally requires a security deposit, which is placed in a special-interest, bearing account to secure the Visa card. If the client’s Visa card had a $10,000 credit line, the bank will likely request a security deposit of $11,000.
At the end of the billing cycle, any money needed to reduce the card’s balance down to zero will be deducted from the client’s regular account. If need arises, permission may be acquired for the bank to clear the balance before the end of the billing cycle, freeing up credit for travel. Credit limits can be as high as $40,000.
- A notarized and apostilled copy of the picture page of the passport
- A notarized driver’s license or other government issued photo ID
- A letter of reference from a recognized bank
- A letter-headed letter of reference from an attorney, accountant or company whom the client does business with
If the client is coming to Panama in person, 2ndPassports.com only needs the two reference letters plus copies of their passport and driver’s license. In this case there is no need to notarize or apostille said documents.
2ndPassports.com can form the corporation or foundation based on a payment only, but cannot release it or take it to the bank until receipt of ID and reference letters.
With some Panamanian banks, the account can be directly tied to a stock trading account. This allows one to trade in stocks and shares online around the world. There is a base-rate of $20,000 needed to open such an account.
2ndPassports.com can also arrange a separate brokerage account in Panama with a base rate of $15,000. 2ndPassprts.com will only open corporate or foundation stock trading accounts.
Type of Account
Offshore bank accounts in Panama can also be opened for a corporation or a foundation. 2ndPassports.com will assist a client in obtaining a personal account in Panama only if they have a corporate or foundation account with the bank through 2ndPassports.com’s law firm.
2ndPassports.com always suggests the offshore bank account in Panama be opened using a Panama corporate or foundation structure, resulting in complete anonymity for the account’s owner. When one uses an anonymous Panama Bearer Share Company or a Panama Private Interest Foundation, the ownership of the company or foundation is not recorded in any registry or public record database.
Bank Account Signatory Verification
The client or their designated signatory(s) will be the only person(s) with access to said offshore Panama bank account.
2ndPassports.com will have the account opened up as a zero-balance account; i.e. no money is in the account. 2ndPassports.com will then show the client how to securely contact the bank by phone, and verify that no one else can access the bank account before placing any funds into the account.
After the account is funded, online banking information will then be emailed directly to the client, who can then reset the password securely online immediately upon receipt. A Visa card will be sent by courier directly to the client.
Number of Panama Bank Accounts
One can have several offshore Panama accounts in different banks using different corporations or the same corporation or a corporation and a foundation. Sending funds from one corporation/foundation to another for payroll, purchases or other reasons can easily be done using the ACH system, which is used by all of the main Panamanian banks.
This is not a wire transfer and the data is covered by Panama Bank Secrecy laws, and only entities covered by these laws have access to such data. It takes one to two days for the ACH transfer to be completed and the cost is about $1.00 per transaction.
Panama Bank Secrecy
Panama’s banking secrecy laws are legendary, and are actually written into the Panamanian legal constitution. Unlike Switzerland and Belize, Panama has no tax treaty, civil judgment collection treaty, child support/spousal support treaty or alimony collection treaty with any other country.
These facts are only part of what makes Panama the best jurisdiction for asset protection, and Panamanian bank accounts the most desired in the world today. The US Dollar (along with the Panamanian balboa) is the national currency of Panama, but clients can also have their accounts in Euros or British pounds.
Breaches of Panama Bank Secrecy
Gaining access to a client’s Panamanian bank records would require a court order from a Panama Court, an occurrence that would only take place if there was undeniable proof that said client was partaking in large-scale criminal activities.
In such a case, the country requesting the information would need to have an active criminal case on file in the national criminal courts of their country against the person in question, and they would have to state specific bank accounts in their request.
Such requests can only be made by a national government. Panama then has the right to query or dispute such a request. In such cases, actions can take years before a decision for or against is reached.
Panama has no concern regarding fiscal offenses relating to other nations, especially those pertaining to taxation. The offense needs to be a crime in Panama for the bankâ€˜s secrecy laws to be breached.
Secrecy is a key reason why there are 150 large international banks in Panama that between them play host to 400,000 corporations and 25,000 foundations. Each corporation pays an annual tax of $300, which brings the total revenue from corporations to $120,000,000. In addition to this revenue, there is additional revenue in the form of fees to nominee directors, resident agents, associated bank accounts, etc.
The net revenue from the Panama Canal is approx. $335,000,000: this is for a country of 2.9 million people. Today roughly 20% of the Panamanian work force is employed by banks. Panama is a neutral country which holds a seat on the UN Security Council – no wonder many see Panama as the “New Switzerland”.
Collecting Civil Judgments
Unless a civil action took place in Panama, no action can be taken against a client’s Panamanian bank account, corporation or foundation.
Panama has no taxation for offshore income unless an account holder also operates a “bricks-and-mortar” business in Panama. If a client’s income is offshore derived, it is not taxable, even if said client has a Panama Corporation, Panama bank account, office address in Panama, phone in Panama, web site located in Panama, etc.
If the total of a client’s income is offshore derived, they will not even need to file a Panama tax return. Panama also has no capital gains on stock trading and bank interest is not taxed either.
Panama has no probate, no inheritance, and no estate taxes.
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