Panama Bank Account

By Panama Offshore Services International, Inc. (www.pos-inc.com)

Panama Offshore Services International, Inc. provides legal services for PanamaSurfTours.com. Panama Offshore Legal Services assists clients in establishing bank accounts and brokerage accounts as requested through correspondent banks and brokers in Panama City, Panama. Panama uses the US Dollar as it’s circulating currency, so banking or brokerage services are very straight forward and easy as there are no currency conversions or hassles. Banking and brokerage services in Panama are done very much the same way it is done at your local bank or broker.

Many people from the all over the world open bank accounts or brokerage accounts in Panama because Panama Banks and Brokers offer financial privacy from their home governments tax authorities. Panama is a major international banking center, second in the world to Switzerland. The banks in Panama do not report to your local government as do the banks in the USA, Canada, England and many other countries. All interest income or capital gains income is tax free in Panama and there are no reporting requirements to the Panamanian government. Plus, Panama banks offer higher interest rates on savings accounts, checking accounts, and CD’s (time deposits). Some banks offer up to 6% annual interest on savings accounts, and up to 8.5% on time deposits (CD’s).

Most Panama banks and brokers offer the same types of services that your local broker offers now. They offer access to your account information and funds through Visa Credit Cards, Visa Debit Cards, ATM Cards, Checkbooks, and Internet banking or brokerage services. You can invest in CD’s (time deposits) with the banks or invest right back into stocks, bonds, mutual funds, options, money markets, etc. on the markets you are used to dealing with (NYSE, NASDAQ, AMEX, Toronto, Vancouver, London, Hong Kong, etc.).

The banks and brokers we deal with are major, reputable, registered and insured international banks and brokers, so your funds are totally safe. Panama has one of the most advanced banking infrastructures in the world today.

There are many different factors that may motivate individuals to establish offshore bank or brokerage accounts. The goals that individuals consistently cite as they explore international solutions to their concerns include:

  1. Relief from Harassment Lawsuits;
  2. Relief from Excessive Tax Rates;
  3. The Need to Re-establish Financial Confidentiality;
  4. The Desire for Complete Diversity of Investments
  5. Re-invoicing for Import / Export Businesses;
  6. Passage of Estate to Designated Beneficiaries without Legal Delays or Deductions; and
  7. Diversification of Risk.

In some cases people establish personal offshore accounts, we recommend that our clients establish a corporation in Panama with a corporate bank or brokerage account (or both). You are appointed as the sole signatory on the account so you maintain complete control over your funds. Panama corporations provide you with total anonymity and confidentiality. Panama corporations offer “Bearer Share Certificates” and “Nominee Directors”, plus there are no taxes or reporting requirements to the Panamanian government. There are many advantages of Panama corporations.

Bearer shares enable you to own a corporation without anyone knowing you own it because the shares of the corporation are not registered to you, rather they are registered to “The Bearer”. In other words, they are like cash and can be passed from one person to the next without having to re-register them or report it to anyone. We send you the Bearer shares once the corporation is established.

Nominee directors for the corporation are provided by our legal staff so that you do not have to appear at the Panama Public Registry when the corporation is established. By using nominee directors, you remain completely confidential and anonymous. We provide you with pre-signed, undated letters of resignation from the nominee directors so that you can replace them at any time through another Panamanian attorney if you wish to do so. The nominee directors have no control over the corporation or your funds and they are only there to fill in the blanks on the corporations articles of incorporation at the Public Registry. The nominee directors can also be used to sign contracts, agreements, or sign for any other type of transaction that you wish to engage in.

Panama Private Interest Foundations:

I n some cases, our clients establish Panama Foundations to hold or serve as owners of their Panama Corporations. The reason that some of them do this is because their local governments have what are called “Controlled Foreign Corporation Laws”, meaning that if they own shares of a foreign corporation, they are required to report it to their government’s tax authorities and pay tax on their portion of that corporations income.

However, if the Foundation owns the shares of the corporation, then technically they do not own the corporation and are thus free of the reporting requirements. Some of the countries that have Controlled Foreign Corporation laws are: USA, Canada, Australia, New Zealand, United Kingdom, Germany, France, Spain, Italy, Norway, Sweden, and much more.

Why we don’t recommend trusts:

In recent years, many people have moved away from using Trusts for sheltering their assets due to recent laws in many countries (including the USA, Canada, and UK) involving harsh reporting requirements on foreign trusts. The Panama Foundation is basically a hybrid between a corporation and a trust, however, it is neither. The Foundation does not have an owner, rather it has beneficiaries. The Foundation does not have directors, rather it has a Foundation council, which serve the same purpose. The Foundation council members must be reported in the Public Registry, and as such, we generally appoint our nominee foundation council to protect our clients confidentiality. The person who controls the Foundation is the Protector and we always appoint our client as Protector, through a private Protectorate Document so that the Protector can remain free of public knowledge. The Protector appoints the Foundation’s Beneficiaries through a private “letter of wishes”. The Beneficiaries can receive the assets held in the foundation without legal delays or tax deductions.

Through the Foundation, one can make donations to it, or receive donations from it. The Foundation can make donations to your friends, family or anyone you choose. The Foundation can also make educational grants to your children, grandchildren or anyone you choose. The Foundation can also hold bank accounts, brokerage accounts, merchant accounts, or any other type of financial instrument.

Fees: (please see the fee schedule at www.pos-inc.com)

The total cost to establish a Corporation or Foundation and account is US$1000.

PANAMA CORPORATION ADVANTAGES

Taxation in the Republic of Panama is based on the principle of the source of the income. Therefore income obtained from operations performed abroad is not income obtained from sources within Panama and therefore is not taxable, under Panama law.

Panama offers the strictest banking and financial secrecy laws available in the world, therefore providing legal protection to your assets and your identity through the confidentiality of business and banking transactions. Most other offshore jurisdictions, including the Bahamas, Cayman Islands, and others have vowed down to recent legislation that the U.K. has passed, which has begun the removal of bank secrecy in those British colonies around the globe.

There are no currency restrictions in Panama. The U.S. dollar is the circulating medium. Panama is home to one of the world’s largest banking centers. The relaxed banking laws make it easy to move funds in and out of the country.

There are no requirements to file any reports with the Panamanian government regarding any off-shore activities, except the annual government franchise tax of US$150 to remain in good standing.

It is not necessary to have a paid-in capital, nor time limit in which the authorized capital must be fully paid.

It is not necessary for the interested parties to be present in Panama, for the purpose of organizing a Corporation. In this case, corporations are formed through nominee incorporators in Panama, usually members of our Law Firm, who execute the basic instrument for the incorporation called Articles of Incorporation.

The directors, shareholders and officers, may be of any nationality and resident of any country.

Meetings of directors and shareholders may be held in the Republic of Panama, or in any country.

Share certificates can be issued in Nominative or Bearer form, with or without par value.

Neither the directors nor the officers need to be shareholders.

The accounting books of the corporation may be kept within Panama or abroad.

Corporations conducting business outside of Panama, do not require a commercial license for offshore activities.

If you would like additional information about Panama Corporations, Foundations, Bank Accounts, Brokerage Accounts, Internet Merchant Accounts, or any type of legal service offered by Panama Offshore Services International, Inc. , then feel free to contact us at the below email or call us directly:

URL: www.panama-offshore-services.com

Email: info @ pos-inc.com

Encrypted email: posinc @ hushmail.com

Tel: ++(507) 227-6645

Fax: ++(507) 227-7485

Physical Address: 41 street, IPASA Building, Off Balboa Avenue, 3rd Floor, #39, Panama City, Republic of Panama

Mailing Address: PO Box 0819-04215, Panama City, Panama

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