Why Offshore Banking in Panama Makes Sense in Today's Economic Climate

The idea of offshore banking has come of age for many investors as banks continue to promote transparency. Consulting an offshore law firm like Mata & Pitti, that specializes in assisting offshore banking clients, can be very helpful for investors who want to move forward and open an account in Panama. Partnering with local legal experts saves time and money.

Panama offers many advantages for offshore banking clients and should be considered as a top choice for investors seeking an attractive financial partner with extensive experience in international banking. While many banks operate as government collection agents, the Panama banking community emphasizes clients' interests first, making it attractive to possible investors. Panama's strong and growing economy is also attractive, especially with the current financial state of many countries across the globe. Panama's focus on client privacy and satisfaction coupled with the country's favorable offshore banking laws is one of many reasons why Panama has been increasing in popularity as an offshore banking jurisdiction.

Establishing a Bank Account in Panama

For first-time international investors seeking to establish a bank account overseas, the task can seem daunting. International law and changing economic conditions create a lot of confusion about which countries can truly meet a client's needs. Questions tend to arise about which banks can be trusted to protect privacy. Ease of banking is also a primary consideration when selecting a banking partner. Accessibility to funds and language barriers are two major concerns any investor has when contemplating a new banking relationship. Many banks in Panama rise to meet clients' needs by offering privacy, tax advantages, ATM privileges, and full Internet banking services. Also, the language barrier is not problem in Panama. Most employees speak English and can communicate effectively with clients. Law firms like Mata & Pitti provide invaluable advice and assistance to investors seeking to establish offshore banking relationships in Panama.

As the result of new banking regulations levied against the Panama banking community, Panama banks are currently required to meet clients in person for an interview to establish a banking relationship. The documents required can be found on offshore law firm's websites or by calling them in person. It is recommended that the documents required for the initial meeting be approved prior to leaving the country to save time and money. Using an introduction firm as an expert liaison and consultant can eliminate problems associated with improper documentation prior to boarding the plane.

Offshore Incorporation

Many investors who plan on establishing an offshore bank account in Panama also decide that offshore incorporation in Panama makes sense for the same reasons. Company directors, officers and shareholders who want to maintain privacy often find this hard to achieve domestically. Since the terrorist attack of 9/11 in the U.S. and the recent banking crisis, banking regulations have been drastically altered to guarantee transparency in an effort to prevent money laundering and to identify terrorists' financial interests. For this reason, many investors are seeking to reclaim privacy by getting established in a new country that still values an investor's right to privacy and the rights of its clients over ever-shifting global priorities. Low incorporation costs and maintenance fees coupled with high privacy for shareholders encourage businesspeople to favor Panama as a logical choice for offshore incorporation. To sweeten the deal, there are also no currency restrictions or reporting requirements in Panama for offshore activity.

Selecting an offshore bank in the country of Panama is a good first step for guaranteeing the privacy that is impossible to secure in the highly-regulated climate of most countries like the U.S. The law firm Mata & Pitti is located in Panama and can make the introductions necessary to establish an offshore bank account. Knowing who to trust when making an important decision takes the stress out of offshore banking.