Bank Account Safety in Panama

Fri, 27 Mar 2009 20:15:30 +0000

If you are thinking about where to place you assets and deposit your hard earned money, Panama will be the best choice. Panama is considered to be the best places for bank accounts in the offshore word, not having seen any banking crisis for the last century. This is due to their strict law on bank secrecy and high standards for banking licenses. Banks have to follow high standards and regulations before they are given the license to operate.
Conservative Banking Laws
You will be glad to know that their regulations are set in order to protect your assets and that they never engage in high-risk lending procedures like banks in other countries. As a depositor you are protected against any risky investments and attacks on your assets. Also, banks in Panamado not allow anything below 25% mortgages.
Political Stability
The country’s economic and democratic political status is also very stable. This is coupled by the fact that Panama is rarely hit by natural calamities. Nonetheless, not a single bank in Panama is uninsured by its government. In Panama, large banks have almost $40 billion in assets. These only prove that placing your assets in a Panama bank account will put your worries to rest.

Compare and Contrast: Panama Asset Protection vis a vis Swiss Asset Protection

Fri, 27 Mar 2009 20:07:59 +0000

Panama Asset Protection vis a vis Swiss Asset Protection
Switzerland used to be the best place for offshore asset protection. It also used to be more accommodating to potential depositors. However, Panama seems to have taken over what used to be the capital of offshore asset protection due to international pressure on Switzerland’s policies involving tax and bank secrecy. Swiss banks may be bigger and have long been established compared to the ones in Panama but Panama proves to have better bank secrecy laws. It may just be the best choice when it comes to your assets. Switzerland has also begun cooperating with other countries in some tax and banking issues. Here’s how Panama banks compare to Swiss Banks:

Swiss Banks Require High Minimum Deposits
More and more people are placing their assets in Panama as their alternative since Swiss banks have begun to require a difficult and great amount for deposits. This may mean a minimum of $10,000 for the smaller banks and ranges to $250 000 for the much larger and well-known banks. It is also discouraging for some depositors that one may be requested to close an account once their balance sees a decline. This didn’t use to be the case back then. In any case, any Swiss account depositor should be aware of this rule.

Panama Banks Have Strict Secrecy Laws
Although Switzerland is known to be among the best and safest places to put your money in, they do not have the strict secrecy laws as Panama banks have. You are asked for your social security number especially if you are an American citizen. The country has also been involved with other nations in a number of tax treaties. Many of these tax treaties require Swiss banks to share tax information. Also as a contrast to Panama where tax evasion is not considered a crime. Regular tax investigations are conducted in Switzerland and the country also aids others in such investigations including MLAT requests. Due to these changes in the policies of Swiss banks, Panama is becoming the better choice for asset protection.

Panama Bank List » Panama Asset Protection

Bank Account Safety in Panama

Compare and Contrast: Panama Asset Protection vis a vis Swiss Asset Protection