Banking Secrecy: Panama's Anonymous Banks

If you are not convinced Panama is the right location for you to bank offshore still, take a look at these legal claims, supported by the actual articles, that are made by the Panamanian government.

• To begin with, we must establish that Panama has had a banking commission since 1970.
• This commission is forbidden from conduction research or investigations on bank accounts of offshore customers by article seventy-four. Punishments can be handed out if this law is broken.
• This punishment is further outlined in article one hundred and one, with the text saying that those breaking article seventy-four will not only have to pay a large fine but will also be taken to court under criminal charges.
• Article sixty-five forbids any of the commission members to look at individual accounts once more, though it does allow them to look at the status of a bank as a whole.
• If a person is caught in violation of extreme crime, he or she may have their accounts looked at and their secrecy given away. This is decreed in article eighty-nine.
• Two articles, one hundred and sixty eight and seventy, deal with the aftermath of intentional damage dealt by secrecy being unveiled. It outlines big punishments that clients could be facing for doing such.

 

As you can see, Panama cares about their secrecy. Don't just take our word for it, we recommend you read these articles of law for yourself. Panama knows that the more private their offshore bank accounts are, the more revenue they will rack up by having more business. Why would they want to turn away your business?

As numbered bank accounts are not allowed anywhere in the world anymore (remember the Swiss were once famous for them)  Panama will allow numbered accounts either. This is good and bad news as the numbered accounts were very secure but also were easy to lose track of as generations went by.

So how does Panama maintain secrecy? Outside of strict laws, they also allow individuals to create bearer share corporations which can hold their assets for them. These corporations will never be recorded publicly as the property of an individual looking to keep his privacy and the majority shares can be traded with great ease. This means you can have a corporation own your real estate, sell the real estate to someone for cash and simply hand them the shares to own the corporation themselves. Easy, huh?

There is no reason not to give Panama a try. They offer the best offshore banking in the world and it is easy to see why. Privacy is their business and they want to make it yours too, so give us a call and get started today.