Why Bankig in Panama?
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Stability is important to consider when you decide to open an offshore bank account…Why Panama?
One of the characteristic that place to Panama in an advantageous position against other countries is The International Banking Center, because of the benefits and security it offers. When Panama was joined to the Great Colombia, known as Panama departmental State, certain banking activities were known in the year 1856, with the Californian Gold Fever the Hill Fargo Bank was established and among its activities there was the guard and purchase of foreign currency, some of these banks maintained their operation, including when Panama was separated from Colombia.
In 1904 the first bank in establishing in Panama was The International Bank Corporation in the year, known as Citibank today; join together with that bank the National Bank of Panama. The construction of the Inter Oceanic Channel, the Free Zone in Colon and the geographical position of Panama were factors that contributed to the growing and the establishing of these International Banking Center.
Nowadays, Panama counts with a modern Banking Center, constituted by national and foreign banks. There is around 108 foreign banks, many of great prestige to a World Level, nowadays the international banking center is supervised and regulate by the National Bank Commission. The assets of the Banking Center go around the 28 million dollars. An important characteristic of the Panamanian banking system is the free use of the American dollar and its flexible tributary system.
Law that regulates the business in Panama forbids in a clear and explicit form any kind of divulgation of the bank transaction that people do. It is to say, that it is not permitted to discover any kind of information related with the customer, to any office of the Panamanian or international state.
Panama is adhered to the “Mutual Legal Assistance Treaty” that permits to ask information among all the countries that have subscribed this document. However, we should have clear that the asking country should have a penal cause and to show that the unique way to prove such crime is to obtain information of the bank accounts found in Panama, on the contrary this petition will be rejected.
ABOUT THE AUTHOR: BCCA & Associates
Beitia-Carrillo Consultores & Asociados offers Asset protection strategies that keep you and your asset secure.
Planning is paramount when dealing with asset protection strategies, especially when taking into account varying economic and fiscal systems. Our offshore legal structures allow the highest flexibility to administrate and protect your assets.
Copyright Beitia-Carrillo Consultores & Asociados
More information about Beitia-Carrillo Consultores & Asociados
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
In 1904 the first bank in establishing in Panama was The International Bank Corporation in the year, known as Citibank today; join together with that bank the National Bank of Panama. The construction of the Inter Oceanic Channel, the Free Zone in Colon and the geographical position of Panama were factors that contributed to the growing and the establishing of these International Banking Center.
Nowadays, Panama counts with a modern Banking Center, constituted by national and foreign banks. There is around 108 foreign banks, many of great prestige to a World Level, nowadays the international banking center is supervised and regulate by the National Bank Commission. The assets of the Banking Center go around the 28 million dollars. An important characteristic of the Panamanian banking system is the free use of the American dollar and its flexible tributary system.
Law that regulates the business in Panama forbids in a clear and explicit form any kind of divulgation of the bank transaction that people do. It is to say, that it is not permitted to discover any kind of information related with the customer, to any office of the Panamanian or international state.
Panama is adhered to the “Mutual Legal Assistance Treaty” that permits to ask information among all the countries that have subscribed this document. However, we should have clear that the asking country should have a penal cause and to show that the unique way to prove such crime is to obtain information of the bank accounts found in Panama, on the contrary this petition will be rejected.
ABOUT THE AUTHOR: BCCA & Associates
Beitia-Carrillo Consultores & Asociados offers Asset protection strategies that keep you and your asset secure.
Planning is paramount when dealing with asset protection strategies, especially when taking into account varying economic and fiscal systems. Our offshore legal structures allow the highest flexibility to administrate and protect your assets.
Copyright Beitia-Carrillo Consultores & Asociados
More information about Beitia-Carrillo Consultores & Asociados
View all articles published by Beitia-Carrillo Consultores & Asociados
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
