Panama offshore Legal bank account
The world has become an increasingly globalized place over the last couple of decades. With globalization, the amount of national boundaries that are crossed on a daily basis has greatly increased. This can be seen in the rapid increase in international trade, as well as tourism.
This is where offshore banking comes in to play. Offshore banks can dramatically simplify and accelerate your financial transactions by quickly transferring funds across international borders at very low costs, without incurring any fees for currency conversion or commissions for intermediaries like brokers or agents. It also allows you to make use of international currencies, although we caution you to be careful and do your research before making any foreign currency transactions.
The main benefits of offshore banks is that they offer better rates and more flexible terms. Offshore bank accounts are fully insured by the government where the accounts are domiciled. These are some of the top offshore banking jurisdictions in the world:
· Bahamas,
· British Virgin Islands,
· Cayman Islands,
· Cook Islands,
· Dominica, Anguilla.
In addition to the above jurisdictions, we can also arrange offshore bank accounts in Belize and Nevis.
Panama is a world-renowned offshore jurisdiction for establishing legal bank accounts. In Panama, international business companies (IBCs) are available as a vehicle for clients to make use of Panamanian financial services. The IBC was introduced into the Panamanian legal system by the offshore banking law of 2000, wherein foreign investors are allowed to conduct international business from their offshore company in Panama.
The Panamanian offshore bank account, or Panamanian IBC, is a cross between a corporation and an offshore bank account. It allows for many financial activities such as lending, issuing debt instruments including certificates of deposit, making investments and more. In addition to the above activities, a Panamanian IBC can also be used to provide shareholder services on behalf of foreign shareholders in companies outside Panama.
Panama's legal banking system has been widely recognized worldwide in recent years. Panama's promotion of IBCs as a means of conducting international business in Panama has made Panama an ideal jurisdiction to establish legal bank accounts. However, it is important to be aware that being able to establish an offshore legal bank account does not necessarily mean one can conduct international business from Panama. For example, the country of residence of the owner must be outside Panama and there are restrictions on ownership in Panama by foreign companies or individuals. In addition, you must have a physical presence in New York (or any other jurisdiction) when running your offshore business through an IBC from Panama.
One of the major differences between opening a Panamanian offshore bank account and a regular bank account is that your Panamanian offshore bank account will be legally separate from you as an individual. It is not considered to be your personal asset. This vital distinction provides numerous advantages for protecting yourself from any potential liability that may arise during the course of operating your business activities through your Panamanian IBC.
Panama has a well-developed legal system that is based on common law and statutory law. Although it was not always this way, Panama realized the need to establish clear and concise legal codes. The actual development of Panamanian laws can be traced back to the early 1900s, when multiple revolutionary movements for independence were taking place in Latin America – which eventually took the form of Panama's incorporation into its present jurisdiction on 27 November 1903.
Although the country's democratic government has taken place over a period of almost 100 years, until 1963 Panama was considered a territory of Colombia. During that time, Panama was ruled by the United States through a contract agreement (known as a treaty) between both countries. It was not until 1966 that Panama became an independent nation.
Panama's economy has been on the upswing for some time now, so it comes as no surprise that Panama has become a key player in international offshore banking. In fact a lot of foreign nationals have decided to make Panama their home simply because it has become known as a solid offshore jurisdiction. The government is also very flexible when it comes to investing and starting businesses – which can be seen by the massive influx of new residents and business opportunities.
Panama is now considered the number one jurisdiction for offshore bank accounts in Latin America. Countries like Colombia, in comparison, are still working hard to improve their banking system and attract foreign investors.
The main benefit of keeping your offshore bank accounts in Panama is the fact that it allows you to have all the benefits of offshore banking with none of the drawbacks. The risk levels are greatly reduced because Panama is a low-risk jurisdiction and offshore accounts are fully insured. In addition, converting from one currency to another is very easy and fast, which makes running an international business much more convenient.
Even though Panama has been recognized for its beneficial tax laws, it should be noted that Panama does not have any official tax treaties with other countries (as of yet). As with any offshore jurisdiction, it is always important to be aware of the tax laws of the country in which you reside.
In Panama, taxpayers are required to file an income tax return and file a balance sheet (in case they have any kind of rental or commercial activity). The tax return must be filed with the Superintendence of Taxes and is due 30 days after the taxes are paid (and vice versa). Even though it is recommended to keep good records, this does not mean that you need to pay taxes directly from your offshore bank account. However, if you have Panamanian residents or employees in your company, for example, then you must pay their salary.
Conclusion
The last couple of decades have been extremely sweet for private banks and other offshore banking services. On a global scale, the number of offshore companies has risen exponentially. The reason for this is simple: the more people have earned money through offshore companies, the easier it is to go after tax dodgers and other ‘undesirables'. Every effort to control tax evasion and other financial crimes is made by every country in the world. And Panama's efficient government makes it an appealing place to conduct business in Panama with a Panamanian IBC account.