Offshore Legal, located in Panama and internationally, specializes in offshore banking solutions, including account setup, foundations, asset protection, and corporate structuring. A Panama bank account can typically be established within 3-5 business days.
Required documentation usually includes a bank reference letter, a notarized copy of your passport and driver’s license, and a reference letter from your accountant, business associate, or lawyer.
Panama’s banking system offers robust customer protection through strong bank secrecy laws. Violations of these laws can result in fines, imprisonment, and legal action against the bank. Accounts can be denominated in Euros or US dollars, with options for Mastercard, Visa card, or ATM access. Convenient online banking services are available, featuring international wire transfer capabilities, statements, and transaction history. The minimum deposit to open an account is approximately US$1,000. US and Canadian passport holders are generally required to establish foundation or corporate accounts rather than personal accounts. Corporate accounts can be opened using existing corporations from various jurisdictions.
Panama’s offshore banking sector includes both domestically operating banks and international banks. When choosing a global bank, understand that the Panamanian entity operates as a separate banking corporation.
Offshore packages are available, with Panama bank accounts starting at $695 USD. These packages often include online banking, ATM cards, and access to large banks with substantial assets under management. Panama bearer share corporations with bank accounts start at $1795 USD, or $1495 USD without a bank account. These packages generally include a resident agent, power of attorney, three nominee directors, annual tax, resignation letters, register book, corporate resolution, share certificates, translation, transfer of subscription, and articles of incorporation. Be cautious of significantly cheaper offers, as they may exclude nominee director fees or annual taxes (approximately $300 USD). There have been reports of fraudulent schemes where the same corporation is sold to multiple individuals.
A Panama foundation with a bank account typically costs around $1795 USD, including a secret beneficiary wishes letter, attorney services, a foundation protector agreement, registered agent fees, translation, a resolution from nominee council members to open a bank account, power of attorney, and three nominee council members.
For enhanced privacy, a Panama foundation owning a corporation with two bank accounts may cost around $3300 USD. This structure offers layered banking secrecy for enhanced anonymity.
Finally, a stock trading account is available for $495 USD, providing a tax-advantaged environment for investment growth with enhanced protection.
Before committing to a Panama offshore bank account, conduct thorough due diligence to ensure you select a reputable provider that meets your specific needs and to avoid potential scams. Verify all included services and associated fees.