Panama corporations have long been associated with anonymity, particularly through the use of bearer shares. A bearer share corporation, under Panamanian law, is owned by whoever physically holds the stock certificates. This means there’s no publicly recorded owner in any registry or database. These certificates can be transferred privately without any official record of the transaction. The new owner then has the power to appoint their own directors and hold resignation letters from the previous ones.
A Panama corporation can be a powerful tool for holding assets discreetly. It can own stock trading accounts, bank accounts, real estate, vehicles (cars, boats, planes), art, jewelry, businesses, and other valuable assets without revealing the actual owner of the corporation. Furthermore, sophisticated strategies can be implemented with the help of legal counsel.
Panama is known for its strong banking secrecy laws. While most banks worldwide require identification and due diligence for beneficial owners of bank accounts, Panama’s banking secrecy laws are often considered among the strongest globally. Setting up a Panama bearer share corporation is a relatively quick process, typically completed within two to three business days after all required information is submitted.
Benefits of a Panama bearer share corporation include reasonable annual fees. The Panamanian government charges a relatively low annual fee for corporation maintenance. The renewal fees, starting in the second year, cover government fees, nominee directors (optional), and a resident agent address for the corporation. These fees may also include regular annual shareholders meetings involving directors, owners, and nominee directors. The corporation’s financial records are legally protected. Residents of Panama Corporation are not required to maintain records of the corporation, and the share certificates are not kept in their possession.
Shares are issued in physical bearer form, similar to bearer bonds of the past. The articles of incorporation are the only publicly recorded documents. The actual owners are the individuals or entities that physically hold the bearer shares.
It is possible to open a Panama bank account without traveling to Panama. Typically, you’ll need notarized copies of identification documents (driver’s license, passport), bank and business reference letters, and a minimum initial deposit.
Panamanian banks often provide bilingual customer support in English and Spanish to assist with inquiries.