Top 10 Reasons Why Panama is the Best Place for Offshore Banking:
10. Panama is close, just a short 4 hours flight from Miami, Houston, Los Angeles and one third of the US population.
9. Safety and political stability are keys to choosing a good offshore destination. Crime is very low compared to even American cities of similar size and the country has been free of political unrest for decades, so you can feel comfortable visiting your bank.
8. Panama has a healthy economy boasting a 4% average annual economic growth rate, low inflation, a disproportionately high number of small business, and low unemployment rates.
7. Panama is in a strategic geographic location. Every major exporting nation, from the US to China has economic interest in the Panama Canal. The United States still maintains its military presence here.
6. Panama is free from hurricanes and natural disasters. Unlike its neighbors to the north in other areas of the Caribbean, Panama lies below the hurricane belt and Panama City is located on the even calmer Pacific coast.
5. Panamanian banks offer accounts in USD, Euros, and Pounds, giving you flexibility and currency stability. Click here for more information.
4. Over 90 multinational banks have significant presence in Panama City, giving you lots of options. Whereas island offshore destinations usually have under a dozen or so banks, Panama City is home to the regional headquarters of some of the world's largest and most powerful banks: America's Citi Bank, Britain's HSBC, Spain's BBVA, and of course several of Panama's largest banks.
3. Panama's banks have more security than most US banks, giving you peace of mind. Unlike tiny island offshore banks that are often wooden houses and small offices, Panama's banks are usually big, steel skyscrapers and office buildings. Every single bank branch in the nation has metal detectors, and armed guards or police.
2. Panama's tax rates and favorable business laws are unmatched.
- There are no taxes levied on money from outside of Panama, no capital gains taxes.
- A low $ 300 annual tax is levied on all corporations or foundations.
- Most property isn't taxed and the highest property tax rate is 1.5%
- The Investment Stability Law of 1998 gives equal business and investment rights to foreigners and 10 year business registration stability.
1. Privacy and favorable banking laws make Panama even better than Switzerland:
- Panama banking laws provide anonymity by allowing corporations without public records to own bank accounts. Your name would be the authorized signatory on the account. Switzerland no longer allows
- There are several banking laws that makes it punishable by law to divulge confidential banking information i.e. your personal information.
Find out why Panama is the perfect place in which to incorporate, locate your business, retire, or own investment property: "Panama Means Abundance"