Bank Communications
Panama Banks: Safe, Secure, Stable
Panama was once listed as a "non cooperative tax haven" but the small country has worked hard to shed itself of that rogue image. If you are interested in a Panama bank, you should educate yourself about the policies, procedures, risks and benefits involved in doing business with a Panama bank.
Panama has recently tightened its anti-money laundering laws and has created a banking system that is extremely private and highly competitive, but it is monitored well by the international offshore banking community. Doing business with a bank in Panama is generally hassle free. You can rest assured that your assets are being managed in a reputable and safe banking jurisdiction.
Before the major reforms of the mid 1990s, Panama was home to over 150 offshore banks, but that number has been trimmed to around 80 banks. The remaining banks must adhere to strict banking and privacy regulations while at the same time ensuring that illegal activities are not allowed to happen.
Banks in Panama have many advantages over banks in other offshore jurisdictions. The only type of monies that are taxable in the Republic of Panama are those that are generated outside of the country. If you choose to incorporate your business in Panama, but you decide to conduct your business elsewhere, you can deposit all of your assets and earning into your Panama bank without being responsible for paying local taxes on your money.
Panama banks offer many banking services for the banking client that requires a number of different options for their business. There are three types of accounts that you can get at a Panama bank including; merchant accounts, personal accounts and business accounts.
Non-resident Panama bank customers can have Internet account access set up by the bank's management in order to access any necessary account information and in order to transfer funds to and from your Panama bank. It is also easy to apply for and receive a debit, ATM or credit card from a Panama bank to make access to your money even easier.
The majority of banks in Panama require that their potential customers have an initial minimum deposit which can be as low as $1000 USD. Many banks also require that each account must maintain a minimum balance in order to avoid costly fees.
If you decide that a Panama bank is for you, you are able to choose many options. You can open a personal account or you can takes steps to incorporate an IBC or an offshore company. Be prepared to show your personal information and verify your identity by providing a notarized copy of your passport, reference letters and a drivers license or equivalent photo id.
Only you can decide if opening one of the many available accounts at a Panama bank is for you, but you can rest assured that Panama is no longer the place for shady business dealings. The Panama bank system has been cleaned up and offers savvy customers the opportunity to keep their money in a safe account while watching it grow with little tax burden.
About the Author
Offshore legal provides professional Panama banking services in the Republic of Panama. Free asset protection consultations with an Offshore legal expert available.
[mage lang="en|es|fr|en" source="article" backup="sooper"]Bank Communications[/mage
Bank Communications
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Where does one report federal savings bank for failing to provide answers to account holder and member?
My bank has not answered my lawfuil, reasonable, and proper questions regarding my account and my communications (emails were sent while I am overseas). The bank does business in the USA and is located in Texas. I think there are state and federaL agencies which regulate federal savings banks.
Banks are regulated by the OCC
http://www.occ.treas.gov/
Credit Unions are regulated by the OTS
http://www.ots.treas.gov/
The Board of Governers of the Federal Reserve regulate federal reserve chater banks:
http://www.bog.frb.fed.us/
(Update http://www.federalreserve.gov/ is the correct URL, the above is old).
and non-charter Federal Reserve banks are regulated by the FDIC
http://www.fdic.gov/
Hope that helps.