Law strictly enforces banking secrecy in the Republic of Panama. Access to bank records is available only to signatories on the account - and to no one else. Only by proving to a Panamanian court that it would materially aid in the prosecution of a criminal act could an outside agency possibly be granted access. Tax avoidance is not considered a criminal matter in Panama and, since there are no taxes for Panamanian corporations doing business offshore, there are no statutes governing them, rendering it impossible for a court to give a decision even if asked.

There are, however, severe penalties for money laundering and fraudulent conveyance, and both banks and management companies are at pains to ensure that the funds they are handling are of a clean, non criminal origin - whether tax has been paid on them is of no concern. To this end, most banks require that you make a personal appearance when opening your account. If you are unable to do so, we can make special arrangements for you but would urge you to attempt to come here in person.

Panamanian banks are regulated far more strictly than banks in the U.S.A. and must, by law, hold much greater reserves. For this reason it is not considered necessary to insure deposits. Our banks of choice are nearly all subsidiaries of international banks with worldwide connections and impeccable reputations. The Superintendence of Banks of the Republic of Panama is the regulatory authority for financial institutions and monitors all banking matters.