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Why Choose Panama Legal as your Law Firm?
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Introduction – Some of you may want a bank account in Panama and a bank account in another country. You could wire the funds to the other country and then into Panama, or do the reverse. This may be useful to eliminate wire trails leading directly to the bank where the lions share of your assets are being kept. Some of you may just want an additional bank account in another country.
Offshore Banking Secrecy – We have researched the market carefully and our research has led us to believe that the best bank secrecy can be found in Panama and Guatemala. That being said these other countries do offer some degree of protection. These other countries are in various tax treaties and information sharing agreements. They may have some civil lawsuit reciprocity as well where there may be procedures to recognize civil judgments from other countries. For instance in one case in Switzerland the Swiss authorities turned over funds in a Swiss bank account to a USA Bankruptcy Court Judge. We do not advocate keeping money parked in any of these countries long term but it can be useful for a pass through. You wire the money in, wait a few weeks and start wiring it to Panama or Guatemala in smaller pieces. Unless you are under immediate financial attack at the present time, this should work.
To make things more secure you could wire from the first country into a Panama Corporation account and then move the funds to a Panama Foundation account at the same bank using the banks online banking to avoid any external trails to the foundation account which no one should know about unless you told them. For more details inquire or go here:
How It Works - What we do is open a Panama bank account for your Corporation and/or Foundation. We then give you names of three banks that will allow you to open up a bank account with them without coming to see the bank personally. You will need to fill the bank forms out yourself but we can help you get the forms filled out correctly by phone or email. The banks we use will email you the forms or have them available for download and printing direct from their website. Sometimes you submit the forms by fax, sometimes directly through the website.
We do however provide the various corporate or foundation forms and documents needed to open the corporation or foundation bank account on behalf of the corporation or foundation. Generally this is as follows:
These forms generally need to be notarized and apostilled. The nominees cannot be the beneficiary owner, cannot be the signatory and cannot be responsible for any taxes and cannot be personally responsible for any charges or debts (no personal liability). You will have to provide to the bank reference letters, certified ID, and often a utility bill to prove your address. Utility bills are not required in Panama or Guatemala, so this is different. There are minimum deposits, which generally are $1000 to $2500; some European countries could be higher. We will give you the information and details on three banks. If you get denied an account opening for any reason (except failing to provide adequate certified id, bank references, general references and utility bills) we will replace that bank with another one for no charge and keep adding in banks for you to work with until the account is opened. No charge for additional bank names due to account opening turndowns when you were operating in good faith and supplying certified ID as needed, bank references, general references and utility bills.
Countries Offshore Banks are In – The most popular countries are as follows: Turks and Caicos, Jersey, Guernsey, Saint Vincent Grenadines, Antigua, Dominica, Belize, Switzerland (high minimum balance) Dubai (UAE), Latvia, Montenegro. Other countries are also available. These are quality banks that have been around for some years. They all have online banking with the ability to send international wire transfers online. These banks will also issue some sort of Visa Card or MasterCard and/or an ATM card. They will open an account for a Panama Corporation or Foundation without you coming there. Again – the bank secrecy in these jurisdictions is inferior to Panama and Guatemala. Since we are using Panama Foundations and Corporations the quality of the corporate and foundation privacy laws is not relevant. Generally speaking Panama and Guatemala have the best corporate and foundation privacy laws.
Account Opening Time Frame – The various banks will open accounts in as little as two or three weeks up to three months. Panama bank account opening is generally 10-15 working days including the formation of the corporation. Time frame varies according to the bank, the country, your country and other variables. We do not have specific time frames to give you for the various banks. You will be doing all the follow-up with the non Panama bank.
Prices – We offer a complete Panama Corporation or Foundation with a Panama bank account for $1795. We will include the three bank names at no charge if you are buying extra sets of paperwork for bank account opening only. Sets of notarized and apostilled paper work to open the extra bank accounts run $295 for one set including courier, $395 for two sets of forms with courier, $495 for three sets of forms with courier. If you wish to have a Panama Corporation or Foundation with no bank account in Panama and the three bank names with one set of account opening paperwork the fee is $1795. We normally send these forms to the bank for you by courier. We do not follow up with the bank as to the account opening. You are the one doing the work following up on the account opening. We just send in the required forms. We are lawyers and understand bank account opening forms required for corporations and foundations quite well. We do know what these banks require.
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