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Background – We tell many people we do not discuss the names of the Panama Banks we work with for several reasons, one of which is the banks do not wish to be contacted by people interested in opening an account. People generally ask questions that the new account people can not answer and are not allowed to answer.
Things from the Banks Position – The person inquiring about opening a new account in a Panama Bank is going to have numerous questions. Some of these questions the bank personnel may not have the training and knowledge to answer and other questions are in the areas of law and tax and the bank is not able to provide legal or tax advice to perspective new account holders. Let us look at some of the most common questions and see the problems associated with this for the bank.
Can you explain Panama Bank Secrecy to me? – This is a hard question for a person at the bank who is not a lawyer and is only trained in new account opening procedures. This is a legal advice question and banks can not provide legal advice. There are other versions of this question pertaining to can someone collect a judgment from another country against my panama bank account, can some entity get information about my bank account, how secret are wires coming in and out, can a stranger call and get information about my account like if I have enough to cover a check if they had one of my checks, etc. For your answers go here:
http://www.panamalaw.org/panama_bank_secrecy.html
How much cash can I put in or take out of my Panama bank Account ?- The person on the new account desk will not understand how to answer this. The answer would depend on many factors and generally the banks are not fond of depositors using cash in any substantial quantity. Opening an account with cash is a serious negative that would result in account closure. Trying to put in a lot of cash would also result in account closure.
Can you explain why a Foundation bank account is considered non-freezeable pre-trial? This is a legal question the new account clerk would have not a clue as to how to answer. They probably never even heard of this before. The answer can be found here:
http://www.panamalaw.org/non_freezable_account.html
Do I have to pay taxes on the interest income ?- A complex question that depends on a number of variables. Rules vary from country to country but in Panama there is no capital gains tax so as far as Panama is concerned it is a NO answer. A new account person at a bank is not trained enough to answer such questions and the bank does not want them providing tax advice to perspective new clients.
How can I take money out of the account ? – This they may understand but they may not offer you the extra services like secured Visa card, and online banking because they have no training with such and can not explain to you how they work. They have no understanding or appreciation of asset protection strategies and if you do get an answer it will be incomplete in all probability.
What kind of interest can I get ? – Here again the new account person probably is not trained to understand the different programs such as minimum deposit, term and interest rate. The new account person is not the same as the person who works on the investment desk. When you start getting into what if I want to get my money out early they will really get confused.
Please explain how anonymous my corporate bank account is ? – They have no idea how to answer this. They do not know how your corporation is being structured and the bank does not want them answering such legal questions. The answers could be found here:
http://www.panamalaw.org/bearer_share_corporation.html
How long will it take for me to send and receive wires from such and such country? – This is a question for the wires department not new accounts, they will not know.
Can I deposit funds directly with your correspondent bank ? – They will not know the answer. The answer is no. If you could it would mean the correspondent bank in another country would have your account information which would violate Panama Bank Secrecy.
Can I deposit checks into this account and how ? - They may know and often they will not have a clue. You would prepare the checks for deposit and send them by courier to the bank manager.
Why the Banks Prefer Customers Referred by a Law Firm
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