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Laws About Bank Secrecy in Panama

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Some time ago, the Swiss were the most widely known custodians of kept-away money, but today Panama’s laws and opportunities attract people from all over the world. If someone desires to maintain his/her money in an offshore location, it is usual nowadays to immediately think in Panama. This is motivated to the fact that banking licensing process is seriously regarded in Panama (only those properly acknowledged by means of a license under the law of Panama are entitled to provide banking services to offshore customers), and to the vast store of secrecy laws that Panama possesses, these laws are implemented to preserve secrecy on a person’s bank assets in a better way than laws from any other country.

There are no tax treaties in Panama, tax treaties in many countries stipulate the handing over of some percentage of a person’s revenues held in bank accounts to the country where the earnings originated. They take away a part of your savings and also provide detailed information about your accounts. Privacy and secrecy in Panama are simply the main keys to keep clients and entice businesses to come along.

Banks in Panama are capable of providing first class facilities. Some customers may have the advantage of having insurance for loans and savings on their accounts. Since privacy is a foremost concern of Panama’s banking sector, you may confidently rely on the provision of freedom from interference in all you assets and transactions. Nothing unbecoming will occur to your businesses and affairs; you will be in good hands because the profitability of Panama’s banking sector depends on your well being.