Bank accounts in Panama are safe. There have not been any bank failures in Panama in the past 100 years. It is very difficult to get a banking license in Panama. The bar is set very high on purpose. Banking regulations are strong. Banking secrecy is of little value if the assets being protected are not safe. Panama is a safe place to keep assets since it has conservative banking laws designed protect the depositor. It is also important to note that Panama is not subject to hurricanes and other natural disasters. We have witnessed people unable to get access to their money for several weeks after a hurricane in Caribbean tax havens after a direct hit from a hurricane.
Panama Banks are Conservative
Panama banks have never entered into risky lending practices. No sub-prime mortgages... no 10% down mortgages... no 5% down mortgages. Panama banks have always required at least 25% down to get a mortgage.
Panama Political Stability
Panama is politically stable. The government is elected much the same as in Canada or the USA. Although the American military left Panama a decade ago, they left behind a stable government based on democracy.
Government Guaranteed / Government Insured
No Panama banks are NOT government insured. Offshore jurisdictions do not have bank accounts that are insured. That is why Panama, with its large banks, and political stability, is a good place to keep your money. We put our clients into a large bank with over 40 billions dollars in assets.
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