With the advent of the internet and the digital age of banking, setting up an offshore bank account is more accessible than ever. There are three common ways you can open an offshore bank account.

Fly to Panama

Coming from a North American  or European culture many people don't realize that they cannot simply fly to the offshore banking jurisdiction of their choice, walk into a bank, and open an account.  Offshore banking is often done "old school" via an introduction.  We often get clients who have tried this approach and hire us to represent them after waiting weeks or even months hoping their account would be opened. The bank is generally polite and will take your application, but without an introduction your account may never actually be opened.

In North America or Europe it is hard for people to understand the importance of the "introduction" concept.  In offshore banking countries like Panama introductions to the bank make the difference between an account opening in 3 days vs 3 months (or never).  

Hire an "Offshore Company Mill"

Offshore "re-seller" companies (often called "Offshore Company Mills") spam the google search engine with millions of keywords crammed into their page titles.  They take your order, pretending to understand the business, and then "sell your order" to a real law firm.  The problem is that by doing this you lose your attorney client privilege. This is a serious problem because if someone approaches them for your information, they are free to give it.  Some "interested"  parties can apply a fair degree of pressure, so it becomes easier to give you up than fight for you.  Since there is no attorney client privilege, they simply provide your name, address, phone number, corporation name, etc.  This totally invalidates the reason for banking in a strong banking privacy jurisdiction like Panama. 

Hire a Law Firm

The smartest way to open an offshore banking account is through a lawyer who is an expert in offshore legal matters.  When you consider the cost of a flight and hotel bills, it is actually a cheaper option.

Attorney Client Privilege

Unlike an "Offshore Company Mill", a law firm would lose its license for violating attorney client privilege.  A law firm will never give up your information because it will cost them their lively-hood.  All your hard work to protect your assets is weakened by placing your order with these spam sites that really don't know or care about financial privacy or the law.

Don't be fooled by "Offshore Company Mills" pretending to be a law firm 

Don't be fooled by "offshore company mill" spam sites.  They may look professional, but they are not a law firm.  When you ask them if they are a law firm they will often lie and say they are, or they will say they have lawyers on staff.  This is a trick.  A company that hires lawyers is NOT a law firm.  You are NOT covered by attorney client privilege unless they are a registered law firm in Panama.  A real law firm will prominently display the words "Law Firm", "Lawyers", or "Abogados" (spanish for Lawyer).  You will find a scan of our law firm license in our "About Us" section.  

If someone comes "knocking" wouldn't you like to know you hired a law firm that legally cannot divulge your information?  Without attorney client privilege, you have no protection. 

What is the point in setting up a strong offshore asset protection structure, if you don't use a lawyer? A lawyer is key to protecting your financial privacy.