More often then not, the country of Switzerland gets all the credit as a reliable source for asset protection. The truth is that Panama is as viable a source, if not better, for any sort of business, lender, brokerage or other various accounts. There are a number of reasons why Panama rises to the top in this business.  Here are a few:

• The country of Panama does not tax offshore income. This is an obvious since a corporation based in Panama can avoid paying taxes as long as the income is not earned in Panama. The saved money from this policy is a significant enough reason on it’s own to choose Panama.

• Unlike other jurisdictions around the world, Panama still allows bearer share corporations. For those not familiar with this term, a bearer share corporation, often denoted by adding a S.A. in front of a company’s name, allows the owner of a company to be completely unknown. This allows individuals and corporations to privately control and own a variety of accounts and assets. Bearer share corporations also allow owners to quietly transfer their shares without anyone knowing about it. This means that a corporation could, hypothetically, switch it’s ownership multiple times a week. In addition, bank wires from international locations can not be tracked to anyone, only to the corporation named in the wire. This means that privacy is guaranteed in Panama. In other countries, it is quite easy to gain information on which parties are receiving wires through public databases.

• Panama also uses the United States currency which decreases the cost of banking and doing business. In other countries, transferring money will bring about the additional cost of conversion to the local currency. Not the case in Panama. Using the dollar is as easy in Panama as it is in America.

• Not knowledgeable about other languages? No problem! In Panama, English is a very common language that is used by everyone who works in a respectable position. There are no problems getting medical service or talking with bank employees in this country as most professionals can speak english.

• Those who study their history also know that Panama was maintained by the United States until very recently. This means that there are buildings as tall as in the States, there are no “don’t drink the water” signs, electrical appliances will plug into outlets just fine and roads that can be driven upon. In addition, Panama has world class internet service, with multiple providers. Panama is also very close to the state of Miami and prides itself in having a lower crime rate than most locations.

• Offshore Legal Law Firm is unique in the sense that it will allow a person to do business in Panama without ever actually visiting the country.  We are able to open bank accounts in 24 hours (often same day) for clients willing to come visit Panama.  Even if you don't come to Panama we can open an account for you in 3 days or less.