Panamanian banks can create accounts for offshore individuals and organizations. Many companies and individuals choose to setup their offshore accounts in Panama because they want to take advantage of the country's privacy laws and stability.

Panama's Banking Privacy Laws

Panama has a history of legal protections for the bank accounts of organizations and individuals. Article 74 of Cabinet Decree 238 of July 2, 1970 forbids law enforcement from ordering or conducting investigations of a bank's private clients.

Law enforcement can conduct research when it has suitable evidence showing that someone uses an account to cover illegal activities. Before beginning investigations, though, law enforcement must request permission from Banking Commission. Historically, the Banking Commission and higher courts have not given permission without significant evidence showing that an account holds money earned through illegal activity.

Few countries offer this level of privacy to resident or offshore bank account holders.

Security For Offshore Bank Accounts in Panama

Panama banks can offer offshore account holders the same level of protection that banks offer in countries like the United States and Germany. Most banks have excellent online services that gives account holders 24-hour access to their money. Depending on the bank, account holders can also:

• money transfers

• international transfers

• online statements

• online payments

State-of-the-art security technology keeps you and your money safe when you use a Panama bank. Panama, after all, has one of the largest international banking systems in the world. That requires the latest security that keeps clients confident and pleased with the services they receive.