OFFSHORE SERVICES
Why Panama?
Panama is one of the most popular places in the world to incorporate as well as for banking services. Many people go offshore for many reasons. For starters, privacy. Secondly, they use offshore corporations to take advantage of offshore investment opportunities and diversify their portfolio internationally. Hanover Brooks could be your gateway!
Is Banking In Panama Safe?
Panama City is home to the second largest international banking center in the world next to Switzerland. Panama has the most modern and successful international banking center in Latin America, with more than 150 banks from 35 different countries.
Panama is one of the most stable banking jurisdictions in the world. Panamanian laws require a minimum of $10 million in proven capitalization just to apply for a banking license. Other tax haven countries issue banking licenses with as little as US$50,000 in capitalization. The Panamanian government has enacted strict bank auditing guidelines, to monitor banking practices, credit guidelines and overall bank administration. Each bank must submit monthly auditing reports to Panama's Banking Superintendence, which is under direct supervision by the Banco Nacional de Panama (performs some of the functions of a central bank).
The Panamanian banking system is set up to ensure depositors the security of their deposits, similar to the US banking system. The National Banking Commission (NBC) and the Banco Nacional de Panama (BNP) execute the functions of a central clearing bank. The NBC oversees the banking system, sets the reserve requirements and regulates interest rates. The BNP functions as the Panamanian governments’ principal depository, manages the country's international reserves and is the clearing-house for the banking system.
Some of the banks present in Panama's banking center are: Citibank, Credicorp Bank, HSBC, Dresdner Bank, Bank of Tokyo, Bank of Boston, Banco Nacional de Paris, International Commercial Bank of China, Societe Generale, Banque Sudameris, BBVA, Banco Uno, Banco General, PriBanco, Banco del Istmo, Global Bank, MultiCredit Bank, PanaBank, ABN Amro, Banco Aliado, Banco Continental, BancoLat, BIPAN, Lloyds TLB Bank, Bank of Nova Scotia and much more.
Privacy? Panama offers the most favorable and most flexible incorporation laws available in the world. Panama’s Corporations offer "Bearer Shares", allowing shareholders to maintain 100% anonymity and privacy. There are many other types of corporations or foundations as well that can give you asset protection and privacy.
Panama continues to maintain what we consider to be the most solid banking and corporate book secrecy laws in the world, which are engraved in its constitution. With Britain's proposed regulation for removal of bank and corporate book secrecy in the UK offshore territories, it is clear that Panama remains the most secure offshore financial center, where privacy and confidentiality is not only respected, but also vigorously protected by constitutional law.
The Government?
Democratic government. The Government of Panama is headed by the executive branch, which is composed of a president and two vice presidents, democratically elected for a five-year term by direct vote.
Other Facts
Panama is home to the second largest international distribution and trade center (free trade zone) in the world next to Hong Kong. Panama's Colon Free Zone has over 1500 international import/export businesses operating within it, receives more than 250,000 visitors yearly and generates exports and re-exports valued at more than US$11 billion annually.
The banking and commercial trade industry is alive in Panama with the US Dollar as it's circulating currency.
Panama is a member of the World Trade Organization (WTO)
We consider Panama to be the ideal jurisdiction for international investors and businessmen to operate their offshore corporations, banking, investing, finances and all other areas of international trade for which we chose to make Panama our corporate home for your account.
About Credicorp Bank
Headquarted in Panama City , Panama , Credicorp Bank has been in operations since 1992 and it is recognized as one of the major banks in the region. In 1999 it consolidated its presence in the financial sector when they inaugurated their main office in Calle 50, at Plaza Credicorp Bank.
Since the start, Credicorp Bank has been a solid institution with high levels of capitalization, always exceeding the requirements of the law and the universal banking principles which turned it into a world class bank.
Currently Credicorp Bank has more than 20,000 commercial and personal clients. Besides its main office at Plaza Credicorp Bank, it maintains strategic branch offices all over the country.
Through our banking and attorney affiliations, we are able to provide referral service to our clients wishing to open private offshore bank accounts or offshore corporations.
If you are interested in these referral services or wish to know more about the benefits of incorporating or banking in Panama, contact one of our account advisors today.