If a person plans to engage in anyone of the following activities or lifestyle changes within a particular offshore location, a local bank account within the same jurisdiction will most likely be needed (in some cases, forming a Foundation, Trust or Corporate Entity is prudent):

Click on the following link and scroll down to the bottom half of the screen to view the United States’ Department of State’s most updated list of Major Money Laundering Countries:
http://www.state.gov/p/inl/rls/nrcrpt/2008/vol2/html/100804.htm
The majority of the world’s largest and most advantageous banking jurisdictions are listed as “Countries or Jurisdictions of Primary Concern”, including Switzerland, the United States, Panama, United Kingdom, etc. This DOES NOT mean that they are unsafe or unstable from the standpoint of banking or investment.

According to the Superintendent of Banks, as of the closing of 2008, the consolidated assets of the International Banking Center (IBC) reached the sum of $76.2 billion with a good liquidity of 62%, a sound capital adequacy of 14% and a satisfactory asset quality.

No. This fact requires Panamanian banks to manage themselves in a conservative manner since losses would have to be addressed by shareholders directly.

No. It is only against the law if an offshore accountholder does not comply with applicable reporting requirements. Contact your tax advisor for more details about such requirements. It is important to emphasize that there is a difference between tax planning and tax evasion. We strongly discourage and do not condone obtaining offshore bank accounts for the purpose of tax evading or money laundering as these activities are illegal in many countries.

Regulation of Panamanian Banks is very robust as evidenced by minimal bank failures. The name of the Agency in Panama that regulates banks is the Superintendent of Banks in Panama (“SBP”).

Yearly

All banks in Panama are regulated under accepted international transparency standards.

No. In 2001, Panama was de-listed, from the Financial Action Task Force’s (“FATF”) list of countries and territories deemed non-cooperative. Panama was also de-listed from the Organization for Economic Co-operation and Development’s (“OECD”) list of non-cooperative jurisdiction in 2002 as a result of Panama’s pledge (through a letter from the Ministry of Economy and Finances) to Improve Transparency and Establishing Effective Exchange of Information in Tax Matters within the confines of a level playing field. The following link provides the copy of the letter from the Ministry of Economy and Finances to Mr. Donald Johnston, Secretary General of the OECD in Paris, France dated April 15th 2002. http://www.oecd.org/dataoecd/60/16/2082513.pdf

According to Deloitte, as of 2009, International Financial Reporting Standards (IFRS) are followed in Panama. For more tax related highlights of Panama,
click on the following link to read Deloitte’s report:
www.deloitte.com/dtt/cda/doc/content/dtt_tax_highlight_2009_panama.pdf

Panama’s IBC has fared much better than most other banking centers during this crisis and as of February 2009 display a healthy level of liquidity, sound capital and a satisfactory asset quality.

GDP - real growth rate was 8.3% in 2008 and the unemployment rate was estimated to be 6.3%. [Source: https://www.cia.gov/library/publications/the-world-factbook/print/pm.html] While the GDP is expected to grow in 2009, the growth rate will not be as high (estimated at only 3%-5%) as a result of residual impact from the global financial crisis. The current rate of unemployment is reportedly less than 6%.   

Once a bank account is opened offshore, you can access your funds from all over the world through a debit card, an ATM card, and/or, in some cases, through online banking.

No, bills to creditors outside of Panama cannot be paid electronically from your Panamanian account. Only bills from creditors inside of Panama can be paid in this manner. However, you can pay creditors outside of Panama from your Panamanian account by other means other than electronically.

As a US Citizen, if you meet or exceed the account(s) balance threshold triggering reporting requirements, you will need to complete and file Form TD F 90-22.1 (the “Foreign Bank Account Reporting” or “FBAR” form) with the Treasury Department. For your convenience, the link to access this form is: www.irs.gov/pub/irs-pdf/f90221.pdf . You should also disclose that you have signatory or “other” authority over one or more foreign accounts each year on Schedule B of your federal income tax return. Again, consult your tax advisor on reporting requirements affecting foreign accounts.

It is not difficult and there are no restrictions.

Firstly, Ingram Jaén’s server resides in Panama and subject only to Panama’s jurisdiction. Secondly, while Ingram Jaén, S.A. is a Panamanian company, it is contractually and legally obligated to abide by the same confidentiality rules as our financial institutional clients. Hence, what little, if any, information Ingram Jaén may have would only be produced at the behest of the competent offshore judicial court having jurisdiction. Thirdly, Ingram Jaén does not maintain account information. We simply collect supporting documentation on behalf of the institutional client for compliance and due diligence purposes. Such documentation is not maintained by Ingram Jaén beyond thirty days. Despite being a staunch advocate and defender of financial privacy, Ingram Jaén has procedures and controls to minimize the risk of being exploited as a conduit to extend illegal activities.

Not at this time.

Yes, Panama has mutual legal assistance treaties with the United States, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Colombia. The treaties cover activities that are considered serious crimes in Panama as well as the country in which Panama has the MLAT, but do not include tax related fiscal crimes at this time.