5 tips before opening an offshore bank account in Panama in 2020 🧾⚖

Actualizado: abr 26

Panama offers a platform of fiscal, logistical and banking benefits to foreigners who use Panama as a destination for their currencies. I share some tips that can be very useful if you are interested in offshore bank accounts in Panama:

Una sociedad offshore en Panamá ofrece diversos beneficios

1. Research the benefits that Panama offers. Panama has the best tax platform for offshore business, since we have a territorial tax system, that is, offshore income (income derived from activities outside of Panama) is not taxable by the Panamanian government. Non-resident (offshore) companies in Panama offer some of the following tax benefits: · No income tax: companies in Panama do not pay capital gains taxes on income derived from sources outside of Panama. · No capital gains tax: companies in Panama do not pay capital gains taxes on profits derived from the purchase and sale of securities traded outside of Panama. · No interest tax: companies in Panama do not pay taxes on any income earned from bank interests, whether inside or outside of Panama. · No sales tax: companies in Panama do not pay taxes on sales of products or services carried out abroad. · There is no tax on the issue of shares of the company: companies in Panama do not pay taxes on the issue of shares. · There is no tax on dividends from shareholders: shareholders of offshore companies in Panama do not pay taxes on dividends, on income generated from sources abroad. 2. Investigate the competitive rates offered by Panamanian banks in fixed-term deposits Panamanian banks offer highly competitive rates of up to 5.5% annual return based on fixed-term deposit, for a minimum period of 1 year. I recommend this article where I talk more about the topic: https://www.jsantosf.com/post/dep%C3%B3sito-a-plazo-fijo-en-panam%C3%A1 3. Calculate the pros or cons of changing your financial liquidity to dollars. In Panama we do not have our own strong currency, for this reason we adopt the American dollar as legal tender. This is beneficial when moving from a weak and highly fluctuating currency to the US dollar, the latter usually maintains its value with minimal variations but you lose some liquidity depending on the exchange rate. On the other hand, if you come from a stronger currency such as the euro, you currently have greater purchasing power and you will benefit from the exchange rate. In this sense, Article 1171 of the Tax Code establishes that: "The monetary unit of the Republic of Panama will be the Balboa, that is, a gold coin with a value of nine hundred and eighty-seven and a half milligrams (0.9875) in weight, eight hundred and twenty-nine thousandths (0.829) of fine, divisible by one hundred hundredths (100/100). The current dollar of the United States of America and its multiples and divisions will be legal tender in the Republic of Panama, for their nominal value also in the respective Panamanian currency. ”

Panamá ofrece una plataforma bancaria estable y dolarizada

4. Use a Panamanian corporation to open the bank account It is recommended that you use an offshore company to open a bank account in Panama, this can greatly facilitate the process, provided you consult with a lawyer specialized in the matter. 5. Use the services of an expert lawyer in the field to advise you on all the above points As I already told you in the previous point, a lawyer specialized in offshore structures knows how to adapt the situation according to the needs when opening a bank account in Panama through an offshore company. The average times of an offshore structure creation process and bank account opening may vary depending on the quality of the client, but are in the range of two to four weeks.

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Until next time !!

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