Introduction – At the end of May 2007 it has been reported that the Panama Banks have collective assets of over $55,000,000,000 (55 Billion dollars). This is 17% higher than the preceding year (2006). Seventeen percent is very respectable growth by any standards.
The Panama banks reported net gains of $444,000,000 in the first five months of 2007. This is 19% higher than the same figure reported in the year 2006. They are even growing in profits.
This year two new banks have opened in Panama and five others are in the process of getting their doors opened now. Business is good.
Discussion – This is no mystery to us. Panama is currently the most secure jurisdiction for asset protection. Panama has truly anonymous bearer share corporations and truly anonymous foundations. There is no recording of ownership for either in any database or registry. The bearer shares of the corporations do not need to be held by anyone in particular and need not be kept in Panama and the shares can be made out in blank. The books and records for the corporation or foundation can be kept anywhere in the world. Panama bank secrecy laws are among the tightest anywhere in...
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