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Money, Banks, Asset Protection & Offshore BankingBanking: The banks are open Weekdays from 8:30 am to 3 pm. On Saturdays some are open until 1:30 pm. All are closed on Sundays.
Currency: The US$ here is called the Balboa. Panamanian coins are used interchangeably with US coins as they are also the same size and value.
Money Exchange: No need to exchange US currency here as it is the same. Other currencies should be changed and doing so, along with travelers checks, is usually no problem due to the great number of foreign banks in Panama. Passports will be needed to cash travelers checks.
Credit cards: Master Card and Visa are mostly honored. American Express and Diners Club are usually honored in upscale shops.
Asset Protection & Offshore Banking in Panama!Panama City is home to the second largest international banking center in the world next to Switzerland.
It is also home to the second largest international distribution center (free trade zone) in the world next to Hong Kong. The banking and commercial trade industry is alive in Panama.
Panama is a tax haven and as such, non-resident Panamanian International Business Corporations (IBCís) and Foundations do not pay tax on any of their income (Interest income & Capital Gains Income included), nor do they have any reporting requirements to the Panamanian government.
The Panama corporation law was promulgated over 70 years ago and has since been copied by many of the other tax haven nations.
Panama is one of the most popular place in the world to incorporate, with currently over 350,000 registered entities.
Panama continues to remain the best tax haven on earth having what we consider to be the most solid banking and corporate book secrecy laws in the world, which are engraved in itsí constitution.
With Britain's proposed regulation for removal of bank and corporate book secrecy in Britain's offshore territories, it is clear that Panama remains the most secure offshore financial center - where privacy and confidentiality is not only respected, but vigorously protected by constitutional law.
Panama is the ideal jurisdiction for international investors and businessmen to operate their offshore corporations, banking and finances !
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