Panama Banking: An Unequal Playing Field

Panama Banking: An Unequal Playing Field

Let me make this clear from the start. I hate banking. Everything to do with banking. When I think of bankers and bank fees and all of your business available on a screen for anyone to see, it’s usually a picture that includes hellfire and brimstone.

But let’s face it. Failing to go off the financial grid completely, or until cryptocurrency becomes the new fiat, banks it is.

(That’s a whole other can of worms because if you’re not using privacy coins, someone is still going to control you and your money, only then will it be in the form of Bitcoin trace & tax)

And although PayPal and Transferwise (Wise) provide some easy of use, THEY ARE STILL BANKS!

So while banking remains a necessary evil, we should at least do it smartly.

Some Banks Are More Equal Than Others

In LIBpreneur, as well as all of our Starter Pack Reports, we’ve given a lot of advice on which countries are more equal when it comes to business and banking –– with all roads eventually leading to Panama, especially when it comes to asset protection, another necessary evil in a litigious society fighting over a weakening dollar.

In terms of offshore protection and privacy, few places do it better than Panama. Moreover, it’s really not hard to open a bank account, PLUS once it’s open you have an easy path to residency –– provided you’ve not been a naughty boy or girl in a past life. (A Clean Criminal Record is required for permanent residency in Panama)

Want to open a Panama offshore account? In today’s video, I talk about banking in Panama –– what you need and how to do it.

It’s really not hard either, as Palm Tree Research’s content creator testifies:

“The day we went to open our bank account, the bank manager wasn’t at the office. This presented two problems: 1) he was the only person in the branch who spoke English, and we were fresh off the boat so ‘no hablo español’; and 2) we were on a super tight deadline so we couldn’t try elsewhere. Needs must the account had to be opened there and then. The amazingly-friendly but linguistically baffled assistant banker took on the challenge. And so, six hours later, between Google translate, three-way calls to the absent banker, some internal caucus, and our young children running around the small reception floor –– we left with shiny new Panama bank accounts! Granted, all our paperwork was in perfect order, which is a non-negotiable part of the new accounts process.”

It’s clear. With some fortitude, a good attitude, and, maybe, two annoying rent-a-kids, opening a Panama bank account is more than doable.

More importantly, it might be the best thing you’ve ever done to protect yourself and your money.