Panama Banks Assets and Profits Growing at Record Pace

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Panama Banks' Assets and Profits Growing at Record Pace


Summary

By the end of May 2007, Panama’s banks reported collective assets surpassing $55 billion, marking a 17% growth compared to 2006. Such an increase reflects strong financial health and promising growth.

Article Body


Introduction

As of May 2007, Panama's banks have amassed collective assets exceeding $55 billion, representing a 17% increase from the previous year. Such growth is impressive by any financial standard.

In the first five months of 2007, the banks recorded a net profit of $444 million, a 19% rise over the same period in 2006. Business is booming, evidenced by the opening of two new banks, with five more in progress.

Discussion

This growth isn’t surprising. Panama stands as a premier destination for asset protection, offering highly secure and anonymous financial structures. Bearer share corporations and foundations in Panama ensure total anonymity, with no ownership recorded in any database. These shares can be held globally and remain undocumented. Panama’s bank secrecy laws are among the strictest worldwide. Moreover, Panama has no tax or mutual judgment collection treaties, enhancing its appeal. It is increasingly seen as the "Switzerland of South America" but with distinct advantages.

Conclusion

The future looks bright for banking in Panama, with numerous new accounts and investors flocking from various countries. As the leading retirement and tax haven, Panama attracts individuals seeking a tropical paradise with low living costs, safety, beautiful beaches, excellent fishing, and warm weather. This influx is likely to boost the banking sector significantly.



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