Offshore Banking In Panama

March 15, 2011:

"I'm about to go to Panama for about 10 days, and one thing I'm planning to research is Panamanian banks. Specifically, I'm looking for one where I could hold gold and silver safely. Could you make any recommendations?"

--Chris W., United States

Over the past 12 years, we've had experience opening accounts and doing business with about a half-dozen banks in Panama. Each has its pluses and minuses. One thing to understand is that, in the current climate, it's not easy for an American to open a new account...neither personally not, especially, for a corporation. And any bank account in Panama must be opened in person...with a personal interview. We know of only one exception to this rule...a new bank that sometimes will waive the personal interview requirement, especially if the would-be new client comes with an introduction.

Which bank makes sense for you depends on what kind of account you're looking to open and for what purpose. An operating account? A private account? A corporate account? From where and how will the account be funded...and what kinds of funds will flow through it over time?

We don't really recommend any bank as a top choice for storing precious metals. Rather, consider a private vault or storage facility.

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This Is Your Final Call

Uncle Sam is working quietly, behind the scenes, to put obstacles in place that will make it more difficult for you to broaden your horizons overseas. And much more difficult for you to be in the driver's seat of your own future.

It's not just the banking arena that's under threat.

In 2008, changes to the Veterans Act allowed for an "exit tax" on U.S. citizens who choose to leave the country and end their citizenship.

What other countries have done this in the past? Nazi Germany. Communist Russia. Apartheid South Africa...

This is your civil liberty at stake. How long before you just won't be able to get your assets out of the States?

I'm not an alarmist. I'm a pragmatist. And, as a pragmatic investor, I've seen the writing on the wall for some time. I've worked all these years and with an added sense of urgency more recently to take control of my own life, my own financial future, and, most important to me now, the future of my family.

Now I'd like to offer you a chance to do the same.

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• Retire To Rural France