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Panama Foundation Banking

There are two state-owned banks in Panama, Banco National de Panama and Caja de Ahorros. The government also control the National Banking Commission, but there is no central bank as the money supply is not under national control.

During the Noriega Years that ended in 1989 bank deposits went from about 40 billion dollars to 10 billion dollars in 7 years. Currently the bank deposits in Panama are hovering around 55 billion dollars which in 1982 dollars is quite a bit from its former grandeur. Most of the banks have since returned though.

In the context of the Panama Foundation, all deposits with any bank in Panama, state-owned, general, international (offshore), are 100 % exempt from any type of reporting and taxes on interest. Only the services provided by the bank itself are taxed with a sales tax (ITBMS) at 7 %.

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