Banking in Panama

Panama has had two Panamanian government-owned banks: the National Bank of Panama (Spanish: Banco Nacional de Panamá) (BNP) and Caja de Ahorros de Panamá (Savings Bank of Panama).The banking law promoted international lending, and because Panama has a territorial tax system, profits from loans or transactions made offshore are tax free.[1][unreliable source] Since the 2007–2008 financial crisis, the country has been trying to shake off its reputation as a tax haven, signing double taxation treaties with many (mostly OECD) countries.[3] United States citizens, residents and green card holders opening a bank account in Panama, as in other countries, have since 2010 been subject to the US Foreign Account Tax Compliance Act (FATCA), in addition to Panamanian regulations.In April 2011, Panama entered into a treaty with the United States on the exchange of financial information.
National Bank of Panama, on Via España in Panama City.
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