Question Best offshore jurisdiction for 2024 and 4 years ahead?

[Fred]

So, I'll have easy access to a Panama Permanent Residency this year. If I want a crypto trading business (personal and for clients) what kind of setup is recommended for Panama? A Panama Foundation for holdings and a Panama LLC for trading? I was looking at Bybit for the crypto exchange, but wasn't sure the best banking for crypto cash out ... does Panama have decent banks or are offshore banks recommended. Hopefully Panama Corporations are no problem for Bybit. I'm not looking to put a lot of money into this, I'd rather get it setup and grow it.

Panama Banks are not the best to work with - don't get me wrong they are proper banks in the South America region and not only in Panama but the Compliance is not streamlined, Wire Transfer turnaround time is slow - usually taking 3-5 Business Days for a USD SWIFT Transfer while Hong Kong to UAE or Switzerland takes 12-24 hours to process and the Banks taking a good cut for Wire Transfers - 50-100$ for Outgoing and Incoming Transfers 30-50$.

If you do the math with 10 incoming and 10 outgoing Transactions per Month you can easily end up paying 1000$ per Month just for Banking.

We do avoid for Business Banking Panama right now entirely and prefer Hong Kong and UAE Banking for Transactional and Cost Reasons while having not really any downside as it comes down to CITIBANK being the Correspondent Bank for USD anyway regardless if a Panama Bank, Hong Kong or UAE Bank.

Panama Personal Bank Account can make sense if you have a Permanent Residence in Panama and Tower Bank Panama works the best if you are in touch with Crypto - so far we don't see any issues receiving USD from Customers Bank (Kraken and Bitstamp Correspondent Bank) via Wire Transfer.

For Crypto Trading with a 0% Tax Panama Offshore Company and Cashing Out in Fiat to Panama Business Account we have at DLS Offshore an entirely different approach and the Business Bank Accounts with Panama Banks are not suitable.

Very interesting question, something I’d also like to get clarified.

@Fred Also, just to confirm: I can be physically living in any country and still use your service to set up this Panama company, right?

And am I 100% guaranteed that it will remain anonymous?

Correct, we offer different levels of Nominee Service and with our full package you remain Anonymous.