While Switzerland is well respected with a long history, it no longer lives up to it's reputation. Many people struggle with deciding between the reputation of Swiss asset protection, and the many benefits available in Panama today. Panama now offers what Switzerland was once famous for but has now closed down due to pressures from the United States.

Switzerland minimum balances are $10,000 for a small bank, $25,000 for a medium bank, and $250,000 for a large well established bank. Panama banks on the other hand expect a very small minimum deposit.

Swiss banks do not like a large deposit followed by a declining balance over several months. If this happens, by about the 4th month, your account will be closed. A Panama bank will allow this type of behavior without any questions.

Swiss banks are stable and well respected, but it comes at a price. In fact a Swiss bank require US citizens to provide their social security number! Such a requirement make bank secrecy almost a joke. Banks in Panama, on the other hand, have no such requirement.

The Swiss banks, under Swiss law, must exchange tax information freely, under their many tax treaties (including a USA - Swiss Tax Treaty). Sadly, this has caused the demise of the once world famous Swiss bank secrecy. Today Panama is the new Country of choice when it comes to asset protection and bank secrecy. Panama does not co-operate with any countries and has no tax treaties. Only in severe criminal investigations is bank secrecy lifted. Panama doesn't recognize tax evasion as a crime, since it is not a crime in Panama.

Switzerland banks have huge sums of money under management. To the average depositor, interested in protecting their hard earned assets, this can be an attraction. On the other hand, as people become educated they realize that Swiss bank secrecy is now an artifact of the past. Panama is the fastest growing offshore jurisdiction, with large well established banks, ready to protect your assets.