Offshore Banking In Panama: Legitimate Or Shady?

Panama is much more than just shady law firms and money launderers.

Don’t take it from just me. Take it from Steve Forbes, who wrote about Panama in the most recent issue of his eponymous magazine:

“I recently visited this small Central American country and saw firsthand what is largely unknown: Panama is a huge economic success story, enjoying an average annual growth rate that’s about the best in the world in the 21st century. Things have “slowed” recently: Growth last year was a tad below 6% but is expected to be a bit above 6% this year. Unlike the numbers coming out of China these days, which are ostensibly slightly higher, Panama’s are the real deal. Its growth is still light-years ahead of that in most of the world’s countries.”

The article demonstrates the importance of seeing something for yourself before jumping to conclusions based on recent publicity.

And there was more of it last week.

The U.S. Treasury Department blacklisted a Panamanian bank, Balboa Bank & Trust, along with

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