About Panama
MMG Bank is a General License Bank headquartered in the Republic of Panama and authorized by Panama's Superintendence of Banks for all kinds of banking businesses in Panama and abroad. Additionally, its subsidiary, MMG Asset Management, has a securities house license issued by the National Securities Commission of Panama to offer custody accounts, provide advisory for investments and perform securities transactions for their clients.
The Panamanian banking system is modern and strongly regulated following the Base principies. It is highly demanding regarding capital requirements, physical presence and client verification policies, which guarantee the system's reputation. Its banking laws states banking secrecy and regulate confidentiality, strictly and clearly, protecting foreign local investors. The Securities Law also protects investors with securities in custody accounts before events that may affect intermediary institutions; via an indirect tenancy regime of this law, clients' investments are categorized as independent and not attachable patrimony, aside from their being in the name of the intermediary.
Panama has achieved consolidation as the most important International Service Center of Latin America. The Dollar has been commonly used since 1850 and is legal tender since 1904, which makes it an economy free from problems, inflation and exchange risk. The existence of crucial activities for international commerce such as the Canal, port facilities infrastructure, the banking center and the free zone (the biggest and most important in the Americas ) complement its agricultural and industrial production and contribute to make Panama a stable economy with great perspectives. Although tax rates in the country exceed 30%, tax laws are based in the extraterritorial principie that guaranties total exemption from taxes for operations not being effective in Panama. This exemption applies also to transactions managed through Panamanian Banks. In fact, interests generated by bank deposits are exempted by law from any tax in Panama.
