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Can a US citizen open a bank account in Panama?

       


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Kenny


Is it true that if they do allow you have to sign an IRS form?
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Samuel

"So it`s easier for us citizens to operate a legal bank account..."



Panama uses the US dollar system, so it`s easier for US citizens to operate a legal bank account or offshore account without losing money in currency conversion.


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Q. Will i have to pay taxes to the irs if a w-8ben form is submitted?
i have a unique situation. i am a us citizen living in the us and i just opened a checking account. i want to add my grandmother to my account who is a non citizen and lives in panama. i want to send her money every month using a debit card, but the bank is requiring for a w8ben form to be completed by her. my question is, will she have to pay taxes on my income, since taxes have already been deducted through my place of employment? what is the purpose of this form?


"That no withholding is required by the bank on the money they send..."



Dear Nazanin, Your grandmother will not owe any US tax on money you send her. The purposes of the Form W8 BEN are to show that no withholding is required by the bank on the money they send , and also to keep track of who is sending money out of the country and to whom. This is for catching money launderers, tax evaders, and terror supporters. There should be no tax effect for you. By the way, your situation is far from unique. That's why the form exists. And it's good of you to help support your grandmother.


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