Panama Safe Deposit Boxes and Allocated Segregated Storage
While Panama is a very safe country, we always recommend that our clients, local and foreign, use common sense in protecting their valuables, by renting an insured safe deposit box in Panama or storing in an ultra safe vault. Panama safe custody can be used for storage of any quantity of valuables you may have, including but not limited to: gold, silver, precious metals, important and valuable documents like stock share certificates or bonds, crypto currency passwords, hard cash (money), collectible coins, precious gems or jewelry, etc.
Are Safe Deposit Boxes “Safe”?
Most people in North America or Europe open a safe deposit box at their local bank for this purpose, however, that may not be the best option for the best asset protection of your valuables. In the US, it is estimated that there are about 25 million safe deposit boxes, yet there are no federal US laws that govern the boxes to protect consumers. While the US banking industry is highly regulated, US banks safe deposit box services operate in a sort of “legal gray zone”, because there are no rules that require the banks to compensate their clients if their clients valuables are stolen or destroyed.
According to a recent article in the NY Times, David P. McGuinn, the founder of Safe Deposit Specialists (a consulting firm of the banking industry) quoted “The big banks fight tooth and nail, and prolong and delay — whatever it takes to wear people down… The larger the claim, the more likely they are to battle it for years.” Bryan Hubbard, an agency spokesman for the US Office of the Comptroller of the Currency (which is the main federal overseer for the US banking industry), said that the federal agency has no grounds to get involved in safe deposit box claims, and he went on to quote “No provision of federal banking law expressly regulates safe deposit boxes…”.
It is important to verify what insurance coverage is offered on your safe deposit box, because you will be surprised to learn how minuscule your coverage can be even with large banks.
For example, in the US, Wells Fargo caps their liability on safe deposit boxes at an amazingly low US$500. Surprisingly, a bank as large as Citigroup limits their liability on safe deposit boxes to 500 times the annual safe deposit box rent. JPMorgan Chase limits their liability to US$25,000. Typically, in court cases of disputes involving safe deposit box claims, the banks usually argue that safe deposit box renters are at the mercy of the most recent bank terms, even if they leased their box years or even decades earlier, and the courts agree.
Choosing a Safe Deposit Box Location
To truly protect your assets, they should ideally be located outside of your jurisdiction or home country borders. The ideal location for your offshore safety box would be in a safe, stable country, and preferably inside of an international Free Trade Zone where the assets that are taken there for storage and protection are not taxed upon importing them. Also, the facility must carry a solid insurance policy with a reputable international insurance company to insure your offshore safety box.
We recommend a Panama safe deposit box service that offers UL-3 Vault Storage, which is 100% allocated and segregated storage within better than bank level secure vaults with the latest security technology features, keeping your valuables 100% safe, fully insured, and available for you at any time you need to access it. You can store your valuable coins, gold, silver, platinum, cash or documents in an offshore safe deposit box in Panama, located inside of an international Free Trade Zone that has the highest security standards.
Not only can this highly recommended security facility protect your assets through their ultra secure safe deposit boxes and secure open storage allocated segregated vaults in Panama, they also facilitate purchases and sales of precious metals, through their industry leading precious metals correspondents in North America and Europe, offering clients a vast selection of gold bullion, gold and silver coins and numismatics, as well as other precious metals. A truly first class, private concierge service can help you find and purchase what you need.
As a client of their concierge service, they can offer you assaying services, to verify existing precious metals, by use of their state of the art equipment to assay and give you an accurate analysis of your assets, heirlooms, gold, silver, coins, and more.
26 Reasons to Choose a Panama Safe Deposit Box
Why would you choose our Panama safe deposit box and open storage facility?
- Panama is very close to the US (just a 7 hour flight from LA, 2.5 hours hours from Miami and 4 hours from JFK in NY). Panama is referred to as the “Hub of the Americas”, with more direct flights to Panama than any other country in Latin America.
- You can arrange direct flights to an International Airport inside of the Free Trade Zone for private aircraft from anywhere in the world and the Panama safety box facility is 5 minutes from the runway.
- Our Panama safety box facility can arrange to have clients and their goods collected from the runway at the international airport with armored vehicles and specialty security services, fully insured and guaranteed.
- Panama is an offshore jurisdiction, outside of the US and EU territory, which provides clients with asset protection and diversification from government intrusion.
- Panama offers international diversification of your valuable assets and risk minimization.
- Panama is peaceful, with a democratic government, and is the wealthiest, safest and most stable-secure country in Latin America.
- Panama is outside of the hurricane zone, no active volcanoes, no major earthquakes, no tornadoes – no risk of natural disasters.
- Panama has no military as per the treaty with the US, but has a powerful police force.
- Panama has the safety net of US government protection and intervention in the 12 mile canal zone if the Panama Canal is threatened in any way and the Free Trade Zone where our recommended safety box facility is located falls within that Panama canal zone.
- Our Panama safety box facility operates exclusively under Panamanian Law, which protects consumers and international investors.
- No other offshore safety box facility exists like this in Latin America.
- Our Panama safe deposit box facility is outside of the banking system, not subject to bail ins and no reporting requirements as it is a licensed logistics and storage company.
- Our safe deposit box facility in Panama offers strict privacy and confidentiality, with standard KYC and AML required for insurance purposes.
- Our recommended security facility is able to store precious metals Bonded in their vaults inside of a Free Trade Zone, so clients assets are never subject to import taxes when they are sent to Panama (if the client prefers), which also ensures that the client’s name never appears in the Panama customs registry.
- Services include armored vehicles and professional security services for transfers of goods and VIPs within Panama.
- VIP clients can have their own private safe placed within the UL3 vault if requested, with their own camera access and access control systems.
- Transport and logistics services to move metals and valuables to or from most locations in the world.
- Services for handling all customs to and from the Panama Free Trade Zone where the facility is located.
- Services for the hand couriering of precious metals, valuables, or valuable documents for clients to and from most locations in the world.
- 24 hour service to open the facility for access to your stored valuables any time of day or night with 24 hours advanced notice, which is very important in the event that international banking systems fail, major natural disasters occur etc.
- Our recommended security facility in Panama can store and rotate MREs/ bug out kits and other prepper items for their clients.
- Offshore storage of your hard wallet for crypto currency in independent vaults or boxes that can be protected against EMP blasts if the client requires.
- Our recommended security facility is partnered with a Mint in the US so clients can order gold and silver in the US and it is delivered directly to the facility in Panama.
- Clients can buy prepper packs of coins which consist of various mixtures of Gold and Silver Coins as well as cash and/or crypto currency.
- Storage of large amounts of cash can be arranged.
- Our recommended security facility in Panama has a small section and a large section. The smaller security facility is currently operating with a US$200 million insurance cap and they have an ex US military bunker for future development which will offer upwards of a US$2.5 billion insurance cap. Insured and underwritten by Lloyds of London. Specific insurance is available for individual items through Lloyds of London. Insurance is charged as a percentage on the value of insured items.
Contact Us for a free consultation and for more information about Panama safe deposit box services, and for an introduction to our recommended security facility.