It does not recognize any mutual legal assistance treaties too. It is considered as a crime if banking information is revealed to any other third party and is punishable by imprisonment.

Besides these facts, there are other reasons to hire legal services from Panama.

Every single transaction with a Panama law firm is done under an Attorney Client Privileged Communication which is a very watertight and fool proof law. Under this law, a lawyer or a law firm is prohibited from revealing any aspect of transactions undertaken by their clients. Information can be revealed only under the obligation of a Panama Court order.

All attorneys must pass background investigations from their governmental administration in addition to completing a degree from school of law. The government keeps track of their attorneys and the law professionals are subject to relevant regulations. The Government also has certain standards and practices to which all the legal service providers and lawyers have to conform to, such as anti-laundering laws. Government lawyers are also needed to sometimes interact and collaborate with other lawyers. Government lawyers may go to court for or against anyone, provide advice and guidance, and assure compliance to laws and regulations already in place. Many other agencies are not governed so rigidly.

It is a well-known fact that ordinary transactions, be it the investing in a major corporation or simply opening a checking account at your local bank, everything about you is disclosed. Not only that, there are no legal constraints mandating them to conceal this information from anyone. For instance, if someone were to contact an agency you do business with, they could walk away with any information they ask for. By saying the right things, applying the right pressure, and conducting themselves with confidence and authority, anyone could coerce their representatives into compromising your privacy. But Panama law firms are not that easily intimidated. They have protection of constitution and it is always safe to hire legal services from Panama.

Besides these factors, Panama is a 100% tax-free jurisdiction. Non-resident Panamanian International Business Corporations (IBC's) and Private Interest Foundations are not required to pay any federal tax on any of their income. They need not report to the Panamanian government on non-Panamanian income sources.

Taking all these factors into account, it is beneficial if you hire a lawyer or a law firm from Panama for the simple reason that they maintain utmost secrecy which is guaranteed under their constitution and which they follow vigorously, and of course, save a lot of money on taxes that you would otherwise have to pay anyways.

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