We’ve previously mentioned Das Safe, the well established safe deposit facility in Vienna, as a place where you can open an anonymous safe deposit box to store gold bullion, important documents etc.

But we always warn you not to keep all your eggs in one basket. Readers in the Americas have often asked us about safe deposit facilities in Panama City, Latin America’s financial hub… but up until the beginning of this year there was no such facility. The safe deposit box business in Panama was controlled by established Panamanian banks, who required clients to go through a bueaucratic account opening process and then join a waiting list for a safe deposit box to become free.

That’s all changed with a new safe deposit facility in Panama City, Panama that opened earlier this year. Peter Macfarlane recently visited this facility and was given a detailed tour by the owners. And, he says, it compares very favourably with other safe deposit boxes worldwide. Peter, for example, takes the credit for having suggested putting shredders in the private viewing rooms, a suggestion which management immediately adopted.

Best Safety Boxes is located on the ground floor of the Credicorp Bank building. For those of you who know Panama City, that’s the big green building on 50th Street (Panama’s “Wall Street”), near the Global Bank Building. It’s in the best area of town, and being surrounded by banks make the security excellent. Best Safety have their own top notch security. They offer five different box sizes ranging from $400 per year to $1250.

Now here’s a hot privacy tip! You cannot rent safe deposit boxes anonymously in Panama, but you can do the next best thing: a Panama corporation with nominee directors can rent a box for you. Provided you are present when contracting the box, you (not the nominees who sign the contract) would get the secret code necessary to enter the vault, as well as the two physical keys necessary to enter the box.

If you are interested in getting a Panama corporation with a box set up, contact Peter Macfarlane directly, via the Q Wealth Offices.  If you would simply like to rent a box in your personal name, drop by the facility or contact Scott LeRoy for an appointment

It’s also worth noting that located at the entrance to the safe deposit facility is a casa de cambio (money exchange house) that aims to offer good rates on currency exchange in Panama. Because the country uses the US dollar in daily circulation, not too many people need to exchange money in Panama. But when they do – for example Europeans who arrive in Panama with Euros, Pounds Sterling or Swiss Francs – the rates of exchange have typically been terrible. So much so that you will see signs saying “Compro Euros” (We buy Euros) fixed to utility posts all over Panama City – but this kind of black market exchange is risky. We are delighted, therefore, that the people at the Best Currency Exchange are trying to break this mould by offering the best rates for Euros etc.

Editor’s note: the above article was originally published in Q Bytes, our free weekly e-mail newsletter. If you would like to receive more privacy, wealth and freedom tips like this every weekend, please be sure to sign up for your free subscription here.

Maybe you’ve read our recommendations on buying and storing physical gold bullion in a secure offshore location. Maybe you are looking for a secure storage solution for confidential documents. Anyway, a secure offshore safe deposit facility is a useful asset to any freedom-oriented individual.

The good news is that most Austrian or Swiss banks will be happy to rent you a safe deposit box, regardless of your passport. The bad news is that you need your passport! The famed Austrian and Swiss anonymous numbered bank accounts now only exist in the movies. Swiss banks usually want you to have an account from which they will deduct the annual box rental fee. Costs start at around 65 euro ($90) per year for a small box.

There is one exception: a safe deposit outfit in Vienna known as ‘Das Safe’- located in a beautiful Austrian palace. You’ll find more information in Peter Macfarlane’s Gold Report, available free to Q Wealth members.

Just about every bank in Austria or Switzerland also sells gold bullion coins. Purchases up to around CHF 25,000 do not require ID in Swiss banks.
Consider buying gold coins like the Austrian ‘Philharmonic’  a  one ounce Austrian gold coin, similar to the American Eagle, Krugerrand or Maple Leaf.

Austrian and Swiss law prohibits banks from opening your safe deposit box unless they are sure you are dead! Austria is one of the only countries in the world with this protection. I have been in Safety Deposit vaults in France and the USA where it seems half the boxes have stick-on government seals on them due to tax investigations, lawsuits, or  creditor claims. Those seals mean that the owner can’t get into his box, and it is scheduled to be drilled open for inspection if the owner doesn’t show up for an appointment with “the authorities.”

So Austrian and Swiss banks are great places to hold safe deposit boxes, but what if Latin America is your stomping ground? How can you buy and sell gold bullion bars and coins in major Latin American capitals like Panama City?

Unfortunately, buying gold in Panama is much harder. Banks selling gold are few and far between (though see the recommendations in Peter’s report) But there is a bit of good news… a new private, non-bank safe deposit facility is opening in Panama City, named “Best Safety Boxes” which is opening in the Credicorp Bank building in Panama City. Further details on Best Safety Boxes may be found here: Do Business in Panama – Best Safety Boxes article.