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Bank-related global shipping business comes big in Panama,
thanks to it’s geographical location connecting North
and South America by the side of the eminent Panama
Canal. The banking industry in Panama is on a high with
350,000 “offshore” registered companies. Truth
be told, there is a towering upsurge in the total
investments in Panama and not to mention bank accounts
in Panama. And let us not speak of the superb banking facilities
on which clients count on.
You will come across nearly 100 banks in force for you to
open bank accounts in Panama. Some of the leading banks that
are proud of their share of banking investments in Panama
consist of- HSBC Panama, Banistmo & Banistmo Mercantil,
Panabank, Global Bank, PanAmerican Capital Group etc. Open
bank accounts in Panama and be all set for banking experience
with a difference.
Opening bank accounts by expats
in Panama is not that difficult, though you have to abide
by some procedures. You will need either your passport or
residency card. In addition, two banking reference letters
will be required. These banking reference letters basically
states that you are an honoured customer of the bank and the
approximate funds you presently keep in your accounts. Banking
references are accepted from any country, while some banks
will ask two personal references from you as well. Thus, not
only for people in Panama, you are invited to open bank accounts
in Panama even if you are a foreigner.
Let’s move on to the to the procedures before opening
bank accounts in Panama. There will be a personal interview
session. Customers other than people in Panama have to fly
in from their respective countries. All you need is a photo
identity proof. Now, this might be passport, driver’s
license or national ID card.
It is to be etched in mind that you cannot open bank accounts
in Panama without references. Most of the time you require
two bank references and two professional references. You also
require to submit your “Account Profile” before
opening bank accounts in Panama. The location of your business,
which is the source of your funds, needs to be disclosed.
Copy of contractual documents showing the origin of funds
needs to be provided before you open bank accounts in Panama.
Remember that the bankers will also ask for tax return statements.
Not only for Panama taxes, tax returns are applicable for
foreigners too.
Before making banking investments in Panama, you should be
rest assured of the country’s stringent banking secrecy
laws. No government or private agency will access your account
information, unless ordered by the honourable court. The judge
should be confident that a criminal or fraudulent case is
at hands and no frivolity is involved. However, Panamanian
banks have stringent laws against illicit activities.
Last but not the least, before opening bank accounts in Panama
note that the government offers three types of banking licenses.
General licenses allow trading in both inside and outside
the country while International license permits offshore banking
to be passed out from an office in Panama. Conversely, Representation
licenses are used for allowing establishment of local offices
through foreign banks. Local trading is out of the question.
We can arrange to open an Panama offshore bank account on
your behalf, or form a Panama offshore corporation for about
$800. Please contact us
for more information.
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