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Bank Accounts In Panama Is At It’s All-time Best

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.