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Bank Accounts In Panama – Banking Facilities With A Difference

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Panama has risen as a nucleus of bank-related global shipping business much due to its geographical setting in the midst of North and South America. Investments in Panama as well as bank accounts in Panama are on a roll. Moreover, 350,000 “offshore” registered companies have formed to give impetus to the banking industry in Panama. Clients worldwide enjoy the banking facilities here to say the least.

Opening bank accounts in Panama require you to know that there are three types of banking licenses offered by the government. General licenses permit trading in both inside and outside the country. International (or “Restricted”) license allows offshore banking to be carried out from an office in Panama. Representation licenses are issued to foreign banks permitting establishment of local offices. However no local trading is involved.

It is not that complicated for expats in Panama to open bank accounts, though you have to abide by some procedures. You are required to either place your passport or residency card. Moreover, two banking reference letters will be obligatory. These banking reference letters basically states that you are an honoured customer of the bank and the approximate funds you keep in your present 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.

As regards 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. A photo identity proof is required. This may be passport, driver’s license or national ID card.

As already mentioned, you cannot open bank accounts in Panama without references. In most cases 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. Before you open bank accounts in Panama, copy of contractual documents showing the origin of funds needs to be provided. The bankers will also ask for tax return statements. Not only for Panama taxes, tax returns are applicable for foreigners too.

Be rest assured of the country’s stringent banking secrecy laws before jumping on to banking investments in Panama. No government or private agency will get access to your account information, unless ordered by the honourable court. The judge should be sanguine that a criminal or fraudulent case is at hands and no frivolity is involved. However, Panamanian banks have stringent laws against illicit activities.

The primary banks, which take in pride of their share of banking investments in Panama comprise of - PanAmerican Capital Group, Panabank, Global Bank, HSBC Panama, Banistmo & Banistmo Mercantil, and so forth. What’s more about 100 banks are in service waiting for you to go in for bank accounts in Panama.

For more information about opening a bank account in Panama or for any of our legal services, please contact us.

 

 

 

 

 

 

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