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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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