has now transformed into a hub of bank-related international
shipping business due to its strategic geographical position.
Its banking industry is now magnified with an outbreak of 350,000
“offshore” registered companies. Investments
in Panama are as flourishing as the bank accounts in Panama.
The banking facilities are just a blessing to all customers
Some of the leading banks that are proud of their share of
banking investments in Panama include- HSBC Panama, Banistmo
& Banistmo Mercantil, Panabank, Global Bank, PanAmerican
Capital Group etc. There are almost 100 banks working for
you to open bank accounts in Panama. You can get banking experience
at it’s best with bank accounts in Panama.
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 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.
To use our services for opening a bank accoutnfor you in Panama,
please contact us for more
Now let’s pay more attention 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. A photo identity
proof is required. This might be passport, driver’s
license or national ID card.
Always remember that you cannot open bank accounts in Panama
without references whatsoever. As a general rule 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. It’s
not only for Panama taxes, tax returns are applicable for
foreigners as well.
Before plunging into bank accounts in Panama, be informed
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.
You can literally count on the country’s stern banking
secrecy laws if banking investments in Panama come into play.
Thing is that no government or private agency will get access
to your account information, if not ordered by the honourable
court. What’s more the judge should be positive that
a criminal or fraudulent case is at hands and no frivolity
is caught up. But there is a different scenario in case of
illegal activities where stringent laws are applicable.
For information about opening a bank account in Panama, or
forming a corporation (from as little as $800) or any other
business or legal related services in Panama, please