Bank Accounts In Panama – What You Get Is More Than What You See
In between North and South America and next
to the famous Panama Canal lies Panama, where bank-related intercontinental
shipping business is reaching great heights. So much so that it
has spawned 350,000 “offshore” registered companies
building on its banking industry. Not only investments
in Panama but also bank accounts in Panama are increasing each
day. And the banking facilities are certainly getting better everyday.
Before venturing into the details of the banking
investments in Panama, you should be rest assured of the country’s
strong banking secrecy laws. No government or private agency will
get access to your account information, unless ordered by the honorable
court. The judge should be convinced that a criminal or fraudulent
case is at hands and no frivolity is involved. However, Panamanian
banks have stringent laws against unlawful activities.
Opening bank accounts by expats
in Panama is not that tricky, though they have to abide by some
procedures. You will need either your passport or residency card.
In addition, one or two banking reference letters will be required. These
banking reference letters essentially states that you are an honored
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.
A little about 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 mandatory, such as a passport,
driver’s license or national ID card.
As said earlier, you cannot open bank accounts
in Panama without references. In most cases you require two bank
references and two professional references. You also require submitting
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 may also ask for tax return statements.
Not only for Panama taxes, tax
returns are applicable for foreigners too.
Be informed that there are three types of banking
licenses offered by the government before you open bank accounts
in Panama. 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 difficult at all to open bank accounts in Panama
when almost 100 banks are ready to serve you. HSBC Panama, Banistmo
& Banistmo Mercantil, Panabank, Global Bank, PanAmerican Capital
Group etc. are some of the foremost banks that are proud of their
share of banking investments in Panama.
Contact us for further information.
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