Offshore Bank Accounts and Panama Banking

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Panama has earned the status of a focal point of bank-related global shipping business with support of its strategic situation amidst North and South America. The banking facilities are simply superb here. No wonder, investments in Panama are booming and so are bank accounts in Panama. Not just that, about 350,000 “offshore” registered companies have developed to strengthen it’s banking industry.

To set off bank accounts by Expats in Panama is not that hard, 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 necessary. These banking reference letters mostly 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 mentioned above, you simply 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.

Make sure that you are familiar with 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 by way of passport, driver’s license or national ID card is required.

Before making banking investments in Panama, you should rest assured of the country’s rigorous banking secrecy laws. 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 rigorous laws against illicit activities. Before you open bank accounts in Panama, be informed that there are

Three types of banking licenses offered by the government come into play prior to opening 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 allowing establishment of local offices. Local trading is not taken into consideration.

You will find as many 100 banks functioning, so having bank accounts in Panama is no problem at all. Banks like Banistmo & Banistmo Mercantil, Banistmo & Banistmo Mercantil, Panabank, Global Bank, PanAmerican Capital Group, HSBC Panama, and the like take much of pride out of their share of banking investments in Panama. Getting bank accounts in Panama is like experiencing banking bliss.

For assistance in setting up a bank account in Panama, or forming a corportation or any other legal services, please see our fees below, or contact us for more information.