Panama International Banking
Banking and financial services have always been a fundamental pillar of Panama. Panama boasts superior banking laws and a thriving economic and business climate, which is supported by solid regulations and a stable government.
Why overseas banking?
While international bank accounts can be an effective means to safeguard your assets, they offer many additional benefits:
Benefits of an international bank account.
- The ability to invest in commodities, foreign stocks, currencies, crypto, government bonds and mutual funds that may not be available in your country of residence.
- Diversification of investments.
- Foreign capital gains and global real estate investments at reduced tax rates.
- Protection of assets from foreign claims and domestic lawsuits.
Banking in Panama.
Many advantages are specific to banking in Panama, which are explained below:
- Panama has efficient, modern banking with the latest technology standards.
- The U.S. dollar has been the official currency of Panama since 1903, which eliminates foreign exchange controls.
- Panama banking is subject to strict privacy regulations.
- Panama is currently one of the leading financial business centers in Latin America.
- A foreigner can open a bank account in Panama either on his personal name or behalf of a corporate entity.
- Panama is home to a large foreign community and has a booming local economy.
- There are many options for asset protection in Panama, including corporations, private interest foundations, and trusts.
- Panama offers a variety of government-sponsored foreign investment incentives.
We understand that having a corporate bank account is often a fundamental part of having an IBC company. Our firm offers the following services for clients interested in opening an international bank account:
- Bank referrals for banks in Panama and abroad.
- Assistance with obtaining any corporate documents required for banking purposes.
- Nominee director services.
- Secretarial services for documents and bank forms needed for the banks.
- Guidance on protections of assets and privacy concerns.
- Investments and brokerage accounts referrals.
- Private banking services referrals.
Although advancements in technology have simplified the process of opening and managing an overseas bank account, Panama banks are purposely quite conservative when opening bank accounts, as they are required by law to know very well their clients and their business activities.
Our firm can guide you through the process; however, we would like to clarify that the legal services offered by our firm do not extend to opening bank accounts but instead focus on client referrals and assistance with the necessary documents required by the banks.
- Our firm can make referrals to banks in Panama and abroad. However, the process of opening the account and related requirements is strictly dependent on the banks and shall be arranged directly between client and bank.
- Bank referrals are only available to corporations that have been established through our firm.
- Opening a corporate bank account in Panama typically could take between two to four weeks. (This would depend on each bank’s internal process and policies).
- Clients must comply with several regulations to apply for a corporate bank account in Panama.
- The bank is responsible for the final decision regarding account approval.