Panama’s banking solutions attract foreign investors, business owners, and retirees. These groups open off-shore bank accounts to protect their assets and gain access to diverse business opportunities. The lawyers at Mata & Pitti help international clients identify ideal bank accounts for their personal and business finances. Here is more information about the reasons people start banking in Panama:
Investments
After opening a Panamanian bank account, individuals and businesses can diversify their investment portfolios through real estate, foreign stocks, global currencies, and more. Panama’s reduced tax rates help investors yield higher returns on these opportunities. Other investments international residents can access include government bonds and mutual funds unavailable in their home countries.
Panama offers government-sponsored investment opportunities to help international citizens become legal, permanent residents. These incentives include the qualified investor visa program. This program allows high-profile applicants to invest their funds into the Panamanian economy through real estate, stock market, and fixed-term bank deposits in exchange for a permanent resident status. The funds must remain in these local investments for at least five years to meet the visa program’s requirements.
Business Opportunities
Panama allows businesses from many countries to complete purchases and other transactions with corporate bank accounts. Panama’s tax-free economy benefits businesses that open and use local bank accounts. It allows business owners to earn more profits and connect with global partners and customers. Panama is one of Latin America’s top financial business centers, giving investors greater networking opportunities. Mata & Pitti can help corporations find banks that match their international business goals. We also offer guidance on completing the necessary paperwork to open a Panama bank account.
Before approving a commercial account, a Panama bank will ask for the signee’s passport, ID, and international banking references. This helps the bank confirm the potential client’s identity. The bank may also ask for past bank statements or other documents that prove the business has a legal and steady source of funds. The bank will ask the corporation’s signee to produce references supporting the business’s credibility, including the corporation’s lawyers, accountants, or clients. For new businesses without professional references, the bank may ask the account signee for personal references that display their reputation and accountability.
Retirement
Individuals who retire and relocate to Panama may establish personal bank accounts to reduce the amount of foreign correspondence they use to access their funds. Banking in Panama helps retirees monitor their finances more closely and protect them from foreign claims and domestic lawsuits. Individuals who are planning to retire in Panama but have yet to move can also open a local bank account. Potential retirees must visit Panama to sign all paperwork and verify their identity before opening a new account.
Panama recognizes the U.S. dollar as legal currency, making it simple for U.S. citizens to relocate and complete transactions. Retirees also benefit from Panama’s low property taxes and cost of living compared to the U.S. and some European countries. Panama’s stable economy and secure banking options enable new residents to save money and protect their personal and business assets from uncertain political and economic conditions in their countries of origin.
Explore Opportunities for Banking in Panama
At Mata & Pitti, we help retirees, business owners, and others find suitable Panama bank accounts. We provide bank referrals to help investors identify secure banking options that meet their financial needs and goals. We also help our clients understand the paperwork and legal requirements for various account types. Contact our team today to learn more about our legal services and how we can help you start banking in Panama.