Banking in Panama
Panama has been known for over 30 years as an international banking center for Latin America. Foreign business and investors are paying more and more attention to the rapid development of the country’s economy and the growing potential of business opportunities. Today, more than 80 international banks operate in the country, including well-known world financial institutions. The laws of the state protect the protection of private property and the rights of foreigners equally with the citizens of Panama.
Open bank account
Our company provides a solution to open a bank account in Panama. We will help you to prepare a list of documents and make the process of opening a bank account simple to save your time. Please feel free to contact our specialists to open a bank account in Panama jurisdiction.
Types of bank account
The Panama banking system is developed. The interests of the client in the bank sector are above all, therefore, the non-disclosure of bank secrets is protected at the legislative level and clients can rely on the confidentiality of information. Panama is a perfect country conducting international business.
Bank account opening procedure
Opening a bank account in Panama takes place in three steps.
At the first stage, you need to fill out an online application to the selected bank. The choice of institution depends on which bank and type of account is better to choose. From all possible options, the most optimal for private transactions is to use a personal account, but a current account is suitable for carrying out financial activities of the company. Also, the client has the opportunity to choose the following types of accounts:
The second stage requires the transfer of a package of documents, which, after accepting the application, the bank will request from the client. Each institution necessarily requires from the future owner of the account approximately similar documents, which we will recall. It is also important to find a representative or authorized person who can represent your interests in Panama in case of impossibility to arrive on the territory of the state to certify the documents.
The third stage is a personal meeting. However, it should be noted that it only applies to those persons who are the owners of corporate accounts. This rule does not apply to individuals and individuals who are self-employed, however, a bank representative can schedule an interview for a client in Spanish or English.
Each bank of the Republic of Panama requires a strict package of documents. It should contain:
Also, any bank in Panama requires a deposit to open an account. Its amount can range from 5 to 10 thousand dollars for a minimum contribution. Corporate accounts are considered as such after depositing at least 100-150 thousand US dollars. VIP accounts start at US $ 300,000.
Finally, it is worth emphasizing that although Panamanian banks have proven themselves well, the choice of a particular bank depends on the future client. The main thing is to choose a bank where the best conditions for the account, storage, and use of assets, as well as the one where there is full access 24/7.
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