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Bank Accounts and Investments In Panama – Bridging All Gaps

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Panama has now transformed into a hub of bank-related international shipping business due to its strategic geographical position. Its banking industry is now magnified with an outbreak of 350,000 “offshore” registered companies. Investments in Panama are as flourishing as the bank accounts in Panama. The banking facilities are just a blessing to all customers worldwide.

Some of the leading banks that are proud of their share of banking investments in Panama include- HSBC Panama, Banistmo & Banistmo Mercantil, Panabank, Global Bank, PanAmerican Capital Group etc. There are almost 100 banks working for you to open bank accounts in Panama. You can get banking experience at it’s best with bank accounts in Panama.

Opening bank accounts by expats in Panama is not that difficult, 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 required. These banking reference letters basically 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. To use our services for opening a bank accoutnfor you in Panama, please contact us for more information.

Now let’s pay more attention to 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 required. This might be passport, driver’s license or national ID card.

Always remember that you cannot open bank accounts in Panama without references whatsoever. As a general rule 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. It’s not only for Panama taxes, tax returns are applicable for foreigners as well.

Before plunging into bank accounts in Panama, be informed that there are three types of banking licenses offered by the government. 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.

You can literally count on the country’s stern banking secrecy laws if banking investments in Panama come into play. Thing is that no government or private agency will get access to your account information, if not ordered by the honourable court. What’s more the judge should be positive that a criminal or fraudulent case is at hands and no frivolity is caught up. But there is a different scenario in case of illegal activities where stringent laws are applicable.

For information about opening a bank account in Panama, or forming a corporation (from as little as $800) or any other business or legal related services in Panama, please contact us.


 

 

 

 

 

 

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