Take Advantage of Offshore Banking

Offshore Banking Panama

Panama is a fast growing offshore jurisdiction with many offshore banks and other offshore products such as IBCs, and offshore Trusts and offshore foundations. Offshore banking in Panama is well regulated since the 1990’s when the country was regarded as an unsuitable and unstable offshore banking financial center due to mismanagement of several offshore banks and the alleged activity illegal banking activity by criminal in the drug trade. Since, with strict legislation and regulation, Panama has risen to have many banks with very good reputations for offshore banking.

Panama offshore banks adhere to strong secrecy policies, and as such your confidentiality will not be compromised. To further enhance confidentially, Panama intermediaries offer nominee services, where by nominee directors and signatories can be used to first open an offshore company (IBC) and then an offshore bank account in the name of the company. This is surely the most secure ways to maintain a sense of anonymity with a Panama offshore bank account.

Panama’s economy is stable and its political system under current administration is as sound as its growing economy. Panama is an attractive haven for retirees with many major developments drawing international investors to the country. As a result, Panama is a modern and well developed country with all the glitz and glam of first world countries.

Offshore banks in Panama are known for their adherence to secrecy and strict confidentiality laws. Off the over 80 offshore banks in Panama, offshore banks offer personal offshore bank account, business and merchant offshore bank accounts. The rates and fees and application requirements do vary from bank to bank and it is generally recommended that the services of an intermediary party such as a law firm or offshore service provider assist in the process of offshore bank application in Panama.

Panama bank accounts can be opened in only one currency, which is sometimes a encumbrance on some clients seeking to be able to do transactions in Euro or other major currencies. Most if not all Panama offshore banks have online banking in English and some have Spanish online banking as well. By using an intermediary, some Panama offshore bank accounts can be opened in as little as 3 work days. It is not necessary to travel to Panama to open a bank account either.

The necessary documentation required to get a Panama bank account for a personal account:

  • Notarized & apostilled copy of Passport
  • Notarized & apostilled copy of Drivers License
  • Bank Reference Letter
  • Professional Reference Letter (from a Doctor, Dentist, Lawyer, Accountant, Real Estate Agent, Insurance Agent, etc.)

Introductions are required for some banks (including the National banks) for account application to be considered. Introduction services are available through professional intermediary or offshore service providers which offer service such as company incorporations, formation and introductions to banks for those companies. However, an introduction to a bank does not guarantee the account opening. The banks decision to approve an offshore bank account in Panama is based on satisfying the information needs of the banks, such as source of funds, account activity expectations, use of account and the information provided on the individual signatories of the account.

Panama banking sector is made up of local and multi-national banks, or branches. Although some banks are subsidiaries or branches of international banking institutions or may be affiliated with other bank in other jurisdiction, the banks registered in Panama do not share information with other branches or head quarters or affiliates, they too must adhere to the privacy and confidentiality required by law, failure to this will result are severe and harsh penalties. It also would undermine the credibility of the jurisdiction as well, so banks are inclined to comply with legislation and secrecy laws.

Get to top