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Open a bank account in offshore Panama

Open a bank account in Panama

2019-12-06
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Panama is a small country that is located in Latin America. The state became famous after the construction of a shipping channel at the beginning of the last century, which connects the Pacific Ocean with the seas in the Atlantic basin. Ships from other jurisdictions began to pass through this channel all the time, which made it necessary to develop the banking system.

Currently, banks in this country have clients from different jurisdictions. Financial institutions provide offshore registration services in Panama for additional pay.

Advantages of the banking system in the jurisdiction

The primary goal the banking system in the country is to increase and control data confidentiality and their protection. In order to regulate the financial structure, three types of financial institutions were established:

  • Financial institutions whose work is not limited to conditions.
  • Organizations whose work involves cooperation only with non-residents.
  • Banks whose work is restricted by law to the functions of representation. 

Opening an account in Panama is a very attractive offer, as the country has low tax rates and is loyal to its clients. Currently, the jurisdiction is one of the leaders in the ranking of states, where it is easier to develop business for non-residents.

One of the main advantages of Panama's banking system is its respectability. You can buy an account in Panama to increase the prestige of the organization. There are favorable conditions for non-residents.

The national currency is the American dollar. In this regard, there is no need to exchange currency and there are no expenses with regard to this procedure. To improve the quality of service, most financial institutions offer online banking services. This allows you to remotely manage funds.

Well-known financial institutions

One of the most popular financial institutions is Multibank. The organization offers services for non-residents and is distinguished by favorable tariffs. There are no special requirements for registration, money can be managed remotely.

Another well-known company - Balboa Bank - allows to open an account in a short period of time, up to three days for individuals and up to 7 days for legal entities.

St. George Bank provides services mainly to local citizens. The financial institution Credicorp provides services to both residents and non-residents to open different types of accounts.

Stages of account opening

To register an account, a number of documents must be submitted. The list includes certificates that confirm personal information and the availability of financial resources. All documents must be in Spanish. A certified translation may be required.

Usually you need a copy of the passport certified by a notary, a copy of ID card, account statements, proof of tax payments, and a pension savings statement to open an account. Please contact our specialists at IT-OFFSHORE to find out more about opening a bank account in Panama.

Which accounts can be opened

You can open several types of accounts in the banks. To create a credit account, you need to make a deposit in advance. You will not be able to refund until the loan is paid off. The deposit guarantees repayment to the bank.

Many local banks offer to create debit accounts for companies. Only residents can register an account. In addition, you can issue a plastic card.

Urgent deposit implies registration and creation of deposit in a short period of time. The term of registration depends on the terms and amount of the deposit - usually not more than 3 days. A saving account can be opened by both residents and non-residents. There are no restrictions on the minimum and maximum deposit amount. To use checks, a private person must have a deposit of at least $100. For a legal entity, the minimum requirement is at least 1000 dollars.

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