Banks in Panama; Banking Security on a great investment environment
Due to the recent economic crisis which is occurring on a world wide scale, many recognized Banks from around the world have been affected and even the strongest of which have shown losses in their assets, undergone difficulties and have had to receive help from their governments or have been acquired by other banks. This added to other problems, such as the increasing pressure from the countries of the European Union and the United States of America, for banks in so called fiscal paradises such as Switzerland, to reveal the information and the identities of their clients, mainly due to fiscal reasons rather than proven criminal reasons, have made many people seek Banks outside of their countries, with banking systems that provide the financial and legal security that they need.
Since Panama is a global financial centre, it is and will continue being very attractive to these ends; our economic growth is one of the main and most important ones in Latin America, the dollar as legal currency, our banking secrecy which has not been able to be perpetrated yet and a 100% capitalist and democratic government, have made of Panama one of the most solid and reliable banking systems in the world.
Currently, Panama possesses many well renowned Banks of great trajectory both national and international. Due to all of the favourable conditions, many banks have established themselves in Panama with an International License, to serve as a branch or affiliate bank to their head quarters.
Given the great amount of foreigners that have come to Panama to open Bank Accounts under Panama Corporations / IBC or Private Foundations / PIF, many of which will not carry out their commercial activities in Panama, The Superintendency of Banks in Panama, has found itself in the necessity of regulating the banking issue in more of a strict manner in order to avoid the opening of bank accounts destined to money laundering, illegal activities and to avoid other situations that have occurred and that have affected the banks in the past.
A series of commercial activities such as sales over the internet, stock market related activities, trading of securities, trading of commodities such as oil and others have been restricted to this end.
Most Banks have implemented requirements such as: the signatories of the account must travel to Panama for a personal interview with the Bank (although through a law firm some of the banks accept to carry out the process from a distance as long as the client is evaluated and pre-approved first), the prior evaluation of the clients´ commercial activity in order to find out if it is acceptable, the presentation of banking reference letters with contact information so that they may be easily verified, a declaration in the banking forms of the money or monthly transferences that are going to be handled, the verification and proof of the source of the funds of all transferences that surpass US$ 10,000.00, the obligation of knowing who are the shareholders or true beneficiaries of the Corporation or the Private Interest Foundation.
All of these requirements may seem tedious and unattractive to some clients, but these regulations prove how solid and reliable the Banks of Panama are, aside from the world class prestige that this offers, it makes investors wish to continue depositing their money and investing in Panama despite how tedious the paperwork may seem.
Many of our clients are impressed with how complicated the process seems in contrast to other countries where it can be carried out from a distance without the need for an attorney and without so much paperwork. Depending of the Bank in Panama, the total opening process for a bank account can last between one (1) week and one (1) month.
It is advisable that if the signatory of the account will only be in the country specifically to open the account and is only going to be in the country for a short period of time that he/she choose a responsible party preferably a law firm to follow up on your case, until the account has been opened and the initial deposit has been carried out, because only after this, the account begin to be used and then the bank will proceed to issue the online banking, debit cards (Visa or MasterCard), check books and PINs.
When opening an account in Panama, we most definitely advise that you receive the appropriate council, before applying directly with the bank, whether it be due to a need to evaluate the type of commercial activity and to analyze the Bank that is most convenient for the client, since each bank has their own restrictions about the activity and the nationalities of their clients.
This is what our firm will provide when hiring our services. After analyzing your specific case and confirming that you will be accepted as a client in the bank recommended by us, you can be assured and guaranteed that your account will be opened, as long as all of the necessary documents are presented.
We will recommend the bank that best fits your needs with responsible officers that have are utmost trust and confidence. On top of that we will follow up on your account so that it is opened as quickly as possible; the client will not have to be concerned about anything, after this, you may return to your country without any further concerns