Финансово-консалтинговая компания CYWORLD WEALTH

Opening a bank account in Panama

The safety of financial resources, ensuring the security of cash deposits are key factors guaranteeing financial stability for individuals, and the possibility for further corporate development for legal entities. To achieve these goals, it is necessary to determine the most profitable for keeping funds of jurisdictions. And here to help domestic entrepreneurs and people with a certain capital come offshore zones – countries with low tax burden (or its complete absence for non-residents), favorable investment policies and effective current legislation aimed at increasing the country’s attractiveness for foreign investors. It should be noted that opening a bank account in Panama has great advantages, since this country of Panama is one of the largest offshore centers in the world. Huge capitals from many countries flock here. Therefore, if you are looking for a safe place to store your assets – Panama is one of the most profitable options.

Opening a bank account in Panama

The benefits of registering a bank account in Panama

  • Transparent banking policy. The financial resources of all potential customers are thoroughly inspected for their legal origin. Upon detection of the fact that the source of capital is illegal, the client is refused registration of the account.
  • Guaranteed protection of confidential customer information from third parties. The current legislation of Panama regulates the complete inviolability of personal information about customers. Ensuring the protection of confidentiality is provided by strict regulations that significantly impede access to information by foreign authorities (law enforcement agencies, the tax service and other organizations). To obtain confidential information, foreign departments are obliged to base their requests on criminal proceedings of the state in whose territory the evidence of the illegal nature of the actual owner of capital takes place. In the case of drafting a request under the applicable law of Panama, the decision on its approval or rejection is taken exclusively by the Panamanian court.
  • Local currency stability. For settlement transactions in Panama, the US dollar is used. This makes conversion risks (the possibility of capital depreciation with changes in the exchange rate and the loss of value during currency exchange) impossible.
  • Lack of taxation for non-residents. The capital of foreign investors kept in the banks of Panama is not taxed. An exception is the case when a non-resident receives income in the territory of this country.
  • A registered offshore personal bank account in Panama grants its holder the right to citizenship. The advantages of having a Panama passport are the ability to travel freely around the planet and gain access to low-cost, high-quality medical care at local clinics.
  • Interest rates in local financial institutions significantly exceed those of national banks in other countries. Therefore, registration of deposits is guaranteed to provide the client with greater profit in less time.

Recommendations for registration of accounts in Panamanian banks

Currently, there is a global practice of increasing the requirements of banking institutions to customers regarding the provision of maximum information about their income and occupation (the system “Know your client”). This trend has not bypassed Panamanian financial institutions. Therefore, in order to avoid difficulties when registering an account, it is recommended to perform the following actions:

  • Preparation of a package of required papers. For this compilation, the assistance of lawyers is recommended due to the complexity of the current legislation of Panama and its high demands on foreign investors. In order to confirm the address of the permanent place of residence, in most cases, utilities receipts issued in the name of the client are used. A passport is provided to verify your identity. You must also provide financial statements, tax returns, hereditary papers, letters of recommendation from banking institutions whose services you used before.
  • Payment of taxes in the country of residence. When the Panamanian supervisory authorities discover that a client has a tax debt in front of his state, the applicant receives an automatic refusal to register an account.
  • Cooperation with a Russian-speaking lawyer. If your English is at a high level – enlist the help of an English-speaking lawyer. This will greatly facilitate communication with bank staff during negotiations. This is due to the fact that, in most cases, only the management staff speaks English in Panamanian banks, while ordinary employees speak only Spanish.

Lawyers of our company will undertake the preparation of a package of papers, negotiations with representatives of the bank and the passage of all stages of registration. The client is guaranteed full support, support and advice on all matters.

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