Bank Intro

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Bank Intro

Banking Center in Panama

Panama is considered one of the largest International Banking Center, where banks are considered the most stable banks in the world. Local Panamanian banks as well as international banks in the banking system are legally regulated and offer the most reliable bank secrecy available today

The Panama Banking Center has more than 120 different local and international banks. You may open bank accounts with banks with which we have established excellent professional and commercial relations.

Most of our clients are handled by the Private Banking Departments of our recommended banks, which have a bilingual labor force that will attend your banking needs and will assure promptness and efficiency in executing banking transactions.

Requirements for Bank Account:

To set up a Corporate Bank Accounts in Panama, the banks required the following documentation:

1. A complete copy of the Passport of the signee

1.1. Legible passport number  1.2. Legible passport signature  1.3. Copy pages with entry/exit stamps  1.4. The copy must be notarized or authenticated by a Panamanian Consulate

2. Reference Letter

2.1. Letter from any bank, brokerage firm, or credit union.  2.2. Original letterhead with official signature and office info.

Banking Law General Information

  • General License to engage in banking business within or outside, Panama (US$10,000,000, minimum paid-in capital);
  • International License, to exclusively conduct foreign transactions from Panama, (US$3,000,000, minimum paid-in capital);
  • Representation Lincese fee for foreign Banks to establish local representative offices.

Additional information:

  • Requirement vary on type of license
  • Numbered accounts similar to Swiss system are allowed
  • General License Banks must pay annual Banking Regulation Fee of US$35 for each million on fraction there of total assets up US$100,000
  • International License Banks must pay annual tax of US$15,000 and General License Banks US$5,000. In order for local bank to receive cash deposits in amount over US$10,000, or in subsequent transactions amounting to less than US$10,000, but that will add up to US$10,00 or more during week, sworn declaration form must be completed and files with bank.

In the Republic of Panama once you have a registered a Panamanian Corporation, may apply through its legal representative for a Definite Banking License to initiate banking business. Such activity includes receiving deposits from the public and their use by the bank in lending, investments among other services under Law Decree No.9 of 1998 which created The Banking Superintendence. Find the three kinds kinds of banking licenses available:

General bank license is understood in most jurisdictions as a license for providing bank services directly, both national and international, to the general public at the place of registration- The bank acts as any other bank entity; it can accept deposits from the public and perform common bank services with residents or non-residents. In an overwhelming majority of countries, however, the activity is limited to providing services to non-residents, i.e. offshore banking services only. This type of offshore bank is established to provide commercial bank services in an offshore regime.

International bank license:The international bank license must be issued to banks incorporated under Panamanian legislation and to be authorized for branches guided by international foreign laws, This license shall be issued to Banks incorporated under Panama law and to authorized branches of banks organized under foreign laws, solely to conduct from an office established in Panama, transactions which are completed, accomplished or are intended to take effect outside of Panama (offshore).

Representation bank license This license is issued to those Banks organized in accordance to foreign laws to establish exclusively representative offices in Panama, without engaging in the banking business in Panama.

Once fully licensed, all banks must comply with legal requirements of regular currency and financial reports to, anti-money laundering provisions, payment of supervision fees and capital adequacy requirements of the Basle Agreements

LINKS: Panama Banking Association,  Banking Superintendence