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In between North and South America and next to the famous Panama Canal lies Panama, where bank-related intercontinental shipping business is reaching great heights. So much so that it has spawned 350,000 “offshore” registered companies building on its banking industry. Not only investments in Panama but also bank accounts in Panama are increasing each day. And the banking facilities are certainly getting better everyday.

Before venturing into the details of the banking investments in Panama, you should be rest assured of the country’s strong banking secrecy laws. No government or private agency will get access to your account information, unless ordered by the honorable court. The judge should be convinced that a criminal or fraudulent case is at hands and no frivolity is involved. However, Panamanian banks have stringent laws against unlawful activities.

Opening bank accounts by expats in Panama is not that tricky, though they have to abide by some procedures. You will need either your passport or residency card. In addition, one or two banking reference letters will be required. These banking reference letters essentially states that you are an honored customer of the bank and the approximate funds you keep in your present accounts. Banking references are accepted from any country, while some banks will ask two personal references from you as well. Thus not only for people in Panama, you are invited to open bank accounts in Panama even if you are a foreigner.

A little about the procedures before opening bank accounts in Panama. There will be a personal interview session. Customers other than people in Panama have to fly in from their respective countries. A photo identity proof is mandatory, such as a passport, driver’s license or national ID card.

As said earlier, you cannot open bank accounts in Panama without references. In most cases you require two bank references and two professional references. You also require submitting your “Account Profile” before opening bank accounts in Panama. The location of your business, which is the source of your funds, needs to be disclosed. Before you open bank accounts in Panama, copy of contractual documents showing the origin of funds needs to be provided. The bankers may also ask for tax return statements. Not only for Panama taxes, tax returns are applicable for foreigners too.

Be informed that there are three types of banking licenses offered by the government before you open bank accounts in Panama. General licenses permit trading in both inside and outside the country. International (or “Restricted”) license allows offshore banking to be carried out from an office in Panama. Representation licenses are issued to foreign banks permitting establishment of local offices. However no local trading is involved.

It is not that difficult at all to open bank accounts in Panama when almost 100 banks are ready to serve you. HSBC Panama, Banistmo & Banistmo Mercantil, Panabank, Global Bank, PanAmerican Capital Group etc. are some of the foremost banks that are proud of their share of banking investments in Panama.
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