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Corporate Bank Accounts in Panama

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Written by Andrew Cowan   
Sunday, 24 August 2008 15:53
Opening a corporate bank account in Panama is easier than ever, buy cialis thanks to the prevalence of banks located in the capital city. Panama’s location between North and South America as well as it’s crown jewel, thumb the Panama Canal, place Panama in prime position to be a major player in Western Hemisphere banking. Many people choose Panama for banking because of the amount and quality of banks, offering a wide variety of services. People also choose to incorporate companies in Panama because of the outstanding banking facilities.

The banking laws in Panama are one of the biggest reasons that there is such a draw to banking here. Panama has some of the most strict confidentiality laws, and with the increasing regulation of other offshore havens like the Cayman Islands and BVI, Panama is the place to go.

Getting a Corporate Bank Account:

Each bank has its own requirements for opening an account. The best way to sort through this is to contact a licensed Panamanian attorney, who will steer you towards a bank that he or she has used before and looks towards in a favorable light. Panama banking law requires that banks report any illicit activities and for this reason, opening a bank account requires more than just a phone call.

    •    An in-person interview with the bank. Although it is possible that a bank will allow this to take place over the phone, most banks require that the person opening the account appear in Panama for the interview. If there is a rush on opening the account, some banks will grant a 3 month grace period after a phone interview so that their customers have some leeway.
    •    Passport copies. The banks here require at least two forms of photo identification, one being your passport and the other a legal document such as a driver’s license. A copy of the photo page, the information page, as well as the stamped pages showing your entry into Panama are required by most banks.
    •    Bank References. Banks in Panama usually require two letters of reference from a State-side bank that you have been doing business with for a minimum of two years. These letters should also confirm the address of the beneficiaries or signatories.
    •    Professional References. Banks usually require the submission of two professional references for each beneficiary or signatory, indicating how they are related to these persons, as well as for how long they have known eachother.
    •    Account Profile. This is a basic overview of the business that you are opening the bank account for. The report will be reviewed by the bank to ensure that everything is on the up-and-up. An account profile includes the nature of the business, volume of the business, location, origin of the funds, reason for opening an account, and the volume of funds that will be deposited and withdrawn from the account on a monthly or annual basis.

These are basic requirements, and this list is by no means exhaustive. To better understand how to open a corporate bank account in Panama, or to open one, contact a licensed lawyer and enjoy all the benefits that banking in Panama affords.
Comments (1)Add Comment
written by Liqua Maballs , January 19, 2010
I have not seen any banks. I see lots of lavamaticos y lavanderias. Fronts which allow the great unwashed plebs to move a few dollars to legitimise the backroom operation that is at the heart (and soul) of Panama.
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