Offshore banking remains as popular as ever. People look for more safety, confidentiality, and convenience. Moreover, offshore banks offer better investment opportunities and enhanced asset protection.
An offshore account also marks a new level of freedom. People make arrangements for Plan B in their lives: they invest in real estate abroad, get second passports for the whole family, start businesses in other countries to manage them online, and open offshore accounts in addition to that. This package gives a feeling of safety and freedom to move to another place at any time you want as everything is ready.
In this post, we are going to discuss opening an offshore account in Panama, a well-known banking destination. If you are not very familiar with the offshore world, read a general article on our portal before we look at how to set up an offshore account in Panama. We have experienced consultants who will answer any questions you may have and help you with opening an account.
Why Opt For Panama Banking?
Panamanian banks are really popular all over the globe, and here are a few reasons why you should look no further than Panama.
- If you open an account with a Panamanian bank, you will be serviced by a well-managed institution with a stable outlook that adopts a conservative approach
- Panama has a robust economy which is rightly called the strongest one in Central America
- The banking sector in Panama is well-regulated without being over-regulated
- If you put confidentiality as one of your top priorities, welcome to Panama: it offers very strict banking secrecy requirements
- No bank bankruptcies have occurred in the past 100 years here! So if you need safe banking, this is the right place for you.
- Setting up a bank in Panama is an extremely effort-consuming process and few of those who wish to get a banking license really do. This results in very high banking standards that customers from all over the world come to enjoy (and these have become even tighter after the notorious Panama Papers case)
- Panamanian banks do not engage in any risky practices, which is probably the reason for their high reliability
As you can see from the above, Panama has its distinct banking environment that may be something you are looking for. Do not miss a chance to join it. And if you need help with opening an account online (which is almost impossible to do on your own), do not hesitate to follow the above link and get in touch with our experts.
Types of Accounts in Panamanian Banks
Current Account
This is the most popular product that allows customers to cater to their day-to-day needs really quickly:
- You will have to keep a minimum balance of 3,000 US dollars (and this is the amount you need to deposit before the opening)
- You will benefit from convenient online banking services
- If you are in Panama, you will be able to make settlements using cheques
- You will be able to get VISA debit cards to manage settlement accounts in Panama
- An overdraft is possible
Savings Account
This product is almost as popular as it allows you to keep your money in a really safe place:
- The minimum amount to be kept on the account is the same as for the current account ($ 3,000)
- The main reason why a savings account is opened in a Panamanian bank (besides safety) is an attractive interest rate charged on the total amount you keep in it
- If you intend to use your savings account for investment, you will easily make any payments or transfers using it
- Panamanian banks issue VISA debit cards that make the use of funds on the account much more convenient
Fixed-Term Deposit
This product will give you additional opportunities compared to the two accounts above:
- It will be easier for you to get a loan in Panama as the amount on the account can be used for repayment
- You will be entitled to get a credit card from a Panamanian bank
- The minimum balance amounts to 10,000 US dollars
- The terms vary greatly depending on your needs
- Interest can be paid once a month, a quarter, a year, or at the end of the term
Choose the account you are interested in, and we will help you with all administrative issues!
Loans in Panamanian Banks
Secured Loan
This is a type of loan you can get if you have a fixed-term deposit or a savings account with a bank in Panama. The amount on your account will serve as monetary collateral:
- The amount you can reasonably get depends on the balance of your account
- The period of the loan is no more than 1 year
- You can repay the amount of debt before it falls due
Medium-Term Loan
You can get a loan for two to five years on a case-by-case basis to develop your business.
Barriers to Overcome
Panamanian banking is really marvelous when you are a client. However, the stage of opening an account may not be as smooth as you may expect:
- There are a lot of prospective customers, and the list of required documents is quite long
- Successful procedure completion requires choosing the right bank and using the right approach. If you fail to do so, your chance of being turned down increases considerably.
Our job is to help you easily overcome these obstacles. Our consultants will ask you for the details of your case and recommend the bank in Panama and the type of account that will meet your needs best of all. We help you not just open an account but choose the right instrument to meet your financial goals.
And if you want to open your Panamanian bank account online, we can help you, too. Banks in Panama mostly require their prospective customers to be personally present in the country at the stage of opening. However, we have long-term ties with several banks that are ready to open accounts remotely, and we can make all arrangements online.
Opening an account in Panama online is impossible if you venture on your own. However, if you want to be a part of a really stable and safe banking environment, click on the above link to book a session with an expert who will smoothly guide you through the process.
Don’t delay making important steps!
