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Banking in Panama

The Republic of Panama is situated between Costa Rica and Columbia with coastlines on both the Pacific and Atlantic Oceans. Panama has been well-known for its long-standing history as a reputable offshore financial center.

The Superintendency of Banks of Panama is the main local regulatory body responsible for the soundness and efficiency of the banking system. The country’s official currency is Balboa, whose value is on par with US dollar.

The banking laws categorize Panama banking sector into three classes: General license banks for conducting all types of banking business inside and outside of Panama, international license banks for only offshore banking activities and bank representative office. As of June 2019, there are 2 state-owned commercial banks, 47 general license banks and 26 offshore banks in Panama. There is no control or any restriction on funds transferred from and to of Panama.

Panama puts a strong emphasize on bank privacy laws in which banks are prohibited to share any account information unless allowed by Panamanian authorities. Until now, Panama has only signed Tax Information Exchange Agreement with the USA. As a result, the country often receives international scrutiny for tax transparency matters.

We currently don’t assist with opening bank account in Panama. However, a Panamanian company can open its account in any other offshore jurisdictions.

Banking Options for Panama Company

CountryBankOnline BankingPersonal VisitCredit CardDebit CardIntial Deposit
BelizeCaye International Bank Ltd.USD 1,000
Heritage BankUSD 3,000
British Virgin IslandFirst Caribbean International BankUSD 25,000
MauritiusABC Banking CorporationUSD 5,000
Bank One LimitedUSD 10,000
Mauritius Commercial BankUSD 50,000
Investec BankUSD 50,000
Puerto RicoEuro Pacific BankUSD 500
SingaporeCiti BankUSD 300,000
DBSUSD 50,000
OCBC BankUSD 30,000
UOBUSD 100,000
UAERAK BankUSD 10,000

Required documents

Some of the most requested documents by banks are listed below. Each bank will have different requirements on a case-by-case basis.

  • Account opening forms
  • Bank statements
  • Bank reference letter
  • Certified copies of passports, recent address proofs 3 months for all directors/shareholders/account signatories
  • Business plan including business structure, source of funds…
  • Certified copies of Panama incorporation documents.
  • Certificate of Good Standing/Certificate of Incumbency.

You might consider contacting BBCIncorp to know the exact documents needed for your case.

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