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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.
|Country||Bank||Online Banking||Personal Visit||Credit Card||Debit Card||Intial Deposit|
|Belize||Caye International Bank Ltd.||USD 1,000|
|Heritage Bank||USD 3,000|
|British Virgin Island||First Caribbean International Bank||USD 25,000|
|Mauritius||ABC Banking Corporation||USD 5,000|
|Bank One Limited||USD 10,000|
|Mauritius Commercial Bank||USD 50,000|
|Investec Bank||USD 50,000|
|Puerto Rico||Euro Pacific Bank||USD 500|
|Singapore||Citi Bank||USD 300,000|
|OCBC Bank||USD 30,000|
|UAE||RAK Bank||USD 10,000|
Some of the most requested documents by banks are listed below. Each bank will have different requirements on a case-by-case basis.
You might consider contacting BBCIncorp to know the exact documents needed for your case.