Is It Easy to Open Bank Account in Panama
For a foreigner who plans to do business in Panama or decides to change their country of residence, opening a bank account in Panama is a very beneficial or even essential decision.
Panama has been known as the international banking center of Latin America for over 30 years. Foreign business, investors, and potential migrants are paying more and more attention to this country. The rapid development of the country's economy and the growing potential for business opportunities attract many foreigners wishing to open Panama bank accounts.
Today, more than 80 international banks operate in this jurisdiction. These are well-known global financial institutions offering to open an account or deposit for non-residents. Local laws protect the private property of non-residents on an equal footing with Panamanian citizens. Therefore, Panama non-resident bank account is a guarantee of your funds' safety.
Panama bank account for foreigners as protection against unbalanced government policies
The adoption of new laws by many large states is often aimed at increasing taxes. They affect the citizens' rights to privacy concerning bank accounts, deposits, and savings more and more. Completely different savings types of individuals or businesses can fall under government control. These can be accounts, deposits, real estate, and other assets that can later cover the state budget deficit.
Opening a bank account in Panama will help ensure the security of capital and privacy. You can easily diversify funds in Panama offshore bank account into various types of assets, protecting yourself from possible creditors' claims. It is easy to achieve a high level of savings security by combining several financial instruments:
- open a Panama bank account
- open a Panama international business company
- open a Panama trust or private interest foundation, guaranteed to increase your savings' safety
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The first step to moving abroad: open bank account in Panama
Opening a Panama bank account is a legally easy procedure. European banks are tougher in choosing clients, making high demands on non-residents who want to open a deposit or account. Documentation requirements vary depending on the bank selected to open an account in Panama. The minimum deposit amounts required by the opening procedure also may differ.
Most banks in Panama require the client's personal presence when opening an account following the KYC (Know Your Client) regulations. However, some banks have the legal right to open an account for a foreigner without the need for a personal visit. Our company has a partner relationship with such banks, assisting clients who wish to open an account remotely.
If all documents are drawn up correctly, and the bank does not require additional documentation, opening an account within 2-3 weeks is easy. An offshore account of any Panamanian bank makes it easier to obtain Panama resident status. By opening an account here, you will be considered a wealthy person who can become an investor in the country's economy. However, opening a bank account is inexpensive compared to the deposit amount required by the Panamanian residency procedure.
Panama bank account protection from financial turmoil
Bank failure risk has great importance for foreign clients wishing to place their savings. Some people mistakenly believe that opening an account with a large bank is necessary to ensure funds' safety. However, the largest banks suffered economic setbacks during the financial crisis.
People who wish to open a Panama bank account receive certain client guarantees:
- Panama offshore banks offer to open accounts or deposits to protect assets. Panama banks' priority is the safe custody of the foreign client's savings and respect for their right to privacy. This jurisdiction uses the US dollar, so Panama offshore bank deposits and accounts do not experience risks associated with national currency exchange rate changes.
- Offshore banks in Panama have better capitalization than most banks in Europe. This reduces the failure risk in a difficult economic situation.
- Deposits in Panamanian banks are less prone to inflation due to increased profitability with interest capitalization (adding accrued interest to the total deposit amount).
- Panama banks offer higher interest rates on deposits and account balances.
- The ability to open a multi-currency account in a Panama bank allows you to diversify financial instruments, insuring against changes in exchange rates.
Panama non-resident bank account for lawsuit protection
Many world governments, fearful of possible tax evasion by private bank customers, strive for maximum control of depositors. Under the guise of austerity measures, wealthy jurisdictions try to get their hands on money from citizens' accounts. Therefore, wealthy citizens are under the close attention of state bodies.
Foreign court decisions cannot influence Panama courts, so instant freezing of bank accounts or confiscation of funds by third parties is impossible. Local authorities can initiate proceedings against a Panama bank client only if there is strong substantiated evidence to open a criminal case. A similar situation is with the threat of civil lawsuits, for example, the division of property (client's finances) after a divorce.
In Panama, forced withdrawal of funds from an offshore bank account by a third country court is almost impossible. The proven legal origin of the funds in the account does not guarantee that the government will not covet your savings. But if you decide to open a Panama bank account in advance, your savings or business will be safe.
Open Panama bank account online for reducing tax pressure
Opening an offshore bank account in Panama is not only a reliable way to protect capital. Panama seeks to prove that it is a serious financial center and not a tax haven. Therefore, the Panama government signed the multilateral Convention on Mutual Administrative Assistance in Tax Matters with OECD (The Organisation for Economic Co-operation and Development).
Continuing to move towards international standards, the government of Panama adopted Law No. 52. It obliges Panama companies that conduct international business and do not receive income in the domestic market to prepare, submit, and store financial reports.
Freedom of movement and action with Panama non-resident bank account
When you decide to open an offshore bank account in Panama, you will get more opportunities for personal freedom. You will be able to get rid of the economic attachment to a particular state. It is more difficult for the government to control citizens who can move around the world freely and are not dependent on the state. Opening an offshore bank account in Panama can help in a difficult situation, especially when you need to transfer money abroad quickly.
It is much more comfortable to travel the world with an international payment card from the Panama bank. Such a card ensures the safety and security of finances and allows you to receive services and buy goods worldwide easily. The effectiveness of asset protection (Panama bank accounts and deposits) depends on the quality and reliability of the selected financial instruments.
Our expert team always offers reliable options for your savings' security, safety, and growth (open an account or deposit, open a company, open a trust fund, or open a private foundation). Write to us at info@offshore-pro.info, and we will help you find a solution that fully meets your needs.
Source: https://internationalwealth.info/en/foreign-bank-accounts-en/panama-non-resident-bank-account-features-and-benefits-for-a-foreigner/