Actualizado: 26 de abr de 2020
When it comes to investing your money there is a wide spectrum of possibilities, some more complex than others. Panama has always been characterized by being a reliable investment destination, with legal certainty, a first-world banking system and a dollarized economy. This last point gives stability to your investment as the dollar is a strong currency and is not subject to many exchange factors.
In Panama, with adequate advice, you can set up an investment portfolio in real estate, term deposits and investment in local companies and obtain stable and interesting returns. In this article I am going to talk to you about time deposits with Panamanian banks. Let's start with the basic question: what is a fixed-term deposit in Panama? A fixed-term deposit is a product in which the client gives the bank an amount of money over a period of time in exchange for remuneration in the form of an interest rate on the borrowed capital. Payment of this interest can be made at the end of the period or in installments during it. If the client claims his money before the end of the agreed term, it is usual for the bank to contemplate a penalty that normally translates into a drop in the profitability offered, so it is very important when hiring this product to take into account the possible need for liquidity of the invested capital. We already know how a Fixed Term Deposit is managed in Panama, let's look at the applicable regulation. Agreement No. 009-2009 (of October 22, 2009) of the Superintendency of Banks of Panama, establishes the following: Article 1: LOCAL DEPOSITS WITH FIXED TERM. Except for what is established in this Agreement, the Local Fixed Term Deposits must be agreed for an amount not less than TEN THOUSAND BALBOAS (B /. 10,000.00) and for a period of not less than 30 days, and may not be withdrawn, decreased or increased before the expiration of the agreed term. Article 2. However, as established in the previous article, Local Fixed Term Deposits may be increased before their expiration date by agreement between Agreement No. 009-2009 where the parties, only when the agreed term is equal to or greater than one (1) year, through the capitalization of interest or new contributions to the original amount. Article 3: LOCAL FIXED-TERM DEPOSITS OPENED FOR MIGRATORY PROCEDURES. In the cases of those Fixed Term Deposits opened by foreigners and classified as Local Deposits, whose sole purpose is to comply with the requirements of Executive Decree No. 320 of August 8, 2008, to apply to immigrant visas that have the requirement to open a Fixed Term Deposit, they may be withdrawn early in the event that the account holder desists from the immigration process, or when the requested visa is denied or canceled. For the record, the holder must provide the bank with the notice of withdrawal of the immigration procedure duly stamped by the National Immigration Service or the respective resolution issued by the National Immigration Service, as appropriate. The foregoing is without prejudice to the penalties for early reduction established for this purpose by the bank, which will be stipulated in the signed Fixed Term Deposit contract. Article 4: CLOSING OF FIXED-TERM DEPOSITS AFTER NOTIFICATION TO THE FINANCIAL ANALYSIS UNIT FOR THE PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING (UAF). In cases of suspicious transaction notification to the Financial Analysis Unit for the Prevention of Money Laundering and Terrorism Financing (UAF), in the manner provided in Agreement No. 12-2005, banks may at their discretion cancel Local or External Fixed Term Deposits, of any natural or legal person, in advance, provided that the holder (s) of the term deposit is directly or indirectly linked to the suspicious operation object of the report presented to the UAF. Article 5: DEPOSITS SIGNED. In the case of local or external fixed-term deposits pledged in favor of a bank, which must be executed in whole or in part to satisfy the guaranteed obligation, the bank may consider the deposit to be totally or partially extinguished and, consequently, eliminate it from his books in the corresponding proportion.
Now that we understand what a fixed-term deposit consists of, let's see some of the advantages: 1. It can be opened from USD $ 10,000.00 dollars. 2. Pay an annual rate of return between 3.5% to 5.5%. 3. It works as collateral to support bank loans. 4. Apply to obtain a residence in Panama as an investor. 5. Offer a stable return and your investment is not at risk. I look forward to this explanatory article about what a fixed-term deposit in Panamanian banks is and how it works, to help you make the decision to invest in Panama. If you are interested in investing in Panama, you may also be interested in this article: https://www.jsantosf.com/post/sabes-cu%C3%A1nto-vale-una-propiedad-en-la-ciudad-de-panam%C3%A1 Do you want a personality advice to invest in Panama? Complete the following form and I will contact you:
Until next time!