Panama is an ideal destination to protect your money and obtain good return margins in the process, in Panama they believe in guaranteeing the total privacy of their clients. Banks in Panama are very stable and well managed.
The documents necessary to open a bank account in Panama may vary according to the policies of each bank, but the requirements that we ask our clients are:
● Apostilled copy of a second identification
• Complete the due diligence forms
• Evidence of origin of funds
• 3 commercial references
• Initial deposit of $ 10,000.00 dollars
Panama banking products
● Banks in Panama offer complete banking services online. They offer term deposits, ATMs, debit and credit cards, checking and savings accounts, etc. Credit card rates vary from bank to bank and MasterCard or VISA is also available in all banks in Panama.
● Time deposits offer annual returns between 4% to 5%, the minimum period of the deposit to access these rates is 2 years. Additionally, a term deposit of $ 300,000.00 dollars allows you to obtain a permanent resident visa as an investor.
● Savings accounts pay 0.5% to 1.5% annual interest, depending on the policies of each bank.
• In Panama, banks also offer credit lines, mortgage loans (real estate and auto), loans for agricultural development, factoring and Leasing.
The process of opening an account in Panama has become much easier and streamlined in recent years. Panama offshore companies, like corporations from other jurisdictions, may also consider opening a bank account in Panama.
Panama is a reliable destination and the smart choice in Latin America to use as a business platform through its banking system.