There are more than 90 national and international banks in Panama. The requirements for opening an account are very similar like any other country. Most of these banks have online banking as part of their services.
Carles-Barraza Law Firm offers a direct and personalized assistance during the whole process of offshore account openings in very prestigious banks, through the fulfilling of the whole account documentation, the obtaining of the legal documents required and legalized Resolutions, Societies or Foundations.
Fortunately the paperwork for the account openings can be done away from Panama. Although, each bank has its own procedures, you should prepare the following information for either one you choose:
- For some banks, you will need to have a personal interview.
- Passport and another identification, it could be your driver license.
- A bank reference will be needed for each account owner.
- A personal reference letter.
- A brief explanation of the purpose of the account - such as your business.
- An estimated sum (annual/monthly) of the funds likely to be deposited in the account.
Requirements for Opening your Account
- Two (2) Original bank reference letters.
- Original labor reference letter (from your actual Job, if you have it).
- Two (2) Original commercial reference letter.
- Two (2) Original personal reference letter.
- Updated incoming tax return.
- Proof of the source of funds: Copy of your tax return (last year 2008, this is to verify your source of income, Account Statements or a Certified Financial Statement by a Certified accountant), or any other document that can prove your source of funds.
- A letter that explains your business activity and the purpose of opening a bank account in Panama.
- One utility bill (could be water, electricity or telephone), this document, is to verify your address.
USING YOUR ACCOUNT ALLOWS YOU:
- To be holder of bank accounts, trustee, time deposit, investment projects and any other financial or business license.
- To have holdings of shares of other corporations or legal entities.
- To be proprietor of apartments, houses, buildings, vessels and any other real estate.
- To be manager or developer of international business transactions.
- To have leasing of vehicles, machinery, vessels and others.
- To do marketing and promotion of goods and services.
CORPORATIONS IN PANAMA AND BANKING SECRECY
A bearer share corporation in Panama is a very useful device, but when it is used jointly with a corporation in Panama and a Panamanian bank account it transforms itself into the best banking secrecy instrument available.
