Panama bank account
At ImmiLaw, for example, we believe in financial freedom, which can be achieved by completely legal mechanisms that require nothing more than wit. But this is not achieved overnight. A person needs to study and dedicate to constant self-improvement by researching the market and knowing the latest news. If you don’t have time for this, don’t worry. Luckily, there are financial professionals that love to study this sector and dedicate their lives to helping people realize their freedom. ImmiLaw is formed by such professionals who have wide experience providing financial services.
Our experts know everything they need and are committed to the evolving concept of banking, which means finding a place with conditions more favorable to you. This translates into ‘tax optimization’, but it can never be confused with ‘tax evasion’, which is a crime.
Benefits of Panamanian Banking
ImmiLaw firmly believes that the most convenient place to open a bank account abroad is Panama, and here is why.
Access to new markets
Panama is a renowned business center and home to the Panama Canal. Many companies have established their headquarters or branches here to benefit from business incentives. Therefore, with an bank account in Panama, you have more chances to access new markets.
Panama’s currency, the Balboa, is paired 1:1 with the US dollar. This means that you can have a savings account in a strong currency and a different jurisdiction for optimal diversification.
Access your funds easily
Banks in Panama are used to international clients, hence, they offer top-notch online banking. You can manage your account from abroad, check your balance, make transfers, and even invest. Some banks have excellent client support via chat, email, or WhatsApp calls.
Protect your capital
If you open a bank account in Panama you’ll enjoy a stable environment. The country doesn't have a history of political turmoil or social unrest and boasts a solid economy. It has low inflation rates and no exchange controls. Therefore, Panama is one of the most secure jurisdictions in the world to deposit your capital.
Tax advantages and asset protection
At this point, it is worth noting that Panama is a CRS country. If you are thinking about hiding money from your government in Panama, you can forget about it. Banks in Panama automatically report your account information to the tax authorities in the country where you live or reside.
However, if you choose to live in Panama you can enjoy acceptable tax rates. Income below $11,000 is tax exempt. On the other hand, income over $11,000/year is taxed at 15% and income over $50,000/year is taxed at 25%.
Another aspect of banking in Panama is that funds are difficult to reach. If you own an bank account in Panama you’ll have to report it to your country and pay taxes for the funds. However, if you fall victim to a lawsuit in your home country, your foreign assets will be out of reach. The same happens if your government freezes your accounts.
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How to open an account in Panama
Now that we’ve established the ‘why’, let’s dig into the ‘how’. These are the requirements to open an account in Panama.
Bank account in Panama: Personal account
- Provide client information to be submitted by each holder and signatory.
- Deposit application: This is a form that must be signed by each signatory. This can be used to open an additional account on behalf of the client.
- Service application: In this case, the form must be signed by all the signatories and grants access to credit/debit cards, online banking platforms, and key cards.
- Membership application: This form refers to the online banking service and must be signed by the administrator. Other account users' names must be stated.
- Contract for banking services which must be signed by all signatories.
Holders and signatories must sign APCs.
- FATCA/CRS forms must be completed. Each holder and signatory needs a signature.
- Application for a time deposit (only upon request).
- Application for credit cards (only upon request and must be signed by the account signatories).
All forms must be filled in black ink and sent digitally to your ImmiLaw representative. Once your representative approves them you can send them by courier.
- Passport copy for all holders and signatories. It must be notarized and apostilled.
- Copy of a second ID for every holder and signatory.
- Copy of a US visa, if required.
- Proof of income which can be: a) for independent workers 2 latest tax returns from your country (presenting a certification from an accounting firm or only 1 tax return will not be sufficient); b) for employees a letter addressed to the bank stating the salary, the date, the type of services, and the obligations of both parties; c) certification of income signed by a Public Certified Accountant (CPA).