Panama Offshore Legal Services Blog

Why Open a Panama Bank Account?

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Considering moving to Panama or doing business in Panama? Where and how you bank is something you need to think about, and with priority. If you are relocating to Panama, either as an expat, retiree, or investor, chances are you have a bank account from your home country, or the country where you do your business in. Many of these banks are international, and thanks to the nature of digital banking in the 21st-Century, business can be done from anywhere without actually changing your bank account or moving it to another financial jurisdiction. There are, however, a few catches.
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Five important steps to take to open a bank account in Panama

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Offshore investment remains steady in Panama, and that means lots of opportunities for business and banking. One of the most functional and feasible options in this region when it comes to business, retirement, or relocation is to open a Panama bank account as soon as you can. Panama has long had a reputation for secure offshore banking, and has very favorable laws for both offshore investors, and residents. If you want to open a bank account in Panama, however, you’ll need to do a few things ahead of time to prepare. The process is much easier than practically every country in Latin America, and with a small investment and a good lawyer, this can be done quickly, and painlessly. Here are 5 solid steps you’ll need to take before you open a bank account in Panama:
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The growth and future of mobile and e-payment commerce in Panama, explained.

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Panama has been trying to market itself as a Latin American tech hub for quite some time now, and with mobile payments and e-commerce, they’re keeping to that promise. Although Latin America, in general, has been slower than other parts of the world to adapt to the e-commerce market, Panama is looking to change that in the immediate future. And international investors and startups are looking at investing in Panama as an ideal growth market for this type of commerce.

The consumer market in Panama is strong, and buyers need more options on how to shop, pay, and assign delivery for products and services. Mobile payments, innovative apps, and creative e-commerce websites could offer a viable, and profitable solution for both businesses and consumers; and that’s a win/win for Panama’s economy.
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New Panama Property Tax Withholding Law Goes into effect January, 2019

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Panama’s Ministry of Finance issued a decree requiring real property lenders to withhold funds on mortgages to pay for the property tax. The new decree takes effect on January 1, 2019.  In addition, another decree around the same time provides benefits to primary residences’ property tax. Continue reading »

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Immigrating to Panama from South Africa: What you need to know

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For many in South Africa, the turmoil and uncertainty of recent years has become just too much, and staying put no longer seems like a good option. Right now, thousands of landowners in South Africa are under danger of either losing their land, or even worse, their lives, with no immediate end in sight, and little aid from the outside world. As chaotic as life is in South Africa, the resilience of its people is inspiring, and people are taking action into their own hands, and making the choice to emigrate. While this choice is never easy, it’s the best bet for those who want to improve their lifestyle, increase their safety, and continue to grow professionally, or as investors.

While there are many great options around the world for South Africans when it comes to emigrating, one place keeps popping up at the top of the list for people of all ages/backgrounds. That place is Panama. Continue reading »

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Mobile Pay, E-Commerce Gains Momentum in Panama

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Panama has been trying to market itself as a Latin American tech hub for quite some time now, and now with mobile payments and e-commerce, they’re keeping to that promise. Although Latin America, in general, has been slower than other parts of the world to adapt to the e-commerce market, Panama is looking to change that in the immediate future. And international investors and startups are looking at investing in Panama as an ideal growth market for this type of commerce. Continue reading »

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Panama’s Economy Closes 2015 With Positive Growth

Panama's Economy in 2015
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Panama’s economy over the past six years, on average, has grown by nearly double digits. However in 2014, the economy slowed down a little bit, causing some to be cautious. Now, as we head full steam into 2016, it appears the slowdown was merely a hiccup, and Panama’s economy is showing strong, positive growth for the near future. Investments in Panama largely rely on future predictions, and long-term strategies; which is why steady positive growth, even if it’s not at the boom levels of 2010-2012, is very important to the overall economy in the country. Continue reading »

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5 Steps to Open a Bank Account in Panama

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Offshore investment is growing rapidly, and one of the most functional and feasible options in this region is to open a bank account in Panama. Panama has long had a reputation for secure offshore banking, and has very favorable laws for both offshore investors, and residents. If you want to open a bank account in Panama, however, you’ll need to do a few things ahead of time to prepare. The process is much easier than practically every country in Latin America, and with a small investment and a good lawyer, this can be done quickly, and painlessly. Continue reading »

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Colombia and Panama Settle Tax Dispute, But Relations Still Not 100%

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Earlier this month, economic relations between Colombia and Panama became tense after Colombia threatened to put Panama on their so-called “tax haven” list. The list, which Colombia uses as a basis for financial transparency, is comprised of countries who either don’t share tax information of Colombians abroad, or violate what they deem as appropriate transparency standards. Colombia wants countries to disclose how much money their countrymen have invested in the exterior, in order to properly tax them, and avoid capital flight, which is common in many parts of Latin America. Continue reading »

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Top 10 Benefits of Starting a Business in Panama

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Panama is a great place for foreign investment, and many people are deciding to either move their business there, or start a new one. If you’re still on the fence about whether or not Panama is the right fit for you, check out these reasons. Here are 10 of the greatest benefits you’ll see if you decide to start a business in Panama. Continue reading »

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