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For setting up Corporate Bank Accounts with our recommended banks in Panama, we charge an introduction and documentation processing fee of US$700. For setting up Corporate Bank Accounts with other banks in Panama, we charge a set up fee of US$1000. If you know of a particular bank that you would like to set up an account at, you simply notify us and we can assist you in setting it up . * Time frames for setting up accounts with banks other than our recommended banks may take longer due to additional documentation that may be required.
Panamanian Banks are of the most stable banks in the world, being home to the second largest international banking center in the world, next to Switzerland. Panama also has the best bank secrecy laws available in the world today. There are approximately 100 international banks in Panama. We have relationships with a variety of international banks in Panama through which our clients may open corporate accounts at. However, we mainly open corporate accounts for our clients through our recommended banks, with whom we have excellent working relationships. Most of our clients are handled by the Private Banking Departments of our recommended banks. A bilingual, English and Spanish speaking Private Banking Official is assigned to each of our clients accounts, and our client is provided with that persons contact information for direct communication for executing banking transactions. The banks in Panama offer very attractive interest rates*. Currently, our recommended banks offer up to 3% annual interest on USD savings accounts, and up to 4.5% annual interest on USD time deposits (Certificates of Deposit). *Quoted rates on checking and savings accounts may; change without notice, vary depending on the LIBOR (London InterBank Offering Rate), be subject to minimum deposits and/or minimum balance requirements and/or certain terms for CD's. Internet access to your corporate bank account is offered through our recommended banks, as well as through most of the other banks in Panama. Panamanian banks use the most up to date online security technology so your banking information is 100% secure and confidential. Please note that some of our recommended banks only offer online banking for account viewing or transfers between internal accounts, not for international wire transfers. Wire transfers must be requested by sending instructions on a signed fax to the bank.
Our recommended banks offer secured credit cards (Visa or MasterCard). Our firm charges a processing fee of US$100 for assisting in setting up of secured credit cards. Secured credit cards require that the client place a security deposit as collateral for the credit line in an amount equal to 125% of the credit limit chosen for their credit card. The security deposit is frozen in the corporate bank account (savings account or CD/time deposit) until the card is closed, although the collateralized funds still earn interest while in the security deposit. As the credit card is used, the bank will automatically debit the entire monthly balance of the credit card charges from the remaining balance in the corporate checking account at the end of the monthly credit card billing cycle. Therefore, the client must maintain enough funds in the bank account to pay for the monthly credit card charges. Annual fees for
credit cards start at US$50 or more according to the type of credit
card chosen. Silver, Gold, Platinum, and Airline miles credit
cards are available for earning airline flight miles for credit
card usage. American Express is also available through certain
banks.
Most banks in Panama offer time deposits (certificates of deposits, or "CD's"), which are referred to as "Plazo Fijo", in Spanish. Each banks rates vary according to their banking regulations, business practices, etc. Under Panamanian law, the minimum amount for a time deposit at a Panamanian bank is US$10,000. Some of our recommended banks currently offer up to 5% annual interest** on USD time deposits (Certificates of Deposit).* *Please note that for deposit amounts over US$200,000.00, we are able to negotiate special deposit rates with the bank, depending on the amount and term. We generally charge a small one time commission (percentage fee) for negotiating special rates for our clients. **Quoted rates on checking and savings accounts may; change without notice, vary depending on the LIBOR (London InterBank Offering Rate), be subject to minimum deposits and/or minimum balance requirements and/or certain terms for CD's.
Through our recommended banks, Savings Accounts are available. Interest rates vary depending on the deposited amount, but one of our recommended banks currently offers up to 3% annual interest* on savings accounts with balances above $5000. *Quoted rates on checking and savings accounts may; change without notice, vary depending on the LIBOR (London InterBank Offering Rate), be subject to minimum deposits and/or minimum balance requirements and/or certain terms for CD's. Through our recommended banks, there are two types of Checking Accounts available: A. International Checking: This account is useful for those who need an offshore bank account with internationally accepted USD checking facilities. The checks from this account are accepted around the globe. Minimum Initial
Deposit: US$5000. Minimum Initial
Deposit: US$1000. Certified Local
Check Fee: $2.00
** Acceptable deposits are USD cash, USD Checks (personal or bank certified checks), or wire transfers. Unacceptable deposits are money orders, travelers checks, double endorsed checks, foreign items/thrift withdrawal orders, returned checks, and checks referring to more than one account number.
For set up of Corporate Bank Accounts in Panama, the following documentation is required by the bank: A. Photocopy of passport for each signatory. The photocopy of passport must include the photo of the person, the personal details (passport number, etc.), the signature, and photocopies of ALL pages including entry/exit stamped pages. The photocopy should be clear and legible and it should be NOTARIZED. B. Two Financial Reference Letter. The financial reference letter can be from any bank, brokerage firm, or credit union. The letter should be an original on the financial institutions letterhead, and should include the signature of an official, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in. Example of Financial Reference Letter C. One Commercial or Professional Reference Letter. The commercial or professional reference letter can be from any company or professional that you have a commercial business, or professional relationship with. The letter should be an original on the company or professionals letterhead, and should include the signature of the representative of the company or the professional, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in. Example of Commercial or Professional Reference Letter D. Company Profile Letter. The company profile letter should be on your company letterhead, signed by the signatory(s) on the account, with complete contact information. The letter should explain in detail the nature of the business activities, an explanation of what products or services the company is selling, the regions where the company is conducting business, the purpose of the account, and a brief description of the banking activity anticipated with the account. Example of Company Profile Letter E. Proof of Address. The bank requires that you provide a photocopy of a utility bill (such as an electric power bill, water bill, cable tv bill, internet service bill, phone bill, etc.) showing your personal name and physical address. F. Signed Account Applications. If you wish to be the signatory on the account, then each signatory must sign the original bank account applications. As account signatory, you will have the power to execute all types of banking functions with your corporate account. Once the bank account introduction service is paid, we will courier you the bank account applications indicating where you must sign. * Documentation
requirements are subject to change without notice. For those clients that prefer to have managed accounts, we offer nominee signatory services. In this case, we will open the bank account through our recommended bank, and provide one of our nominee directors as signatory for your corporate account. When you need to execute a transaction through your corporate account, you simply contact us with your request, and we will process it for you. We charge a US$1000 (or 1%, which ever is higher) annual account administration fee for nominee signatory services. Please note that for offering this service, we require that the client provide us with a signed account management agreement and the due diligence documentation including; photocopy of passport, one financial reference letter, one commercial reference letter, proof of address, and company profile letter. BACKv Below we have included the bank account set up procedures for our recommended bank (Please note that set up procedures may be different if dealing with other banks): A. Submit an Online Application - Click on "Order Now", and complete an online application, then hit "submit". B. Submit Payment - Payment can be made by Bank Wire Transfer, Western Union Money Transfer, E-Gold, USD Check, or USD International Money Order. C. Receive Documents - Once we receive payment, we will forward you the corporate documents and account applications for your signature (account applications are only included if you wish to be signatory on the account). You should sign the account applications where indicated, and forward them back to us along with the required documentation. D. Account is Set Up - When we receive the signed applications, the account applications will be completed with the corporate information, and forwarded to the recommended bank along with the initial deposit. The account number will generally be provided within 7 to 10 business days from the date the documents are submitted to the bank. Please note that new account processing times may vary depending on the volume of accounts that the recommended bank is processing at that time. E. Begin Using Account - Once the account is approved by the banks compliance department, the banker will email you the complete account protocol for making deposits, executing wire transfers, contact information of the bank, etc. At that point, you deal directly with the bank for all account transactions. Order Now or Contact Us Today!! |
