The banking center in Panama offers many benefits for investors abroad, due to the extensive experience of Panama in the banking sector, in which our country and stability of a financial center combined the principles and rules of a system that has as its main objective the protection of assets and wealth concerning the legal business activities of its customers.
To open a bank account the law requires the identity of the beneficiaries. With a bank account in Panama you can receive and make payments on line, transfers to all or parts of the world even in currencies other than the Dollar.
Panama is one of the leading financial and banking centers in the world, with 79 banks.
To start with the process it is necessary that you are in Panama due to banks requirements.
Banks will require the following before opening an account:
a) bank references, attorney and accountant reference,
b) proof of source of income: 2 tax returns, pension letter or employment letter
c) full copy of your passport & driver license
d) personal details and ownership disclosure (if Corporation or foundation)
e) local introduction / reference
• Timeline: 3-5 weeks.