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Opening Corporate
Bank Accounts in Panama
[Requirements] [Banks
in Panama] [Fees]
Panama's location makes it a natural conduit for
banking between North and South America, besides being home to the Panama Canal
which generates a considerable amount of bank-related international shipping
business. Further, the banking sector is augmented by the number of "offshore"
registered companies (approximately 350,000) many of which need banking
services. In some cases, clients choose Panama because of the excellent
banking facilities offered, and for this reason companies are incorporated here
in the first place. In other instances, it is regional commercial ties that make
Panama the natural choice for both corporate and banking management.
Panama's confidentiality laws are also a magnet for
some, particularly when similar laws in other offshore financial services
centres are now in danger of compromise. In recent times, worries over tax
revenue losses have begun to rival concerns over drug trafficking and money laundering.
The United Kingdom, as an example, has several dependencies which are offshore
financial services centres (including the Cayman Islands, the British Virgin
Islands and the Channel Islands) and they are all destined to have regulatory
and supervisory changes that will align them more closely with the systems found
in the European Union. Consequently, the strict privacy which has been the
backbone of their offshore business may be diluted to a point which will
displease a vast number of individuals and corporations who have, for many years
now, taken for granted the right to privacy.
Only those offshore financial services centres which
are not bound through sovereignty to the political and social agenda of another
country will be able to counter the inevitable pressures which will be applied.
Panama is one of those jurisdictions. The debate about offshore confidentiality
is too complex to either discuss or summarize in this brief summary, but it is
fair to say that many feel that Panama's position reflects a balanced approach.
It is an approach that is undoubtedly going to continue to attract more and more
business to this offshore banking centre.
The following information is intended simply as a
guideline for the general requirements which banks in Panama have with respect
to the opening of bank accounts here. Each bank has its own requirements and
should be contacted with respect to the services offered and the updated account
opening requirements.
Panama recognizes its responsibilities in support of
the international concerns regarding drug trafficking, money laundering and
other illicit funds activity. This was introduced into legislation by Law No. 41
of 2001, following the events of 9/11 and the concerns regarding the
international cooperation of banks to ensure that the financial centres do not
support in any way illicit activities. Stringent monitoring and vetting procedures have
been introduced and banks in Panama take seriously their obligation to comply
with the provisions of the Panamanian banking law.
Account opening process:
- Personal Interview & delivery of all due diligence documentation
- Account is reviewed and approved by the compliance department (some
banks take 2-3 days, and others take up to 8 working days)
- Signing of the account opening forms (2nd visit to the bank) for
processing of account opening
- Account number assigned and you are able to deposit the funds
Where you intend to open an account for a corporation, you
should be prepared to provide the following information and documentation:
 | A personal interview. Most banks require that the
interview be in person. This means that it is necessary for the client
to travel to Panama in order to open the bank account. We therefore
recommend that when clients come to Panama, they have ready all of the
documents & information listed below. |
|
A clear copy of the beneficial owner'(s) passport(s),
as well as one other form of identification (such as a driver's license or
national ID card).
(Of the passport, this usually includes the pages of the photograph, signature,
and personal information pages, as well as the pages regarding entry into
Panama). This is required for each director and signatory on the account.
|
| From the passport copy (or other immigration documents) a copy of the
page that shows that the person is legally in Panama. |
|
Two original bank references for each beneficial owner and
account signatory which should confirm the satisfactory conduct of the person's accounts
and that the relationships have been of at least two years duration. Preferably,
the references will also confirm the actual residential address of the person. Depending
on the choice of bank, reference letters may need to be addressed to the local
bank where the new account is to be opened. |
| Credit references |
| If you are working here in Panama, then you should provide a letter from
the employer or proof of the salary that you earn |
| If you are self-employed, then proof of a business license or permit.
|
| If retired, a copy of your pension letter. |
| Two professional references for each beneficial owner and account
signatory - which should indicate the nature of the relationship (i.e.
accountant, lawyer, insurance broker, etc.) as well as the length of the
relationship. |
| Brief details of the applicant's business (usually
called an "Account Profile". This is
reviewed by every local bank's Compliance Officer who is required to vet all new
account applications in accordance with the monitoring procedures laid down. The
information required is:
 | The nature/line of the company's business, or intended
business, and the approximate annual volume of business which the company does
or will do. |
| The location(s) of the business. |
| The origin or source of the funds to be deposited in the
new account. Sometimes the bank will request proof of the source of
funds. Examples of documents which may be provided are:
 | Letter from your bank indicating that the funds are held there and
they have done their Due Diligence as to the source of funds (many banks
are not prepared to give this letter as they are providing a guarantee
to the bank in Panama) |
| Copy of a contract or document which shows the source of the funds
(in the case of the sale of a house or business, resulting in a large
capital movement) |
| Tax returns (last 2 years) - showing that you have, over the years, accumulated
such wealth through normal, legal means |
|
| The reason for opening the new account in Panama.
|
| The approximate annual/monthly volume of funds which will pass
through the new account. (Usually the banks will require
that you specify the number and volume of incoming and outgoing transfers
into the account, as well as the cash or check deposits and the cash or
other withdrawals from the account). Account activity should then
mirror the information which is provided - otherwise the bank officer will
contact you to inquire regarding the difference between the estimated
activity and the actual activity conducted in the account. |
|
It may seem easier, after reviewing these general
requirements, to open a bank account in New York,
London or Zurich than in Panama and it dispels one of several misconceptions
about the country's standards as an offshore banking and financial services centre.
These are a few of the possible banks and brokerage houses which operate in
Panama City.
| HSBC Panama [E] - offers internet banking, with international wire
transfers via the internet for personal accounts. Corporate accounts can
request wire transfers through the bank's HEXAGON system, which needs to be
installed on the client's computer, and meet certain security platform
requirements. |
| Banistmo[S] - offers internet banking (i.e. to view the account, and make
inter-account transfers), but does not allow international wire
transfers via the internet. |
| Multibank [E/S] - offers
internet banking, including international wire transfers via the internet.
|
| Credit Andorra - minimum account opening US$50,000.00. |
| Verdmont Capital - Brokerage
|
| Thales Securities -
Brokerage |
| Financial Pacific -
Brokerage in Panama |
| Banco General
[E/S] - offers internet banking, but does not allow international wire
transfers via the internet. |
| BanVivienda [S] - http://www.banvivienda.com
- currently working on its platform to allow internet banking, including
international wire transfers. |
| BBVA [S] - offers internet
banking, but does not allow international wire transfers via the internet. |
| BAC International Bank [S] -
offers internet banking, but does not allow international wire transfers via
the internet. |
| Panabank [S] - offers internet
banking, but does not allow international wire transfers via the internet. |
| Global Bank [S] - offers
internet banking, with international wire transfers via the internet. |
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Last modified
08-May-2009 12:07 -0400
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