So you want to open a bank account in Panama. Being a foreigner, it is really not easy these days as it was used to be. If you are living in the US or any of the European countries and want to open a bank account in Panama just to siphon your money, it is advisable not to go to this venture. Banks of some other countries will lure you to open an account, but the banks in Panama are not the same. You need to go through a rigorous process of validation of your account.
The first thing is to remember while opening a bank account in Panama is to get a letter of recommendation from your current bank. Never close the account in your original country where you live. If the authorities of Panama banks get to this fact by chance, there is a possibility that they will forfeit the amount you may have deposited.
To open an account, you need to furnish your proof of income. You may submit the statement of bank account of your current bank. A statement of at least last 6 months is required. Your resident status will be checked before you get your account. Without having the resident status, you will not be able to open a bank account in Panama. It is better to deposit the initial money through via electronic transfer rather than cash deposit. Initial cash deposit in large volume can leave the bankers in Panama having a close eye on your account.
You need to have these documents ready before you can apply for a bank account. Copy of the front page of your passport where the picture is pasted or the driver’s license or any other government provided photo-id document should be the first thing you should keep ready. Letters of reference, two in numbers will be required. One of them should come from a professional working in Panama and the other you can take from anybody else. It is not necessary that these persons should know you for long.
Most of the banks demand 200 dollars for a saving account and at least 500 dollars to open a current (checking) account. There may be imposition of fine if the balance goes below this level.
When you enter the reception of a bank for the first time to open an account, prepare yourself to face these type of questions – “what is your source of income?”, “Where is your business in Panama located?” “What kind of business you want to establish in Panama” “ what may the transaction volume per month and per annum” “why Panama”. The answer should be convincing enough to be cleared to open an account. It is better not to open your account is too much “friendly” bank as the careful banks are more stable. You will also be asked to sign an agreement that you intent to abide by all the rules and regulations as per government and bank’s amendments.
Opening a bank account in Panama is not difficult if you have the right notion and proper documents.
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