If you are engaged in international business, you have probably heard about the high level of banking privacy that can be found in Panama. The country’s legislation efficiently protects the interests of bank account holders but Panama also manages to comply with all the international regulations that concern transparency of financial operations. Thus, banking privacy and legitimacy are well balanced in the country. We invite you to consider the opportunity of setting up a personal account with a Panamanian bank. With our professional assistance, you can do it from the comfort of your home.
A current bank account for private individuals in Panama
You can open a bank account in Panama without visiting the country. International Wealth experts will gladly help you collect and then submit all the application documents. In this way, you can open a bank account in Panama remotely.
A foreign person wishing to open a current account in the Panamanian bank that we are promoting here has to make an initial deposit of 500 USD (this will count as the registration fee). To make your Panamanian bank account fully functional, you will have to make deposits in the following amounts:
- Deposit 50,000 USD within 15–30 days to activate your bank account;
- Maintain a security balance of 100,000 USD throughout the year. The bank makes the security deposit obligatory.
You will be given access to an online banking platform at no extra cost. This will allow you to manage your account from wherever you are and at any time of the day. You can perform the following operations:
- Obtain account statements and reports about your transactions;
- Transfer money between your accounts;
- Make local and international payments;
- Use various banking products and apply for consultations;
- Make mortgage payments, cover your utility bills, add money to your cards, etc.
The Panamanian bank makes it possible to open a multicurrency (USD and EUR) current/ checking account. If this is what you would like to do, the initial deposit will have to be 3,000 USD.
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Check the list of required documents, and get the details of the process, terms, and costs.
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What types of accounts can you open with the Panamanian bank?
Private individuals from foreign countries are welcome to set up accounts of different types with the Panamanian bank. You can open the following types of bank accounts to make payments and grow your capital:
- Regular account. The account can be managed via the Internet or smartphone. You can order a Clave Debit Card if you have a regular account with the Panamanian bank. Interest accrual happens at the end of each month.
- Premium account. With a premium account, you can enjoy higher interest rates and thus grow your capital in a faster way. Below please find the requirements that you have to meet if you would like to set up a premium account with the Panamanian bank:
- Make a deposit of at least 3,000 USD (remotely);
- Bank interest accrues on the deposit between 3,000 USD and 20,000 USD.
- Ahorro Educativo Inteligente account. This type of bank account can be used for accumulating funds to cover your children’s educational costs in the future. As a bonus, the bank will give you life insurance. The table below shows how much you can earn over five years if you have an Ahorro Educativo Inteligente account with the Panamanian bank. The interest rate is 4.5% but it is reconsidered every six months and it can be as high as 7%.
| Deposit (USD) | Interest accrued (per month) | Earnings over 5 years (USD) |
| 30,000 deposit | 240 | 2,140 |
| 50,000 deposit | 352 | 3,482 |
| 100,000 deposit | 740 | 6,840 |
| 150,000 deposit | 1,097 | 10,197 |
| 300,000 deposit | 2,169 | 20,296 |
| 500,000 deposit | 3,598 | 34,698 |
- RYA account. This type of account can help you put some money aside for your ‘golden years’. You can keep adding money to your RYA account every month. The interest rate is 4%, it is reconsidered every quarter, and it can be as high as 7%. Life insurance is also included.
Fixed-term deposits and plastic cards from the Panamanian bank
A private individual can make a fixed-term deposit with the Panamanian bank. The minimum deposit amount is 10,000 USD and the minimum deposit term is 30 days.
A bank client is eligible to apply for a credit card but he/ she has to have 125% of the amount of credit on his/ her account with the bank. The bank offers a variety of credit cards with different services included and different interest rates. You can order one (or two or more) of the following cards from the bank:
- Visa Classiс. The card can be used to pay for products and services in various outlets. Clients between the ages of 21 and 65 can qualify for obtaining the card. The card can be used in Panama and all foreign countries. Visa Classiс card holders earn a 1.54% interest on the outstanding account balance per month. They can also accumulate bonuses and use them towards covering their airfare. The cardholder is also eligible to apply for a loan (up to 36 months). The interest rate is 3%. Every cardholder acquires a 75,000-dollar life insurance against travel accidents. The following fees are due of you would like to order a Visa Classic card from the bank:
- Annual membership fee of 45 USD;
- Bonus program membership fee of 55 USD per year;
- Remote acquisition of an extra plastic card costs 20 USD.
- Visa Gold. A Visa Clod card holder will have access to a wider range of services and enjoy better care on the part of the bank managers. Main advantages of the Visa Gold card include the following ones:
- Visa Gold card holders earn a 1.41% interest on the outstanding account balance per month;
- A 150,000-dollar life insurance is provided (including a 750-dollar baggage insurance);
- With the card, your car insurance will be already covered if you purchase a car in the USA or Canada. You will also have access to extended concierge services that include booking airplane tickets and hotel rooms. In addition, you will have a mailing address in Miami at no extra charge;
- The annual membership fee for Visa Gold card holders is 65 USD;
- Remote acquisition of an extra card costs 30 USD;
- Bonus program membership fee is 75 USD per year.
- Visa Cash Back. As the name suggests, you will be partially reimbursed for the purchases that you make if you use your Visa Cash Back card when paying. The reimbursement in shops, stores, malls, pharmacies, gas stations, and movie theaters is 2% of the amount paid. In other types of outlets, the reimbursement is 1%. Visa Cash Back card holders enjoy round-the-clock remote customer support. Every cardholder acquires a 500,000-dollar life insurance against travel accidents.
- Visa Platinum. This is an elite bankcard. The cardholder is eligible to apply for a bank loan of minimum 10,000 USD. The annual membership fee for Visa platinum card holders is 115 USD, and issuance of an extra card costs 55 USD. In addition to the concierge services mentioned above, a Visa Platinum from the Panamanian bank provides medical insurance, gives free access to VIP areas at the airports, provides insurance against hijacks, fraud, baggage loss, and so on.
To recapitulate, the fees associated with the cards are as follows:
- Visa Classiс – 55 USD, remote issuance of an extra card – 20 USD;
- Visa Gold – 75 USD, remote issuance of an extra card – 30 USD;
- Visa Platinum – 115 USD, remote issuance of an extra card – 55 USD.
The bank uses the Automated Clearing House (ACH) network to transfer funds between financial institutions. The network is highly secure and it is protected against any kind of hacking. It is simple to use but it allows making payments to any country of the world. When making transactions on the clients’ behalf, the bank charges a 7% ITBMS tax (individual property tax) in accordance with Act №8 from 2010.
How you can open a personal bank account in Panama remotely
You have to take the following 3 steps to set up a bank account in Panama without leaving home:
- Write to info@offshore-pro.info and request a personal consultation on remote bank account opening in Panama. Our experts will give you thorough instructions.
- Cover the cost of our services by making a bank transfer, by using your credit card or a payment system such as PayPal or Western Union, for example. The cost of the service is 1999 EUR.
- Collect the application document package (for the account holder, the account signers, and authorized persons). The application documents include the following ones:
- Completed, printed out, and signed application forms for remote bank account opening (we will provide the bank forms to you);
- A notarized passport copy (the page(s) with your photograph and signature);
- A proof of address (a recent utility bill, for instance, or a bank statement);
- Two letters of recommendations from professionals (lawyers, accountants, etc.) or banks;
- A tax declaration or a salary statement.
If you have any questions pertaining to the opportunity to open a personal bank account in Panama remotely, please do not hesitate to write to info@offshore-pro.info. We always respond promptly!
