Opening a Bank Account in Panama for Non-Residents

Non-resident entrepreneurs can set up an account with a Panama bank to optimize their income and commercial activities, and launch their own business projects. The Offshore Bank of Panama provides services to legal entities and private individuals. Unfortunately, you cannot register a business account with a bank in Panama remotely. The account opening procedure requires a non-resident applicant’s personal presence with a carefully prepared set of documents.

Panama Bank Account Types Available to a Non-Resident

Panama banks render the following services to non-resident clients:

1. Open a current (settlement) account to be conveniently used for cash control, payments, and commercial operations conducted by the companies of non-resident entrepreneurs. The service is available to both legal entities and individuals.
2. Open a savings account whose main purpose is to store and increase the funds owned by non-residents. Both individuals and legal entities are eligible, and the interest rate is directly proportional to the amount of the non-resident client’s deposit.
3. Open a fixed (time) deposit on a long-term or short-term basis. This type of account is, as a rule, used to quickly increase the income of a non-resident entrepreneur. The deposit can be opened. The accrual percentage set by a particular Panama bank depends on the amount and duration of the non-resident client’s deposit. 
4. A Panama bank subsidiary provides a wide range of financial services to non-resident clients, including management of foreign companies’ assets, trust services, administration, and investment projects. Besides, you can address a subsidiary to get assistance with opening an account for a foreign company or a private non-resident.

There are some other services available in Panama banks for non-resident clients: 

1. Making local and international payments electronically by using the Panama bank Internet banking service.
2. Making international money transfers to a Panama bank in US dollars or the national currency of other countries. Panamanian banks make transfers really quickly, so your counterparties will not have to wait for long.
3. Panama banks provide reliable guarantees and safe deposit boxes to non-resident clients.

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Check the list of required documents, and get the details of the process, terms, and costs.

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Credit Cards Linked to the Account that Non-Resident Clients Can Order in a Panama Bank

Below you will find the types of cards that can be issued for your non-resident Panama bank account:

1. Open an account with a Standard MasterCard. Non-residents will be able to use it to pay for purchases, services provided locally and abroad, and insurance against unforeseen events. The bank card guarantees the protection of non-resident’s funds, and clients receive timely information about the account balance. The card enables insurance payments in case of road accidents, including those that involve a rented car. The amount of compensation payable to the non-resident will make 75,000 US dollars.

Cardholders receive guaranteed assistance and protection of funds in case of payment card loss, as well as its replacement. An SMS message is sent to the client’s number if funds are charged or withdrawn, and some other measures are taken to protect non-resident cardholders against fraud.

2. Open an account with a Gold MasterCard. The main purpose is payments, and it additionally provides coverage with a higher insurance compensation payable to non-residents. The amount of insurance compensation in case of accidents during travel equals 250,000 US dollars. The road accident (in a rented car) gives a non-resident the right to receive 50,000 US dollars as compensation.

3. Open an account with a Platinum MasterCard. If you are a non-resident that needs considerable insurance support, opt for the Platinum card. You will need to pay an insurance premium, as well as an annual card service fee of $100 and an ITBMS tax.

The interest rate is 12%. The cardholder will be entitled to receive an insurance payment of 500,000 dollars in case of unforeseen circumstances and 75,000 dollars if a road accident occurs.

4. Open a corporate account with a MasterCard. It is available to corporate clients (non-residents) of a particular Panama bank, and the annual card maintenance fee of $100 and an ITBMS tax are charged. The interest rate is 10%. Insurance payments amount to 50,000 dollars (in case of a road accident) and 250,000 dollars (accident happened on a journey). 

5. Open an account with a Business MasterCard. You will get all of the above services, payments, and insurance premiums specific to the MasterCard corporate card.

Advantages of Opening an Account in a Panama bank for Corporate Clients

Corporate clients (non-residents) can benefit from the financing provided by Panama banks. The following areas may be covered:

1. Construction projects
2. Commercial mortgage loans
3. Leasing that allows non-resident entrepreneurs to rent the equipment they need for a long period of time. Leasing provides for the right of further redemption, and this measure is one of the ways of long-term lending which has an undeniable advantage: leasing quotas are included in expenses, income tax is reduced, and the working capital used by a non-resident entrepreneur is preserved.
4. Commercial loans. The Bank of Panama may open an account for short-term or long-term purposes.
5. Guarantee payment bank promissory notes for a non-resident client.
6. Non-renewable credit line. Panama banks allow the opening of a new credit line. The amount in the opened loan account will be equal to the amount of previous loans.
7. Non-resident clients can open a credit line and an account that supports the working capital. The credit line opened in a Panama bank helps to make payments and conclude new agreements or contracts.

Our employees adopt a responsible approach to solving the problems of non-resident clients and guarantee high-quality service and reliable protection of funds and financial assets from various types of digital fraud. Please contact us at info@offshore-pro.info to open the most suitable account for your business.