Panama is located in Central America to the south of Costa Rica and to the north of Colombia. It has a low unemployment rate and has recently experienced an economic boom, in large part due to its advanced service sector. Tourism also aids in boosting the economy of this country, as the government implemented a number of tax incentives and price discounts during the last five years for foreign nationals. For the above reasons and more, many international investors choose to open up a bank account in this flourishing location.
Opening a Panama Offshore Account
Panama features an extremely modern, dynamic and advanced banking sector which is one of the many reasons why people from across the globe choose to open an account in this location. Panama offers a number of banking incentives to international investors, and has a reputation for being an honest and reliable jurisdiction that is economically, politically and financially strong and stable.
When opening a bank account in Panama you will be able to choose from a personal, corporate or investment account. From here, you can select a savings, checking, short or long-term account, and so on.
Provided you meet the requirements of the particular bank that you select, it is relatively straightforward to open an account in this location, and personal presence is not required to do so. Nevertheless, many banks will only permit this if you are introduced to the bank through a valid introducer.
Panama is notoriously stringent during the bank account opening process, and has extremely strict banking regulations and secrecy. You will need to submit a number of documents that validate your identity, including proof of address and a recent passport copy. You will also need to submit a photocopy of second ID, as well as two financial reference letters.
Starting Business can assist you with all of your offshore banking needs.
Learn more about setting up a Panama Offshore Bank Account.