Panama corporate bank account
Healy Consultants assists our Clients with the opening of a corporate bank account in Panama without travel. Our experienced banking team will prepare all requisite documentation on your behalf and submit them to the bank. We will also attend the bank interview on your behalf. Please click on the links below to find out more about business banking in Panama.
Panama corporate banking options
- It is possible for both locally-incorporated and foreign companies to open a corporate bank account in Panama. However, while Panama was removed from the Financial Action Task Force (FATF) list of high-risk countries in 2016, in February 2020 it was added to the European Union’s (EU) tax havens blacklist for its failure to implement ‘economic substance’ requirements on local companies, in order to crack down on tax evasion. Therefore, the documentation required to open a Panama corporate bank account is likely to increase;
- International banks in Panama do not require new customers to travel down for a meeting at their branch. Healy Consultants will be pleased to assist our Client open a Panama corporate bank account without travel;
- Healy Consultants highly recommend opening a corporate bank account with Citibank because based on our experience, this bank offers the best customer care service to foreign Clients;
- For our Clients planning to head down to Panama, local banks recommended by Healy Consultants include i) National Bank of Panama and ii) Canal Bank. See this page for a full list of banks with a presence in Panama.
Other corporate bank account information
- Panama has now committed to implement the OECD common reporting standard on the automatic exchange of information (AEOI). Local banks will report details of accounts held, controlled or beneficially owned by foreign residents under this scheme from 2018 onwards;
- Banks in Panama offer an excellent range of corporate and personal banking products including i) multiple currencies ii) internet and telephone banking iii) checking and saving accounts iv) debit and credit cards v) fixed term deposit and vi) wealth management services.
- The Panamanian Government imposes no foreign exchange controls to hinder the repatriation of funds from the country;
- The US$ is accepted as a medium of transaction, which makes it easier for our foreign Clients to work in the country.
Healy Consultants Banking Services
Healy Consultants will be pleased to assist our Client with opening a corporate bank account in Panama. To find out more about the strategy we will follow, do check out the following this webpage about corporate bank account opening procedures.