|
[Requirements] [Banks
with International Representation in Panama] [Fees]
The following information is intended simply as a
guideline for the general requirements which banks in Panama have with
respect to the opening of bank accounts in Panama or overseas. Each bank
or brokerage house has its own
requirements and should be contacted with respect to the services
offered and the updated account opening requirements.
Panama recognizes its responsibilities in support
of the international concerns regarding drug trafficking, money
laundering and other illicit funds activity. This was introduced into
legislation by Law No. 41 of 2001, following the events of 9/11 and the
concerns regarding the international cooperation of banks to ensure that
the financial centres do not support in any way illicit activities.
Stringent monitoring and vetting procedures have been introduced and
banks in Panama take seriously their obligation to comply with the
provisions of the Panamanian banking law.
Where you intend to open an account for a
corporation, you should be prepared to provide the following information
and documentation:
- Authenticated (Apostilled) copies of the incorporation documents
and an original (Apostilled) certificate of good standing.
- A personal interview. This means that it is necessary for the
client to travel to Panama in order to open the bank account. We
therefore recommend that when clients come to Panama, they have
ready all of the documents & information listed below.
- A clear copy of the beneficial owner'(s)
passport(s), as well as one other form of identification (such as a
driver's license or national ID card). (Of the passport, this
includes all pages of the photograph, signature, and
personal information pages, with all pages of stamps and even
including blank pages and covers). This is required for each director and signatory on
the account.
- Two original bank references for each
beneficial owner and account signatory which should confirm the
satisfactory conduct of the person's accounts and that the
relationships have been of at least two years duration. Preferably,
the references will also confirm the actual residential address of
the person. Depending on the choice of bank, reference letters may
need to be addressed to the local bank where the new account is to
be opened.
- Credit references
- Two professional references for each beneficial owner and
account signatory - which should indicate the nature of the
relationship (i.e. accountant, lawyer, insurance broker, etc.) as
well as the length of the relationship.
- Brief details of the applicant's business
(usually called an "Account Profile". This is reviewed by every
local bank's Compliance Officer who is required to vet all new
account applications in accordance with the monitoring procedures
laid down. The information required is:
- The nature/line of the company's
business, or intended business, and the approximate annual
volume of business which the company does or will do.
- The location(s) of the business.
- The origin or source of the funds to be
deposited in the new account. Sometimes the bank will
request proof of the source of funds. Examples of documents
which may be provided are:
- Letter from your bank indicating that the funds are held
there and they have done their Due Diligence as to the
source of funds (many banks are not prepared to give this
letter as they are providing a guarantee to the bank in
Panama)
- Copy of a contract or document which shows the source of
the funds (in the case of the sale of a house or business,
resulting in a large capital movement)
- Tax returns (last 2 years) - showing that you have, over
the years, accumulated such wealth through normal, legal
means
- The reason for opening the new account in
Panama.
- The approximate annual/monthly volume of
funds which will pass through the new account. (Usually
the banks will require that you specify the number and volume of
incoming and outgoing transfers into the account, as well as the
cash or check deposits and the cash or other withdrawals from
the account). Account activity should then mirror the
information which is provided - otherwise the bank officer will
contact you to inquire regarding the difference between the
estimated activity and the actual activity conducted in the
account.
It may seem easier, after reviewing these general
requirements, to open a bank account in New York, London or Zurich than
in Panama and it dispels one of several misconceptions about the
country's standards as an offshore banking and financial services
centre.
These are a few of the possible banks and brokerage houses which
operate in Panama City.
Statistics regarding the ranking of banks in Panama is available:
http://www.superbancos.gob.pa/aspec_igee/documentos/estadisticas/cartaban/2008/II/anexos/CUADRO65.PDF
- Multibank (Turks &
Caicos) - minimum deposit $10,000.00 -
offers internet banking, including international wire transfers via
the internet.
- Credit Andorra (Andorra & Switzerland) - minimum deposit
$50,000.00 - offers private banking, wire transfers, secure online
access with token, and investment accounts.
International Investment Accounts & Brokerage:
Our clients often choose to open accounts in the following brokerage
houses:
- Online trading:
www.speedtrader.com - operating in the USA
- Online trading:
www.thinkorswim.com - operating in Canada
- Inhouse trading: Verdmont Capital - operating in Panama
- Inhouse trading: Credit Andorra - operating in Panama and
Andorra
For information regarding
opening an online brokerage account, please contact us.
|
