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PANAMA BANK ACCOUNTS LIC. ROBERTO I. GUARDIA R. ORILLAC, CARLES & GUARDIA, Abogados-Attorneys at Law Ave Samuel Lewis y Calle 58 P.H. Torre ADR Technologies, Piso 7, Office 7-A Apartado 0816-04373 Panama 3, Republica de Panama Office: 507.263.3917 Cell: 507.612.5429 Fax: 507.263.3924 Panama's location, the location of over 400,000 corporations, and the canal's activity makes this country a natural place in which to conduct international banking, shipping and legitimate business transactions. The Colon Free Trade Zone is second in size only to that located in Hong Kong. Panama, Ecuador and Guatemala are dollarized. Therefore, there's no need to convert currencies unless you prefer to do so. The EU and the UK has leaned against the British Virgin Islands and the Caymans to "reform" and to decrease their unfair competition against higher tax regimes. In addition, the OECD (a socialist-thinking group of wanna-be power brokers) are constantly targeting jurisdictions known for privacy and an absence of taxation. Their goal is to bring no-tax, or low-tax, jurisdictions up to the socialist levels of Germany, France, Spain, UK and the United States. In this manner, the incentive is removed for any capital to take flight and the means of production are held captive. The privacy that many people took for granted has whittled away in the British jurisdictions. The objective is to make the "renegade" areas fall in line with the EU. Panama is not dependent on the crown of any country. It doesn't need to bow to the EU, the UK or anyone else. Panama is strategically located as a commerce hub between North and South America. And yet, the financial institutions engage the "know your customer rules" to a respectable and credible level. This is necessary to prevent arms smuggling, drug trafficking, and money laundering. After the terrorist attacks on the United States, Law No. 41 was passed to make the banks responsible for the monitoring of accounts. It's wise not to confuse Panama's respect for privacy as a matter of looking the other way. Rather, the banking and other financial institutions invest a great deal in the management and review of their accounts and depositors. They make certain that the deposits are appropriate, the depositors are respectable and the sources of the funds are known. At present, Panama is overtaking Miami, FL, in the post 9/11 America (The Wall Street Journal). The Patriot Act, confiscation of assets in the U.S. in the absence of due process, and the forfeiture of rights by a passive American citizenry, has international investors nervous about the U.S. Panama's pro-business attitude and respect for property rights has naturally attracted these same investors in a bilingual environment, and supported by state-of-the-art communications, infrastructure, and technology. PANAMA BANK ACCOUNT TIP #1: Consider opening the account at the same bank in USD and in Euros. Keep most of the account funds in Euros. That's because the dollar is dropping in value. PANAMA BANK ACCOUNT TIP #2: Prepare in advance. You need at least two bank references, and two trade references, a description of your activities, a statement of where the funds came from, copy of passport and reason to open the account. The references must be addressed to the bank for which you are applying. So, you can't hand out the same letter to a variety of banks. Prepare a resume as a background of your experience. PANAMA BANK ACCOUNT TIP #3: Before you travel to Panama, and if you intend to set up the account, arrange to get at least one bank reference that states clearly that you have at least four digits as a balance and that you're in good standing with the bank. The bank reference should be signed by the manager of the bank. Check with your bank before you book the flight. Why? The bank reference must be dated within 30 days of the bank account application in Panama. PANAMA BANK ACCOUNT TIP #4: Have your passport and other forms of ID ready to make the initial deposit. They will photocopy your passport. Your attorney should accompany you to the bank, handle the introductions with the bank staff and facilitate the opening of the account. PANAMA BANK ACCOUNT TIP#5: Opening the account is NOT easy. They are more demanding of information as to who you are, what you do, how you earn a living and the expected balances of the account(s). It's not like the U.S. where you can open a business account with $100 and a quickie conversation. Expect to deposit at least $3000 or $5000 for the opening balance. PANAMA BANK ACCOUNT TIP#6: The more careful the bank with its new clients, the less likely the bank will experience problems with regulators later. The careless financial organizations typically PANAMA BANK ACCOUNT TIP #7: They will give you a document that you must sign. It explains your legal requirement, when a U.S. person, on your disclosure requirements when the account hits $10,000 or more. You must file TDF form 90.22.1. Not doing so can lead to civil, or even criminal, penalties. They will ask you if you're okay with this. Any hesitancy to acknowledge your legal reporting obligations can lead to problems in opening the account. PANAMA BANK ACCOUNT TIP #8: Banks that are easy to set up an account are usually more subject to scrutiny. This causes possible compliance issues in the future and places clients, and their assets, at risk. Try a bank account where it's difficult to open an account. PANAMA BANK ACCOUNT TIP #9: The interview is usually handled in person. There are several banks that permit the interview by phone. Consider traveling to Panama and doing it in person. The reason? Banks that permit accounts by phone are more lax in standards and more likely to be subject to questionable depositors. This means that the institution may be subject to scrutiny in the future. You're better off with a bank that demands a face-to-face interview. In several instances, the account can be opened immediately with the personal interview scheduled within sixty days. PANAMA BANK ACCOUNT TIP #10: Don't use a Panama bank account to hide reportable income or assets. PANAMA BANK ACCOUNT TIP #11: Banks are more receptive if you intend to open a business, start a reforestation project, purchase real estate or start a project. PANAMA BANK ACCOUNT TIP #12: Hesitancy by a bank to open an account is a testament to their credibility. The banks are closely supervised by the government. On the other hand, the 1989 topple of power, and the confiscation of bank records by the U.S. military, have produced a banking environment where Panama is eager to demonstrate it's respect for privacy. They effectively compete with other jurisdictions; such as Liechtenstein, Hong Kong, Switzerland and Austria. PANAMA BANK ACCOUNT TIP #13: Panama hasn't signed a Tax Information Exchange Agreement (TIEA) with other countries and isn't interested in doing so. The anti-money laundering measures in place, through a signed Mutual Legal Assistance Treaty (MLAT), facilitates information exchanges in cases involving drug, terrorism and related financial crime. And yet, the the Paris-based Financial Action Task Force(FATF) has labeled Panama has uncooperative in the interest of fighting money laundering in 2000. The FATF seeks to compel compliance from countries that respect privacy and tax, at significantly lower levels than that of France, and similar-minded regimes. The FATF labeled Panama without providing a chance to defend itself against this accusation. Furthermore, the U.S. was ignored although it's the largest tax haven in the world for non-U.S. residents. Panama was removed from the blacklist in 2001. PANAMA BANK ACCOUNT TIP #14: The questions they may ask may include the following:
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