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Opening of a bank account in the Republic of Panama.
GeneralsThe Republic of Panama has more than 80 national and international banks, which provide all the services required by an entrepreneur, investor and the general public. The banking legislation, the monetary and banking system of Panama, is very broad, allowing the existence of banks in very flexible conditions and with a wide possibility of operations in Panama.
Legal ServiceTo open a bank account in the Republic of Panama, you must enter the national territory and formalize a face-to-face interview with a chosen Bank official, and also present: Bank Reference Letters and proof of income of the account holder . We offer the VIP service of opening a personal and legal bank account (through a Panamanian Public Limited Company) from abroad, complying with all banking and legal requirements.
ProcessThe bank opening process takes 5-6 business days, if the documentation and customer profile are approved.
BANK REFERENCE LETTERA reference from the applicant’s bank from any country, where it is detailed (with his full name and ID number and passport) that he is a client of the bank with which he has maintained excellent commercial relations for a determined period of time.
PASSPORTScanned copy of your passport with the general of the applicant. (Photography).
PROOF OF INCOMEIncome Certification issued by an Authorized Public Accountant, duly signed and with its Seal of Suitability. Job Letter: issued by a current company, where the position, salary and working time of the applicant are established. Last Tax Declaration.
COMPLETE THE FORMS AND SEND THEM BY COURIER
Legal bank account (through a Panamanian Public Limited Company)
THE SAME REQUIREMENTS OF THE PERSONAL ACCOUNTTo these are attached the Public Deed of the previously constituted Panamanian Public Limited Company.
The Republic of Panama has more than 80 national and international banks, which provide all the services required by an entrepreneur, investor and the general public.
The banking legislation, the monetary and banking system of Panama, is very broad, allowing the existence of banks in very flexible conditions and with a wide possibility of operations in Panama.
We manage your visas either privately or business. Now the Republic of Panama has changed the visa scheme which you can take advantage of and we can help you.
- ECONOMIC REASONS:
- Forest Investor: Foreigners who invest in a personal capacity or through a legal entity, in reforestation or forest plantation activities or others authorized by the National Environmental Authority, of at least five (5) hectares and whose minimum investment is eighty thousand dollars (US $80,000.00).
- Macro-Company Investor: Foreigners who wish to invest with their own capital from abroad in a macro-company in Panama, with a minimum share capital of one hundred sixty thousand dollars (US$160,000.00) per applicant, these being shareholders and dignitaries of the same business.
- Economic Solvency by Opening a Fixed-Term Deposit: Foreigners who wish to invest with their own capital from abroad for the minimum sum of three hundred thousand dollars (US $ 300,000.00) in a fixed-term deposit and demonstrate that the funds come from abroad.
- Economic Solvency for Investment in Real Estate: Foreigners who wish to invest with their own capital from abroad for the minimum sum of three hundred thousand dollars (US $ 300,000.00) in real estate and demonstrate that the funds come from abroad.
- Economic Solvency for Mixed Investment (Fixed-Term Deposit and Real Estate: Foreigners who wish to invest with their own capital from abroad for the minimum sum of three hundred thousand dollars (US $ 300,000.00) in combination of fixed-term deposit, real estate and demonstrate that the funds come from abroad.
- DEMOGRAPHIC REASONS:
- Married to a Panamanian: Foreigners who have married a Panamanian and who live with him in conditions of singularity, stability and continuity.
- SPECIAL POLICIES:
- Retired Renter: Foreigner who enters the national territory, who is retired from active life and who earns a monthly income of eight hundred and fifty dollars (US $ 850.00) that comes exclusively from interest product of fixed-term deposits in the National Bank of Panama or the Savings Bank, free of all encumbrances or guarantees of any nature, which will be for a minimum period of five (5) years.
- Retiree and Pensioner: Foreigner who receives a retirement or pension from a foreign government, international organization or private company, who enters the national territory to settle there and has sufficient economic means to cover all his subsistence expenses and those of his dependents in the country.
- Permanent Personnel Hired by the Panama Canal Authority: Foreigners hired as permanent employees to work in the Panama Canal Authority.
- Investor of the Panama-Pacific Special Economic Area: Foreigners who make an investment of not less than two hundred and fifty thousand dollars (US $250,000.00) in venture capital of Companies of the Panama-Pacific Area with Developing or Operating Companies.
- Permanent Personnel Hired by the Developer, Operator or by the Panama-Pacific Area Agency within ten (10%) of Ordinary Workers: Foreigners who work at the service of these companies but that does not exceed ten percent (10%) of the all ordinary workers.
- Investor in Export Processing Zones: Foreigners who prove they have invested a sum of not less than two hundred and fifty thousand dollars (US $ 250,000.00) from abroad, in a duly authorized company, as promoter or operator of an Export Processing Zone or in companies established within these areas.
- Investor of Call Center for Commercial Use (Call Center) for Export: Foreigners who invest in a company whose activity is to provide call center services for commercial use.
- Investors of the Cinematographic and Audiovisual Industry: Foreigner who invests in the Cinematographic Industry an amount greater than one hundred and fifty thousand dollars (US$150,000.00).
- LABOR REASONS:
- Foreign Personnel hired by the National Government or Autonomous or Semi-autonomous Entities: Foreigners who enter the country to provide services contracted by the National Government, autonomous or semi-autonomous entities.
- Foreign Personnel hired by Companies under a contract with the Government: Foreigners to provide a specific service within a company that has entered into a contract with the State.
- Foreign Personnel hired as Executive in a Company in the Colon Free Zone: Foreigners who perform functions in executive, trust, management or specialized technical positions in companies in the Colon Free Zone, with a salary of not less than two thousand dollars (US $2,000.00).
- Foreign Personnel hired by Private Companies within 10% of ordinary personnel: Foreigners hired by the private company, earning a salary of not less than eight hundred and fifty dollars (US$850.00).
- Foreign Personnel hired as Expert or Technician within the 15% of specialized personnel: Foreigners hired by companies as manager and/or trusted personnel, experts or technicians, earning a salary of not less than eight hundred and fifty dollars (US$850.00).
- Foreign Personnel paid from Abroad, who do not have Diplomatic Status: Foreigners as hired personnel or internships from embassies, legations, consulates, delegations, representations of foreign governments, international organizations on an accredited official mission in the country, not covered by diplomatic status .
- Personnel Hired as International Written, Radio or Television Press Correspondent and Paid Abroad: Foreign correspondents for the international written, radio or television press duly accredited by the authorities of their respective countries.
- Personnel Hired by Companies under the Marrakech Agreement: Foreigners who enter the country to work in companies with less than ten (10) Panamanian workers under the Marrakech Agreement.
- INVESTMENT REASONS:
- Agricultural Investor: Foreigners who have invested at least sixty thousand dollars (US$60,000.00) in the agricultural or aquaculture industry, but in areas that the Ministry of Agricultural Development considers to be of national interest.
- Forest Investor: Foreigners who have invested at least sixty thousand dollars (US $60,000.00) in reforestation or forest plantation activities or others, determined by the National Environmental Authority; The investment must be made in a minimum of three (3) hectares.
- REASONS FOR EDUCATION: Foreigners who wish to pursue full-time regular studies in educational centers by the Ministry of Education.
- RELIGIOUS REASONS:
- As a Religious at the Service of the Catholic and Orthodox Church: Foreigners who are priests and other members of the clergy, who dedicate themselves to pastoral work and are of consecrated life.
- As a Lay Missionary at the Service of the Catholic and Orthodox Church: Foreigners who are lay missionaries and who dedicate themselves to pastoral work.
- As a Student to be religious of the Catholic and Orthodox Church: Foreigners who study religious studies of the Catholic and Orthodox Church.
- As Authorities, Ministers, Pastor Rabbis, Leaders or Religious from other Denominations or Religious Associations: Foreigners who belong to churches, missions or religious communities, duly recognized by the Ministry of Government and Justice and registered before the Public Registry of Panama.
- HUMANITARIAN REASONS: This Permit can be granted after evaluation by an Interdisciplinary Team, the General Director of the National Immigration Service for humanitarian and exceptional reasons, to foreigners who deserve it, for their temporary stay or voluntary return.
- FAMILY REUNIFICATION.
- PERMITS FOR TEMPORARY RESIDENTS DUE TO SPECIAL POLICIES:
- Foreign Personnel hired by a company of the Cinematographic and Audiovisual Industry.
- As a Researcher of the City of Knowledge Foundation.
- As a teacher of the City of Knowledge Foundation.
- As Executive Entrepreneur of the City of Knowledge Foundation.
- As Technician of the City of Knowledge Foundation.
- As a Student of the City of Knowledge Foundation.
- PANAMA CANAL AUTHORITY:
- Foreign Personnel hired by the Panama Canal Authority.
- Foreigner as a Contractor of the Panama Canal Authority.
- Foreigner as Employee of a company under contract with the Panama Canal Authority.
- PANAMA-PACIFIC AREA:
- Hired Personnel within the Panama-Pacific Area that does not exceed fifteen (15%) of ordinary workers.
- Hired Personnel within the Panama-Pacific Area that exceeds fifteen (15%) of ordinary workers.
- Foreigner Hired as trusted personnel hired within the Panama-Pacific Area.
- Foreign personnel hired within the Panama-Pacific Area for companies with less than ten (10) workers.
- PROCESSING AREAS AND CALL CENTERS:
- Personnel Hired in Positions of Trust, Executives, Experts and/or Technicians in Companies within Export Processing Zones.
- Personnel Hired in Positions of Trust, Expert Executives and/or Technicians in Call Center Companies for Commercial Use for Exportation «Call Center».
- OTHER INVESTMENT PERMITS:
- Personnel Hired as Executives of International Companies, whose functions take effect abroad.
- Personnel Hired by Headquarters of Multinational Companies.
Constitution of Public Limited Companies in Panama.
Some advantages of Public Limited Companies:
- The object of the Company (to which it will dedicate itself) is broad, the Law allows the company to dedicate itself to any lawful business even if it is not similar to any of the objects specified in the Articles of Incorporation or its reforms.
- Business can be carried out in Panama or anywhere else in the world.
- Panamanian Law does not require a specific number of shareholders, so a single person can be the owner of all the shares and, consequently, of the Company. The owner of the Company may have a broad General Power of Attorney, which allows him to carry out all kinds of activities on behalf of the Company.
- Panamanian Law does not require any minimum capital; it is limited solely to requiring interested parties to indicate the total value of the Social Capital, the number and nominal value of the shares into which it is divided, and whether the Company has to issue shares without nominal value.
- The Company can be incorporated without prior disbursement of Capital. Consequently, the Company may act without making the disbursement of funds until such time as such funds are necessary.
- The Directors and Officers of the Company do not need to be Panamanian; they can be of any nationality and reside in any country.
- The Board of Directors, in accordance with the Law, must be made up of a minimum of three members, without, however, setting a maximum limit.
- The meetings of the Board of Directors of a Panamanian Company can take place in any country in the world.
- The Companies will only pay the Income Tax in Panama, for the income derived from lucrative activities that are carried out in national territory.
- The Government of Panama charges US $300.00 dollars as the only Registration Tax for Companies, payable annually within the following three months.
- This is the only tax on Panamanian Companies that carry out activities outside the national territory and must be paid annually so that the Company is not considered delinquent with the Republic of Panama, etc.
- When used as a “Holding”: The “Holding” companies that are commonly incorporated in Panama are exempt from paying Tax since their activities are limited to the distribution of dividends from shares of third-party companies.
Constitution of Private Interest Foundations.
What is the Private or Individual Interest Foundation?The Foundation is a legal person created by a founder (you), which provides legal protection to your assets, ensuring the usufruct and conservation of your assets and their fruits during the life of the founder; It also allows you to establish and develop for a long time, even after the death of the founder, all the projects and objectives that the founder may have with his assets. All acts of the Foundation maintain confidentiality and anonymity, if required by the founder. The Foundation can make contracts. Private Foundations are not related to foundations or associations of a social or charitable nature.
Some Advantages of a Private Interest Foundation:
- The Founder can be of any nationality, and it is not necessary to travel to Panama to establish the Foundation.
- The donations to the Foundation made by the Founder give its patrimony autonomy with respect to the Founder’s patrimony; that is, they are two different patrimonies. The assets of the foundation do not answer for obligations contracted in a personal capacity by the founder.
- Through a Private Foundation you can testate, leaving your assets to whoever you consider, without this being the object of challenges; his last will is legally respected and fulfilled. Assets given in inheritance are transferred quickly to their heirs, avoiding long succession processes, paying lawyers, etc.
- The Foundation has judicial immunity since the assets legally available and donated to the Foundation are unsequesterable and unseizable.
- Money transfers, or titles representing money that come from foreign income are exempt from taxes in Panama.
- All persons who participate in the constitution and administration of a Foundation are obliged to maintain confidentiality, under penalty of imprisonment and a fine of US $ 50,000.00, and demand for damages, etc.
Characteristics of a Private Interest Foundation
Who or who are the beneficiaries of the income and assets of a Foundation?
Services in «Turnkey» Mode
- Company Constitution, Business Licenses.
- Opening of Bank Accounts.
- Commercial premises or Office.
- Tax Advice.
Legal Infrastructure Management
- Registry of Industrial Property (Trademarks).
- Registration of the intellectual property. (Patents).
- Sanitary Records. (Medicinal, Cosmetic, Food Products).