WE ADVISE YOU ON HOW TO DO IT ONLINE

Panama has some of the best managed and financially stable banks worth considering in the region.

The economy of this jurisdiction is based on financial and professional services, tourism and, of course, the Panama Canal, which makes this small Central American country one of the most important transportation and logistics hubs in the world. Therefore, the interest rates offered are not only attractive, but are situated in a relatively stable economy backed by solid fundamentals.

There are many reasons why someone might want to bank in Panama, one of which is the wide range of banks in the country. In addition, it is common for Panama foundations and corporations to open accounts here, as they will face challenges in most other countries.

But one of the main catalysts for foreigners and foreign companies is the high interest rates of Panamanian banks. Unlike the United States, Canada or EU member states, banks in Panama offer attractive fixed deposit rates.

When you bank in Panama, your account is denominated in USD, just like the local economy.

And if you are looking for a risk-adjusted return on your deposit accounts, Panama could be an interesting option for you to consider. Now, let's look at another important consideration: the safety and security of Panama banks.

If you don't know which banks to choose, Foster Swiss is here to advise you, banks that are actively involved in retail lending, toxic investments, are overexposed to construction and real estate, unstable correspondent banking relationships or 'fast and loose' compliance policies should be avoided. But don't worry, we will help you find the right bank for you.

Banking compliance in Panama is intense and you will need to pass due diligence. You will also need to prove to the bank that you are worth dealing with and that you will not cause them compliance problems.

When opening accounts for a foreign or offshore company, you will find that banks in Panama require certified documents for everything.

In many cases, you will be required to obtain documents certified by the local notary in the country where your company is registered. You will then need to mail those documents to the bank.

Some banks will have different authentication requirements for different types of paperwork. Therefore, getting everything properly certified or authenticated on your first attempt can save you time.

Knowing what the actual requirements are and doing things correctly the first time saves you a lot of time and money. Especially when you are trying to open an online bank account in Panama. That's why we rely on our team of expert consultants at Foster Swiss to make the process successful from the very beginning.

Without proper and accurate advice this process could take months to be fully completed, but with the help and advice of experts like Foster Swiss, it can be done in the shortest time possible.

For more information on this topic or any other matter related to our services, you can contact us directly at info@fosterswiss.com