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 transport and logistics centers in the world.

Therefore, the interest rates on offer 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 Panamanian foundations and companies 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, as is the local economy.

And if you're 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's banks.

If you do not 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 flexible' compliance policies should be avoided.

But don't worry, we'll help you find the right bank for you.

Bank compliance in Panama is intense and you will need to pass due diligence. You'll also need to prove to the bank that it's worth dealing with you and won't cause them compliance issues.

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 asked to obtain documents certified by the local notary in the country where your company is registered. Then, you'll have 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 try can save you time. 

Knowing what the real requirements are and doing things correctly the first time saves you a lot of time and money. Especially when you try to open an online bank account in Panama. That's why we count on our team of expert consultants from Foster Swiss to make the process successful from the get-go.

Without proper and accurate advice this process could take months to fully carry out, but with the help and advice of experts such as Foster Swiss, they can be obtained in the shortest possible time.

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