Individuals and companies can identify reputable banking institutions in Panama with the help of legal teams like Mata & Pitti. Our team offers bank referral services to help you open corporate accounts with international banking institutions. Banking in Panama gives you access to new investment opportunities and lower tax rates to increase your financial security. Here are three ways opening a bank account in Panama can boost your financial stability:
1. Investment Diversification
At Mata & Pitti, we recommend banks that offer a range of investment services to international clients. We partner with local banks to give clients access to financial experts who will help you grow your investment portfolio. Some investment options include commodities, foreign stocks, currencies, and crypto. International clients can also invest in government bonds and mutual funds that aren’t available in their home countries. Opening a bank account to invest in these opportunities may require individuals to travel to Panama for a short bank interview.
2. Legal Protection
International residents banking in Panama may be able to protect their funds from legal claims. Panama protects investors from claims and legal action that could affect an individual’s or business’s financial security. These protections keep investors out of costly domestic lawsuits. Our team helps clients from a variety of countries understand the legal requirements involved in banking in Panama to confirm all actions comply with government regulations. Our team will gather the appropriate paperwork and confirm it is filled out correctly to get accounts open as quickly and efficiently as possible. Some of the documents required by Panama banks during the application process include personal and commercial references, proof of origin of funds, and legal identification.
3. Capital Gains
Business owners and individuals from around the world can benefit from the reduced tax rates in Panama. This allows international investors to receive more on their returns and increase their earnings. Reduced tax rates make real estate investment opportunities more accessible to retirees and other international residents. This allows individuals to participate in the Qualified Investor program. This visa program allows candidates to apply for permanent residency after investing in the local economy. Our team will help program candidates find suitable properties to purchase and rent. We will also explain local property ownership regulations to simplify the legal process.
Start Banking in Panama
At Mata & Pitti, we provide our clients with legal guidance to help them make informed decisions about investments, new accounts, and more. We perform due diligence to confirm all opportunities and contracts are sound and are in the best interests of our clients. Our team also specializes in migration law, helping individuals and families move and retire to Panama. We explain all available residency programs to help you find an avenue that protects your funds while enabling you to relocate quickly. The time period for opening a bank account or applying for a residency program depends on the bank’s requirements, the government’s legal regulations, and each individual’s qualifications. Contact our team today to learn more about the steps for gaining residency and banking in Panama.