If you want to move to Panama or open a bank account for international access, local lawyers can help you understand the required steps. The Mata & Pitti law firm offers guidance to individuals and business owners who want to start living or banking in Panama. Here are some tips for beginning the Panama banking process:
Determine Your Financial Plans
Before you start banking in Panama, take time to identify your intentions for opening new accounts. Some of these plans may include diversifying investment portfolios, gaining access to funds after retirement, or conducting international business. Clear goals about how you plan to use your funds in Panama will help our team determine the right account types for you. We will also connect you with banks that offer services relevant to your financial goals.
Meet With a Lawyer
Once you have a plan for your bank accounts, contact a local legal team to schedule a consultation. Our team will inform you of the benefits of banking in Panama for personal or corporate purposes. Some of those benefits include strict privacy rules, government-sponsored investment opportunities, and asset protection options. If you are interested in asset protection options, we will explain how to create new corporations, private interest foundations, and trusts in Panama.
Law firms with banking services confirm that you meet all requirements for each financial opportunity by identifying and submitting application materials on your behalf. Mata & Pitti makes bank referrals to help international business clients find reputable and secure banking institutions. At Mata & Pitti, we communicate with potential clients in person, via email, and over the phone. Some banks may require applicants to complete and sign paperwork in person, so plan for a trip of one to two business days when opening your account. If you are unable to travel to Panama, some banks may allow you and your lawyer to schedule virtual meetings.
Collect Necessary Documentation
Simplify the bank account application process by gathering all relevant documentation before meeting with a lawyer or banker. Some documents you must have to open a new account in Panama include a current passport, valid ID, and international banking references. This personal information proves that the individual or business owner is not engaging in fraudulent financial activities and is a reputable bank customer.
Corporate applicants should prepare to explain their business operations, confirm their source of funds, and submit recent bank statements. This information proves to the bank that your business has access to legal and steady income streams. The bank may also ask for personal references for the signee and their business. These references can come from your business’s accountants, clients, or lawyers. Mata & Pitti can submit these documents to the bank on your behalf before you visit Panama for your final meeting with the bank.
Start Banking in Panama
Mata & Pitti offers legal guidance for individuals and organizations opening bank accounts, retiring, and registering vessels in Panama. Our team networks with local banks and other organizations to make sure you have the correct paperwork for your applications. Contact our team today to schedule an appointment and learn more about banking in Panama.