Banking In Panama – Where And How To Open Your Account
Panama is Central America’s preeminent banking destination. Its thriving banking sector has fueled the growth of the country’s economy and attracted dozens of international banks from around the globe. Of the 75 banks currently operating in the country, 2 are state-owned, 47 have general licenses, and 26 have international licenses.
Why Panama, you ask?
For starters, the country boasts strong regulatory oversight that maintains the stability of the banking system, and banks tend to stay afloat during periods of economic turmoil. Favorable tax incentives and high certificate of deposit (CD) rates draw in a constant flow of cash from foreign individuals and entities. On top of that, there are several laws in place that help ensure the privacy of clients. Together these factors contribute to Panama’s appeal as an offshore banking haven.
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Different banks have different requirements. Some banks have stricter requirements than others, and some may require that you have ties to Panama through marriage, real estate, employment, etc., in order to open an account.
Speak with a bank representative to confirm which documents you need to bring and what conditions must be met.
Here, we list 10 banks operating in Panama (both domestic and foreign) that are currently accepting new American clients.
A subset of Citigroup Inc., Citibank is one of the largest banks in the world with more than 2,500 branches across 98 different countries, spanning Africa, Asia, Europe, and the Americas—including a few branches in Panama City. Citibank is listed as a general license bank on Panama’s bank superintendent website.
Atlas Bank is a general license bank in Panama with official headquarters in the States. Out of all the banks we corresponded with, Atlas Bank seemed the most willing to do business with Americans.
Banesco is a Venezuelan general license bank with a large presence in Panama. There are dozens of branches throughout the country, including prominent expat destinations such as Panama City and David…
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Retirement & Lifestyle, Panama, Panama Special Reports, Get Started
Panama’s Great Outdoors: A Local’s Guide
Retirement & Lifestyle, Panama, Panama Special Reports, Get StartedPanama’s Great Outdoors: A Local’s Guide
El Valle de Antón is a well-known getaway to Panamanians and foreigners alike. You’ll find several hiking trails here for different levels. Cerro Cara Iguana and Cerro La Silla are two beginner level hikes to try.
Cerro Trinidad in Capira is considered to be an intermediate level hike. It takes about 1 hour and 20 minutes to reach the top. The entire path is through the forest, and it’s a steep hike.
More experienced hikers (or anyone up for a challenge) can try Tife Waterfalls in Coclé. This hike is two days long, but it’s best enjoyed if you take your time and spend three days.
Hiking is not the only outdoors recreational activity to do, though. The San Blas Islands in the Caribbean, whale watching at Coiba, and visiting the mountain town of Boquete are only a few of the things you could do…
Panama has many hiking trails for you to explore. Some trails require you train beforehand, while others you can do without any training at all. Some you can even use for training purposes. No matter what your level of experience with outdoors, though, don’t venture out into the forests of Panama without a guide…
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Retirement & Lifestyle, Panama, Panama Special Reports, Get Started
Guna Yala (San Blas Islands)
The San Blas islands form part of Guna Yala, a comarca (type of province) stretching along Panama’s Caribbean coast.
The comarca is home to the indigenous Guna people and is unique in that it is recognized as autonomous (similar to if a U.S. native reservation were given the powers of a state). The local control has brought a quality of life and preservation of their culture that otherwise likely would have been unachievable.
Guna hospitality runs deep, and they welcome visitors with open arms. No “gringo pricing” here…
Hands down, the San Blas islands offer the best of the best for island vacationing. While the islands are plentiful in nature, modern development remains non-existent.
San Blas has crystal clear aquamarine waters and, unlike most beaches in Panama, white sand beaches that look and feel like baking flour…
SKU: PSR-SAN-BLAS-ISLANDS-PANAMA -
Retirement & Lifestyle, Panama, Get Started
Panama’s Azuero Peninsula Bundle
These Special Panama Reports arm you with all the tips, tricks, and firsthand insider intelligence you’ll need to decide whether the Azuero Peninsula could be home for you or not. Every report includes broad budget comparisons, insights into the communities and how your life would be within them, and much, much more.
Our Azuero Peninsula Bundle includes:
- Chitre, Panama
- Las Tablas, Panama
- La Villa de Los Santos, Panama
- Pedasi, Panama
- Venao, Tonosi, and Cambutal, Panama
SKU: PSR-BUNDLE-AZUERO -
Retirement & Lifestyle, Panama, Panama Special Reports, Get Started
Aguadulce, Panama
Many people only know Aguadulce as that annoying little town along the Pan-American Highway where traffic becomes congested… And it’s true—but it’s a misconception that traffic is all there is to this town. The other misconception is that Aguadulce’s only attraction is the Spanish-colonial architecture. There’s so much more…
Aguadulce’s history is mysterious… It was known as “la tierra de la sal y el azúcar” (the land of salt and sugar) during the late 18th century and was baptized as San Juan Bautista de Aguadulce around the same time.
The Aguadulceña community takes great pride in their cultural history and its importance to the country. The small town preserves several cultural landmarks that the now Ministry of Culture proclaimed important to Panama’s national heritage in 2017…
One is the Museum of Salt and Sugar, with its colonial architecture and canary yellow façade. For a nominal fee, you can look at pre-Colombian artifacts, historical documents, photographs, as well as the origins of the sugar industry. Another iconic building is the Eduardo Pedreschi Municipal Palace. Built in 1925, it’s named after the Italian architect who designed many of the important buildings in the city.
Currently, Aguadulce is restoring, improving, and repairing important city structures, with many visible renovation projects like Parque 19 de Octubre, directly across the street from the historic San Juan Bautista Church.
If you enjoy fresh air and sunshine (with some rain mixed in), Aguadulce is a great place to live, with an abundance of outdoor activities to do here… limited only by your imagination and abilities.
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Panama Circle
Panama is one of the world’s top retirement havens. It’s the world’s top offshore haven and an international banking center. Its pensionado program of special benefits for foreign retirees is the Gold Standard. And, as a foreign resident, you can pay zero local tax.
Panama is one of the best places in the world right now to start a business… and one of the easiest places to obtain foreign residency. Plus, outside Panama City, this beautiful country hides the smartest beach, river, and mountain property buys anywhere on the planet today.
Here in Panama, the opportunities are many. But, to realize them, you need on-the-ground help, especially if you’re not living in Panama full-time yourself.
That’s where we come in. Our in-Panama staff now numbers 17 of the most experienced and knowledgeable Panama-philes you’ll find anywhere, some expats (from the United States, Russia, Romania, Germany… ), others native Panamanians. The truth is, nobody knows Panama like we know Panama. Our Panama experts are top-notch and super-connected. They know how to get things done and how to make things happen in this country that continues to offer such an abundance of upside.
For the past two years, this in-country team has been happily working overtime to help our lifetime Panama Circle Members explore and take advantage of the many benefits of living, retiring, investing, and doing business in the Hub of the Americas.
“Members receive US$3,000 toward the purchase of real estate in the country, free attendance at every Panama event we hold throughout the lifetime of their membership, the complete and focused attention and support of our Panama Circle Members Liaison Marion De Mena, and private consulting with our key in-Panama experts and advisors.”
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