panama banking

The Republic of Panama is the southernmost country of Central America. Revenue from canal tolls continue to represent a significant portion of Panama’s GDP, although commerce, banking, and tourism are major and growing sectors. Panama has the second largest economy in Central America and is also the fastest growing economy and largest per capita consumer in Central America.

Panama’s economy has been among the fastest growing and best managed in Latin America. Having a long history as an offshore banking center, Panama is considered to be the financial “heart” of all of South and Central America. Panama banks are globally respected for their confidentiality and stability.

Panama has over 220 commercial banks, 37 authorized custodians, and numerous licensed money service businesses. The National Banking Commission is the regulator of banking activity in Panama, governed by the law of “Superintendencia de Bancos Panamá”. Panama is widely regarded as one of the leading financial centres of the world. The banking industry in Panama is seen as being one of the most stable, secure and high quality banking jurisdictions world-wide.

Laws and Regulations

The National Banking Commission of Panama is responsible for all regulatory oversight in Panama. Various departments of the NBC hold various regulatory mandates to oversee the activities of domestic banks, foreign banks as well as financial services firms and other financial institutions. The Superintendencia de Bancos Panamá supervises Treasury Operations, Accounts and Management Information, and Foreign Exchange transactions. The political landscape is dominated by two major parties and many smaller parties, many of which are driven by individual leaders more than ideologies. The United States cooperates with the Panamanian government in promoting economic, political, security, and social development through U.S. and international agencies. Cultural ties between the two countries are strong, and many Panamanians come to the United States for higher education and advanced training.

Bank Secrecy

Panama is ranked at 11th position on the 2014 Financial Secrecy Index, which places it towards the higher end of the secrecy scale. Panama accounts for over 5% per cent of the global market for offshore financial services, making it a rather large player amongst secrecy jurisdictions, with a high potential for further growth due to stability and quality of banking services. As one of the leading banking jurisdictions worldwide, regarded as one of the most stable for making deposits or holding assets, Panama is playing a full-fledged part in the modern international financial community.

Electronic Payments

Panama is a member of the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The SWIFT network is the safest and most secure system for financial transactions worldwide.

Banking Facilities

Registratour has a relationship with an extensive network of private and major banks in Panama. All of the banks we refer our customers to offer a full international banking platform, with multi-currency accounts (£, €, $) as well as online banking and debit/credit cards, for both corporate and private bank accounts.

Once your order has been completed, you will be assigned a dedicated account manager that will guide you through the bank account opening procedure. Then, we will carefully select with you a bank from one of our leading partners, which perfectly fits your requirements like a tailored suit.

Which documents are needed to open a bank account?

As a general rule the bank asks for a certified passport copy of the shareholder(s) and director(s) (beneficial owners), a proof of address which must be less than three months old as well as a bank reference letter. If the client goes to the bank in person to open the account, a certified copy of the passport is not required.

We will send you the additional documents necessary for opening the account by email, as an attachment, for you to sign and return to us preferably by special courier ( DHL, FedEx), along with the other documents mentioned above.