Banking and Accounts

International online banking: Why Panama is an excellent jurisdiction for Americans

3/26/2024 8:00:00 AM
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International online banking is an attractive solution in a globalized world. For business people who travel regularly an online international transfer can be exactly what they need at a certain point and to access this they need the corresponding structure.

When we discuss Panama, CRS and FATCA are present like in most countries in the world. Nonetheless, this is not a disadvantage but quite the opposite. Complying with all international standards eventually makes expat banking easier as it simplifies cross-border transactions and other services that are essential to the perpetual traveler.

Why open a Panama offshore bank account

We've discussed all kinds of residency programs in Panama as well as the asset protective foundation and the country’s variety of corporate options. Today we decided to look at a whole new sector in Panama: expat banking, which surely constitutes a key aspect of any financial structure.

Next, we explore the reasons why Panama might just be exactly what you need for your online international transfer needs or managing your local business.

Stable economy

With a long history of stability both politically and economically, Panama is one of the region's best business hubs. Since they took control of the canal they've grown enormously in everything related to incentives, infrastructure, and opportunities.

For a good example simply look at the country's wide assortment of residency programs. Here you'll find alternatives practically for every case. Pensioners can obtain permanent residency only by proving to have an income for life. Panama also has its own version of the golden visa through what's called the Qualified Investor Program. Besides opening an account in a Panama bank, you can access immediate permanent residency by purchasing real estate and the options are not limited to government-approved projects. Moreover, the units available boast luxury, style, and comfort.

A peculiar program is the Reforestation Visa which opens the chance to invest in teak land. Under this framework, applicants can obtain residency for a lower price as long as they're willing to see benefits in the longer term.

Finally, there's the Friendly Nations Visa which is only open to citizens of certain countries. All in all, the said alternative is quite flexible since one can obtain it in different ways. From simply getting hired by a local company or acquiring real estate one can become a resident for two years with the possibility to extend the permit. It's worth noting that the real estate investment is lower under the Friendly Nations Visa.

Lower costs and top living

Open your account in a Panama bank and establish your businesses here to access practically the same lifestyle that you have in the US but at much lower costs. Prices are much more accessible than in cities like Miami or New York but with the same living standards.

Panama City is splendorous and attractive for single people, families, and retirees from all over the world. One needs to only walk down the streets of Panama to see its cultural richness and ethnical variety. Panama welcomes people from all religions and cultures so that everyone feels welcome.

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Excellent business environment 

If you're wondering why access international online banking in Panama this paragraph may provide the answer. A Panama bank account for foreigners is vital for either of the following cases: you have your affairs elsewhere, but you need a reliable Panama offshore bank account or you have your business in Panama and you need the means to operate here. In either of these two cases, a Panama bank can help thanks to the country’s highly reputable banking sector.

The bridge of the world evidently attracts a wide amount of maritime traffic which produces a great deal of business activity. With this come job positions, foreign companies, talented expats, and a capable workforce. To sum up, this constitutes the perfect environment for your online international bank account.

Great online banking 

Finally, we’ve reached one of the most important characteristics of fine expat banking: online platforms and the opportunity to manage the accounts remotely. For those that have an international approach traveling is always on the menu, hence the bank account must be easy to manage from a distance. Since Panama is an internationally renowned business hub and a powerful banking center in the region the international online banking here is outstanding.

Reliability and compliance

In Panama, CRS is part of the deal. This translates into a reliable environment that will help you avoid issues with your tax residency country or your country of origin. Nonetheless, remember that Panama CRS as any other CRS country is bound to an automatic exchange of information, however, this doesn't exempt you from presenting tax returns or setting up your tax residency legally wherever you are obliged to do it.

Disclaimer: this article presents general information about Panama CRS, expat banking, and international online banking in Panama. Keep in mind that the article does not replace a legal consultation. Before opening a Panama bank account for foreigners please make sure to get proper advice and obtain updated information on requirements, costs, and conditions.

Mundo helps you find the ideal Panama bank

Luckily, we have a team of experts in Panama that's ready to help you set up your structures. From a foundation to a company, from a residency permit to a real estate investment, Mundo has your back. We feel so confident about our knowledge in this jurisdiction that we presented Panama at the Bosco conference in Istanbul only a few months ago. 

The opportunities for international online banking are many, especially in the country of the canal which has been growing continuously since it took control over its management. To seize this opportunity don’t hesitate and get in touch with an expert. Be assured that at Mundo's we have many qualified professionals, especially when it comes to the land of birds and butterflies.

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