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Panama account

The benefits of offshore accounts are many and Mundo has presented them several times. A few decades ago, the term ‘offshore account’ was used to describe a certain practice that mainly involved hiding money from the government. The matter was simple: if you opened a foreign account you could have all the money and savings that you wanted without having to declare this before your country’s authorities. This bad practice eventually led to organizations getting together and establishing international regulations to prevent this. We are talking about BEPS, CRS, FATCA, and others.


This was the origin of concepts such as ‘offshore accounts or ‘tax havens’. However, this conception has changed, at least for some people. Sadly, crooks try to take advantage of certain favorable policies to hide money and evade taxes, but lots of other people see things differently.


At Mundo, for example, we believe in the concept of financial freedom, which can be achieved by completely legal mechanisms that require nothing more than wit. But this is not achieved overnight. A person needs to study and dedicate him or herself to constant self-improvement by researching the market and being aware of the latest news. If you don’t have time for this, don’t worry. Luckily, there are financial professionals that love to study this sector and that dedicate their lives to helping people achieve their freedom. Mundo is formed by such professionals who have wide experience providing financial services to HNWIs and MNWIs.


Our experts know everything they need and are committed to the new concept of offshoring, which means finding a place with conditions more favorable to you. This translates into ‘tax optimization’, but it can never be confused with ‘tax evasion’, which is a crime.


Benefits of Panama Offshore Banking

Mundo firmly believes that the best place to open a bank account abroad is Panama, and here is why. 


Access to new markets

Panama is a renowned business center and home of the Panama canal. Many companies have established their headquarters or branches here to take advantage of the country’s business incentives. Therefore, with an offshore account in Panama, you have more chances to access new markets.

 

Diversification 

Panama’s currency, the Balboa, is paired 1:1 with the US dollar. This means that you can have a savings account in a strong currency and a different jurisdiction for optimal diversification.


Access your funds easily 

Banks in Panama are used to international clients, hence, they offer top-notch online banking. You can manage your account from abroad, check your balance, make transfers, and even invest. Some of the banks have excellent client support via chat, email, or WhatsApp calls. 


Protect your capital 

If you open a bank account in Panama you’ll be enjoying a stable environment. The country doesn't have a history of political turmoil or social unrest and it boasts a solid economy. It has low inflation rates and no control exchanges. Therefore, Panama is one of the best jurisdictions in the world to deposit your capital.


Tax advantages and asset protection 

At this point is worth noting that Panama is a CRS country. If you are thinking about hiding money from your government in Panama, you can forget about it. Banks in Panama automatically report your account information to the tax authorities in the country where you live or have tax residency. 

However, if you choose to live in Panama you can enjoy quite acceptable tax rates. Income below $11,000 a year is tax exempted. On the other hand, income over $11,000/year is taxed at 15% and income over $50,000/year is taxed at 25%.

Another aspect of banking in Panama is that funds are harder to reach. If you own an offshore account in Panama you’ll have to report it to your country and pay taxes for the funds. However, if you should fall victim to a lawsuit in your home country, your foreign assets will be out of reach. The same happens if your government decides to freeze your accounts. 

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How to open an account in Panama

Now that we’ve established the ‘why’, let’s dig into the ‘how’. These are the requirements to open an account in Panama.


Offshore account in Panama: Personal account

Requirements 

- Provide client information which is to be submitted by each holder and signatory. 

- Deposit application: This is a form that must be signed by each of the signatories. This can be used to open an additional account on behalf of the client. 

- Service application: In this case, the form must be signed by all the signatories and it grants access to credit/debit cards, online banking platforms, and key card. 

- Membership application: This form refers to the online banking service and must be signed by the administrator. The names of other account users must be stated. 

-Contract for the provision of banking services which must be signed by all signatories. 

- APC signed by holders and signatories. 

- FATCA/CRS forms must be completed. The signature for each holder and signatory is needed. 

- Application for time deposit (only upon request).

- Application for credit cards (only upon request and must be signed by the account signatories). 

All forms must be filled in black ink and then sent in digital form to your Mundo representative. Once your representative approves them you can send them by courier. 


Documents: 

- Passport copy for all holders and signatories. It must be notarized and apostilled.

- Copy of a second ID for every holder and signatory.

- Copy of a US visa, if applies.

- Proof of income which can be: a) for independent workers 2 latest tax returns from your country (presenting a certification from an accounting firm or only 1 tax return will not be sufficient); b) for employees a letter addressed to the bank stating the salary, the date, the type of services, and the obligations from both parties; c) certification of income signed by a Public Certified Accountant (CPA).

- Utility bill from your country.

Price: 1,500 USD

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Offshore account in Panama: Corporate account

Requirements:*

- Banking services contract signed by all signatories. 

- General resolution signed by members of the board of directors (president and secretary).

- Affidavit signed by the same two people. 

- Form from the ‘Asociación Panameña de Crédito’ APC for legal entities signed by the same two people.

- Form from ‘Asociación Panameña de Crédito’ APC for natural persons signed by each representative and signatory, president, secretary, and every UBO who holds over 10% of the shares.

- Corporate information form signed by a legal representative.

- Corporate form for legal members signed by each representative and UBO, president, and secretary.

- Deposit request signed by all signatories.

- Service request signed by all signatories.


FATCA/CRS forms:

- Self-certification of tax residency for FATCA or CRS signed by the company’s legal representative. If the entity is a foreign company located in the BVIs, Nevis, St Lucia, Antigua and Barbuda, or the Cayman Islands, the signature must be from the sole director. 

- Form W-8BEN-E if any of the shareholders or UBOs is not a US citizen or resident and must be signed by the legal representative. 

- Form W-9 for every UBO or shareholder that’s a US person.


Documents:**

- Copy of the passport for all foreign signatories, shareholders, officers, and directors. The copy needs to be apostilled. Legalization is not necessary if you bring your passport in person with a stamp of entry to the country not older than 120 days.

- Copy of a second ID for all foreign signatories, shareholders, officers, and directors. 

- Copy of the company’s bylaws. If the company is registered abroad the documents must be apostilled. 

- Reference letter (commercial, lawyer, accountant, and from a bank) for the signatories and shareholders.

- Proof of income consisting of income tax reports or audited statements from the past 2 years for signatories and shareholders. 

- Proof of activity consisting of financial statements and share certificate. 

- Utility bill for each shareholder.

- Submit a business description. It must include the main and secondary activities of the company and the jurisdictions where it operates. It must also include the estimated payment amounts (for incoming and outcoming payments) as well as who are the potential clients and providers. Don’t forget to include contact information, the company’s website, and cash flow projections. 

*All forms must be signed in black ink and as similar to your passport as possible.

**Before sending the documents via courier, please send a good-quality digital copy for their review. 

Price: 2,500 USD (50% upfront)

Minimum deposit required: 10,000 USD


What’s included in our fees 

- Assistance in filling the forms

- Assistance in collecting the documents

- Revision of the documents

- Constant follow-up with the bank until you get access to your online banking or credit/debit card.

- Search for alternative options if the first application is rejected.

Note: Our fees don’t include certification and notarization costs nor translations. They also don’t include any additional documents that the bank may request.

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Crypto account 

We can also open a crypto account for you. In this case, you’ll have to submit the crypto wallet address in addition to the other requirements (for personal accounts). Thus, you’ll be able to transfer assets from and into your crypto exchange. 

Price: From $1,500

Maximum amount that you can deposit every month: $5,000

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Open a bank account in Panama with Mundo 

Now that we presented all the requirements to open a bank account in Panama, let us introduce Mundo. We are an international publication dedicated to nomad capitalist and financial freedom topics. Throughout our journey, we’ve met several providers and partners from different parts of the world who help us offer the best services to our readers.

Moreover, our parent company is a solid CBI and trustee service provider with almost thirty years of experience in the areas of asset protection, international investment, and banking. 

We have offices in different parts of the world including Panama, which makes us the perfect team to help you open an account here. Banking abroad is not simple because it requires research, work, and commitment, but things get easier if you have a reliable expert to assist you. This is what we offer, this is us: this is Mundo. 

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