A personal offshore account is a current account, savings account and/or a time deposit in the name of a natural or legal person.
We offer our clients introductory services in the opening of a personal offshore bank account.
The Panamanian banks are between the most stable banks of the world, being home of the second international banking center of the world, after Switzerland. Panama also has the best confidentiality laws available in the today world.
There are approximately 100 international banks in Panama. We have relationship with a several international banks in Panama, through which our clients will be able to open their corporative accounts. See listing of banks.
Current Personal Offshore Account
With a current account, you can have immediate availability of the funds deposited through checkbooks, automatic tellers or the bank’s teller or cashier.
The current account is used for another series of operations with the banks: When granting a credit, it is reflected in the current account.
The payment method that can be used, associated to the current accounts, may be:
Each institution determines the minimum opening amount. (Usually between $1,000 and $2,000)
When opening a current account, the following data shall be dispatched:
Each institution determines its requirements. (Generally the above mentioned)
In general, current accounts have a very low or null interest. The rates for current accounts may vary: they change without notice, depending on the LIBOR (London InterBank Offered Rate).
The balance of the account can be verified by the holder at any time, nowadays the online service is used apart from the conventional.
The bank has the obligation to send the client, at least semiannually, a summary of his account, where the following information must appear:
The Panamanian banks use the most advanced online security technology, thus your banking confidentiality is 100% safe. Please verify this service, some use online banking only to check the account or transfers through internal accounts, not for international transferences. The bank transferences can be requested for when sending signed instructions by fax to the bank.
Savings Personal Offshore Account
A saving account is a particular type of current account in which the funds deposited are remunerated by the bank through the payment of interests.
The conditions for remuneration vary based on the product. Thus, there are saving accounts that pay the interests for example monthly, quarterly or annually. Also, the remuneration can be linear (same interest for any balance), for balance or even in kind.
This type of accounts may also be subject to the payment of commissions, although from the popularization of the online banking, the tendency is to suppress the payment of commissions in saving products.
The services associated to a saving account also vary according to the institution. They can range from basic, as income and payments of checks or transfers, to others more complexes as debit or credit cards associated to the account.
They serve for three things:
In Panama, you may also ask for a bank book, which is a document as a booklet issued by the credit entity (bank or savings bank) in which all the movements of capital in the related account are recorded. The notes are registered by the printers of the organization that has issued it or by an automatic teller.
In each detail line it is usually written down the date of the operation, the concept, the amount charged or credited and the balance of the account once the operation is completed.
Sometimes they can be used to withdraw money from an automatic teller in the same way as the debit card. Each institution determines the minimum amount of opening. (Usually between $1,000 and $2,000).
When opening a savings account, the following data shall be dispatched:
Each institution determines its requirements. (Generally the abovementioned)
The balance of the account can be verified by the holder at any time, nowadays the online service is used apart from the conventional.
The bank has the obligation to send the client, at least semiannually, a summary of his account, where the following information must appear:
The Panamanian banks use the most advanced online security technology, thus your banking confidentiality is 100% safe. Please verify this service, some use online banking only to check the account or transfers through internal accounts, not for international transferences. The bank transferences can be requested for when sending signed instructions by fax to the bank.
Savings accounts may vary; change without notice, they vary depending on the LIBOR (London InterBank Offered Rate).
Time Deposit
The Deposit or time Deposit (ITD) is a financial operation by which a financial organization, in exchange of the maintenance of certain fixed monetary resources for a determined period of time, reports a financial yield fixed or variable, in form of money or kind.
The term time deposit comes from the fact that the time in which such investment remains fixed is set up at the beginning of the same: one year, three months, a month, etc.
When arriving the maturity date of the deposit, the person may withdraw all the money or part of it. If the agreed conditions allow it, he may also renew the deposit for an additional period of time; in this last case, if at the same maturity day a decision is not taken, the interests earned up to this moment are not lost, but days during which it may be generating new interests.
Whenever a deposit is signed up, it is necessary to consider the possible necessity of liquidity of the invested capital since some organizations receive an amount or percentage for the early cancellation of it, whereas in other cases, such commission for early cancellation does not exist. Each banking rate varies according to its banking regulations, business practices, etc. Under Panamanian laws, the minimum for establishing a time deposit, in the Panamanian banks is of US$10,000. Some of our banking recommendations offer up to 5% of annual interest in deposits USD or (Certificate of deposit).
Please note that for deposited amounts above US$200,000.00, we can negotiate an interest rate on deposits with the bank, depending on the amount and the term.
The rates for time deposits may vary; change without notice, vary depending on the LIBOR (London InterBank Offered Rate), are subject to minimum deposits and/or minimum required balance and/or certain terms for Time Deposits.
When opening a time deposit, the following data shall be dispatched:
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