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Agreement on Processing of Personal Data CZ / EN

BANK ESTABLISHING IN PANAMA

  • Why is the Panama in connection with bank establishing?

    There are ten significant reasons to take Panama into consideration as a country for bank establishment:

    1. Well regulated and respected international banking center – the largest of all Latin America countries, with one bank collapsed only from 1990 (with no loosen money of foreign depositors).

    2. Although the capitalization requirement is 3 million USD for foreign (offshore) license is higher than in other jurisdictions which do not have such qualities, only 250,000 USD of this amount must be deposited at the state bank – the rest may be deposited in the bank as operating capital. Most jurisdictions requires much more than minimal deposit requirement and frankly speaking we do not know about the jurisdiction where you can get a banking license for less than 2 million USD, although official minimum capitalization of only 1 million USD as is often stated.

    3. The fastest (just 60 days) SWIFT membership. The Ministry of banking supervision execute the application process for this important banking tool without usual two year waiting period for new banks.

    4. Guaranteed setting up of a correspondent account support. Banks based in most jurisdictions, if starting the business, have serious problems with obtaining correspondent accounts at major banks today.

    5. The strictest law on protection of banking privacy in the world. Given that Panama has strict rules against the legalization of funds from crime and due to neutrality of the Panama, USA and Europe mostly leave Panama alone and do not exert pressure to change the banking privacy legislation.

    6. Guaranty of decision within ninety days – at the same time it is necessary to realize that this decision may take the form of a request for additional information or documents, but this is never a bad sign.

    7. Panama has the best business and technological infrastructure in the area south of USA and Mexico border.

    8. Panama is a very good communication hub compared to most of offshore jurisdictions where it is more difficult to get the clients to visit the facility.

    9. Panama gives you an opportunity to grow your banking business in the zero tax environment with relatively little bureaucratic encumbrance.

    10. Given to recent banking consolidation in the market (large acquisitions of major banks – HSBC Panama acquired Banistmo, Citibank Panama acquired Banco Uno, etc.), the Ministry of banking supervision support new banking licenses applicants, so now is the time to seize this favorable opportunity.
    The average costs for bank establishment amounts to 50,000 USD (licensing and legal fees). It may be a little more or less depending on your ability to get counseling services or whether you wish to use assistance with such matters as the elaboration of a business plan and provision of local CEO who will work as a local manager.
    But, are there other options for financial institutions that take deposits and do not require strict licensing procedure?
    Yes, there are a number of non-banking facilities that could be effectively used for depository purposes. The most popular are Swedish Credit Union and New Zealand offshore financial company. None of these options require proof f capitalization.
    In Panama there is also a possibility (Financiera), which represents the way to become fully developed banks. The Financiera is a financial company authorized to receive loans (in facts deposits) from the clients, which are subsequently being borrowed. It is nothing else than a conventional savings and lending. The most common type of these Financieras in Panama are entities that offer consumer loans, but the application can be approved for almost every type of lending. As the evidence of capitalization it is necessary to save 500,000 USD in local bank. The Financiera must be a local company with well representative office. In the case of interest we can provide further details upon request.

Contact
Tetragrammaton a.s.

Žitná 562/10
120 00 Praha 2 – Nové Město

+420 777 025 554
+420 777 775 524

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Agreement on Processing of Personal Data CZ / EN