panama bank account.

bickerss says on Mar 6, 2006, 13:16:

I joined HSBC in Panama. Am waiting for my cards to arrive but i dont think i will have a problem withdrawing cash here. It was preety easy to join, just a bunch of forms to fill out. Took about 2 weeks for the approval. You have to have a letter of reference from a current bank (original) to give them before they will process anything. If u want i can send you the details of the lady i dealt with. You have to keep funds tied up in the country to the value of your credit limit.

0 funny, 0 helpful.

viewpoint says on Mar 6, 2006, 15:20:

HSBC is a good choice and a BIG bank. Opening an account in Panama takes lots of peices of paper but only requires a passport.

Bickerss knows what he's doing so he flew through the process but it's much the same as anywhere else and doesn't require residency or a cedula. You need letters of introduction from your current bank, and letters of recommendation from local contacts and country of citizenship contacts.

No papers No account. The liability is getting to be so great the banks simply turn down any applicants without the proper documents and supporting information. The word NO is now in "the bankers" dictionary. At least in most cases you are dealing with bilingual personnel to assist you. The woman that assisted me spoke four languages and wasn't even Panamanian, she was from Europe and spanish was a second language.

0 funny, 0 helpful.

latinlife says on Mar 6, 2006, 16:07:

hsbc An English bank in Panama....I wonder about the secrecy and non disclosure aspect....this is very important for me due futher plans.
..but I can always ask so if can give any info or details it will be a great help to me.

I will be in Panama 16th of March for 7 days ( going to try the Veneto this time)before 3 weeks in Bogota and surrounding area.

I hope 7 days is enough to get the account set up completed.
I have got a bank reference ,accountant reference ,passport ,and utility bill....surely this is sufficient?????
Thanks for your ideas.

0 funny, 0 helpful.

bickerss says on Mar 6, 2006, 18:52:

As viewpoint siad you need local people that they can ring. I just gave them 3 names of people I met while I was there. They also as I said kep your money to cover the total visa fee as insurance.

If you have all the documents, it is plenty of time to get set up, however you wont get your cards issued in that time (mine are at the bank and am having them sent to Bogota). I think the relevant laws of the country apply to the bank, even if its international (may be wrong on this).

Go direct to the banks as well, the laywers i used for other business were going to charge me 300 USD to open it for me.

0 funny, 0 helpful.

Ric says on Mar 7, 2006, 03:23:

Panama Bank Account I live in Panama and have an account with Banistmo in Panama. A very good and professional bank. They will issue a credit card you can use to withdraw funds in Colombia just like a U.S. bank. Not sure of the fee's however.
They have a branch in Colombia according to their Web-Site, but I don't think you can deposit funds in Panama and witdraw in Colombia. Someone might want to check with the Banistmo branch in Colombia for further details.

0 funny, 0 helpful.

Ric says on Mar 7, 2006, 03:23:

Panama Bank Account I live in Panama and have an account with Banistmo in Panama. A very good and professional bank. They will issue a credit card you can use to withdraw funds in Colombia just like a U.S. bank. Not sure of the fee's however.
They have a branch in Colombia according to their Web-Site, but I don't think you can deposit funds in Panama and witdraw in Colombia. Someone might want to check with the Banistmo branch in Colombia for further details.

0 funny, 0 helpful.

gringolondinense says on Mar 7, 2006, 03:36:

does anyone have any experience of owning a house through a panamanian trust or foundation? What im thinking of here is can I give my house to a trust and therefore be protected if i get divorced or sued?

0 funny, 0 helpful.

viewpoint says on Mar 7, 2006, 03:50:

LatinLife I doubt that the account will be open in 7 days. It's not within the account managers authority to approve the documents and open the account. These banks now have compliance departments that review and approve the documents and just figure that step alone will take 5 working days. If you complete all the requirements in the first banking day it will take another 5-10 working days before you get an answer.

I have been waiting for a month going through the process to open a corporation account. Individual accounts can be opened in much shorter period of time.

You can forget about the secretcy and non-disclosure laws as everything you do will be looked at through a microscope. Irregular activities will be reported to the regulators.

If you have plans to do illegal or questionable banking activites don't pick Panama or any other place I can think of that your money would be safe. The compliance department reviews each and every wire transfer of size making the sender answer many questions and provide complete disclosure in addition to requiring the receiving party to satify the bank regarding use of funds and relationship with sender.

PANAMA is no mickey mouse banking center (thank god). The rules are tougher than the USA and much more invasive. If you think banking in Panama is easier than in the USA you will find the opposite is true. It is certainly easier and more straight-forward than Colombia.

Yes, the Patriot Act found it's way to Panama as well as Colombia.

Veneto is crowded (full) this weekend (due to a convention in town) but should be Ok for occupancy by the date you come. If you have trouble getting a room there go down the street to Hotel Marbella at http://www.hmarbella.com as the corporate rate is $27.50 including tax.

0 funny, 0 helpful.

latinlife says on Mar 7, 2006, 09:53:

Veiwpoint. Thanks for your remarks..........as long as I can get the account opening under way with no futher personal appearances required the time factor y credit card facility is not a issue.

Not really looking to do dodgy dealing just want secrecy and non disclosure as regards euroland and uk authorities.( all offshore accounts in euroland now are subject to a withholding tax).......there is nothing irregular about what I intend to do .NOW if I tried to take monies back to looney euroland(u.k) without disclosing...then I would be for the tower.

All I want from a panama account is they tell other authorities(non panama) to pis(h) off if they come knocking ...so if anyone can give a definite answer.............

Veneto got to be worth a try ( normally get a good coporate at el panama ) but I like the look of their gym/health suite.

0 funny, 0 helpful.

viewpoint says on Mar 8, 2006, 03:37:

LatinLife You should be in good shape. I would give you my contact info in Panama to call but can't PM anymore so just post here again if you need some introductions or assistance.

The "formal" restaurant on the ground floor (right of the esculator as you walk in from the street) of the Venento is the best kept secret in Panama City. The food & drinks are fantanstic and very inexpensive. Try the seafood (calamari & shrimp) pizza for an appetizer. Lots of pasta dishes, chicken & steak and first class service at prices ranging from $7.50 to $18.00 for most dishes.

Walk next door to the El Panama (Fiesta) Casino.

Lots of women in both of those places from all over Latin America.

0 funny, 0 helpful.

latinlife says on Mar 9, 2006, 02:58:

Viewpoint. Thanks for the offer.

Bank wise I am going to try hsbc first then banistmo.......as long as they have no disclusure arrangement with euronanny land.

Veneto wise ,when I was there en november I noticed the women were quite spectacular but at the time I was suffering from some Nicaraguan inspired illness ......so this time I am hoping to have a little /lot of fun.

Thanks again for your comments and there is a reward of drinks of your choice if you like,I am there 18th to 24th......let me know.......latinlife(at)btinternet.com

0 funny, 0 helpful.

viewpoint says on Aug 17, 2006, 17:31:

LatinLife Well HSBC heard you were moving to Banistmo so they bought them.

0 funny, 0 helpful.