A Few Facts About a Bank Account in Panama
11th of December 2013
Banking in Panama is easy and cheap. We can offer you a bank account with all the necessary professional facilities for the needs of you and your business. Panama has a free economy. The movement of money in and out of the country has no restrictions and there are no taxes on your revenues deposited in a Panamanian bank account.
The Government Of Panama
The government of Panama is comprised of three branches.
- The first branch is the President and two Vice President who are elected directly by the people. They in their turn appoint a cabinet of twelve Ministers of their choice.
- The second branch is the elected unicameral Legislative Assembly which is made up of 71 deputies.
- Lastly comes the Supreme Court of Justice which has nine judges. They are appointed for a 10-year term. There are two lower levels of court.
In Panama, there are political parties such as the Democratic Revolutionary Party, the Popular Nationalist Party, and the National Liberal Party.
The Geography of Panama
Panama is a Central American country and it is located between the Caribbean Sea and the North Pacific Ocean. Its land area covers about 75 000 sq. km. The capital of Panama is Panama City. The notorious Panama Canal which was built in 1904 and 1914, links the North Atlantic Ocean through the Caribbean Sea with the North Pacific Ocean.
Panama is a country with rich and varied topography. There are high mountains on the Caribbean Sea , while hills and unending plains lie towards the Pacific. The climate is tropical with a lot of rain.
Panama has a lot of natural resources of forest products, minerals like copper, iron, nickel ore, and of course a lot of fish and mainly shrimps.
Panama Population, Language and Culture
The population of Panama is about 3.5 million people. Half of its population is living in the urban areas and most of them in the capital. Their language is Spanish but English is also widely spoken.
The Economy and Currency of Panama
The currency used in Panama is the Balboa (PAB). This is pegged at parity to the US dollar. So there is no Panamanian paper currency. The US dollar is the de facto official currency. As a result, the Government cannot print money, inflation is estimated to have risen to 5.9% in 2011 (3.5% est. in 2010).
Leaving aside the difficult problem of drugs, the economy of Panama is focussed on banking, mining, commerce and tourism, with the canal and the shipping business generally playing an important role. The Government has introduced a lot of important investment incentives. Copper mining began to have a lot of significance recently due to the huge increase in the prices of metals and Panama is now emerging as one of the world’s major producers, with gold mining also making a contribution.
The Colon Free Trade Zone has enjoyed major success, and now accounts for around 10% of GNP. Other free trade areas are being created.
Panama is a well-located, well-endowed and well-educated country which was held depressed held by corrupted leaders. If the Government manages to continue with business-friendly and liberal policies, the country will be successful.
A Bank Account in Panama
E R TEAM Global Consultants can offer you a fast bank account in Panama, with the following characteristics:
- Internet Banking. Control your bank account, check its activity and print bank statements. Order your chequebook and a lot of other benefits.
- ATM (Debit Card) valid all over the world for shopping, business, paying hotels or withdrawing cash. We also offer anonymous card!
- Multi Currency (any currency required) at no extra cost. It will help you as a businessman or a family man, save a lot of currency exchange charges and fees, by keeping your account in Euro and USD and Sterling and so on…
- Digipass machine (token), or codes. Transfer money in a second to any part of the world in a single move and without leaving the comfort of your office or home.
- No minimum deposit terms. You can deposit as much or as little as you wish.
- No minimum monthly balance. Other banks, charge penalties if the monthly balance of the account is below a stipulated minimum.
- Open account for companies of almost all jurisdictions. In the EU it is almost impossible to open accounts for companies of BVI, Belize, Panama, Hong Kong and many other jurisdictions blacklisted as Tax Havens.
- Open account without visiting physically everything can be done by email and Courier.
- Fast opening of bank account (average 6 days). If you cooperate and supply the very few basic documents needed such a copy of you pp. a utility bill, and a reference letter by you lawyer, or accountant, or bank, plus the company formation documents and sign and return the bank forms and agreements, the bank account can be opened in a matter of between 5 and 15 days.
- Confidentiality. There is a strict protocol of bank confidentiality at the banks we recommend. No one will have any knowledge of your banking activities but you and the bank.