Panama Bank List » Frozen Bank Accounts in Panama

Panama – Induction in the System of Attention to Complaints

Thu, 11 Jun 2009 22:49:17 +0000

As part of the program of training and updating for banking entities with general licences, the SBP held the seminar: “System of Attention to Complaints”, with the result of imparting knowledge on the Modifications of the Panamanian Banking Regime (Title V and VI) – Dispositions for the protection of the banking client and the banking consumer and its regulations (Accords 001-2008 and 003-2008).
The training was conducted by 23 collaborators from Citibank (Panama), president Mr. John Rozo, vice-president of credit cards and customer service, as well as legal consultants, representatives of the system of attention to complaints of the institution, branches, call centers and charges.
As a result of this of this session and with the goal of aligning and providing the organization with necessary knowledge of the matter, the upper management of Citibank (Panama) expressed to the Superintendant of Banks its interest in forming a second group of participants in the operative areas of this banking institution, responsible for banking consumers via the network of branches.
This training program was dictated by specialized technical personnel from the Department of Customer Service for the Banking Client.

Opening a bank account in Panama

Fri, 27 Mar 2009 20:11:31 +0000

Hurdling through Banks in Panama
Opening a bank account in Panama may deem to be a more tedious task as compared to doing the same in different countries. While other countries compete to lure you to make a deposit in their banks, Panama banks might actually leave the impression of a stubborn kid that you, ironically, as the depositor, need to please.
The most important rule in opening a bank account in Panama is to never, in any event, close your account in the country you came from. Panama banks may ask for a letter of reference from this bank, and your action of withdrawing investment is not a very attractive scenario. This can forfeit whatever chance you have in opening an account in Panama.
As if that is not tiring enough, banks in Panama demand any depositor to present a proof of income. The same documents you submitted for the application of the pensionado visa are recommended. You need to be granted resident status prior to opening an account.
Your passport and cedula are also imperatively asked from you. The previous you must carry around with you; the latter you must acquire first from the immigration upon granting of resident status.
Two letters of reference, professional and peer, are required. The two proponents also have to be Panama residents. It may be a consolation, however, that these two people do not have to know you very long or well.
Despite not applying for a credit card service, you need to provide Panamanian banks credit card statements for the last 6 months.
Finally, an initial deposit of $300 for savings and $500 for checking accounts is essential. Penalties may be incurred if you go below this benchmark.
While these policies may seem bureaucratic nuisances, the Panamanian banks are not totally to be blamed. The US and Canada have been imposing a scheme to minimize and/or avoid money laundering acts. This is known as the Know-your-client policy. If anything, this policy is supposed to be beneficial for the majority. However, honest people may also be subjected to unnecessary stress as they hurdle through the loops of the application process.
The policies and steps vary from bank to bank, but the loops are more or less the same.
Also, it might be helpful to fully acquaint yourself to the policies and fees of the bank you wish to deposit in. The banks in Panama are strictly no-nonsense; no freebies and promos. The fees for measly transactions may be quite a surprise, so it is best to check them out thoroughly prior to making that choice.

Identifying a Reliable and Safe Asset Protection Plan in Panama

Fri, 27 Mar 2009 18:55:04 +0000

Identifying a Reliable and Safe Asset Protection Plan in Panama
For an asset protection plan to be reliable and safe, caution and attention must be paid to the details of setting up the structure of the plan. An asset owner should be given an advance warning every time any of the assets are at risk. Not all offshore companies and law firms take these into consideration. This is why it is important to search for the right asset protection package. You must have sophisticated strategies that will prevent other entities from attacking your assets.
Advance Cautionary Advice
An advance warning should be given when you assets are being attacked. At the very least, you should have one month protection, enough time to plan where you may place your money before someone is able to have access to them. There should be maximum time between the time when you are warned to the time the attacker gains control over your money.
Steering Clear of Frozen Bank Accounts in Panama
Most law firms do not have competent nor effective protection plan packages. Do not be involved in those companies that tell you to have a legal defense. You should not even need one in the first place! Offshore corporations should never be your first or outer layer of protection for your assets. When your assets are under attack, there may not be enough time to save them. In Panama, they are not so into tax cases so these are unfortunately transformed into money laundering cases. If you are not careful, some false case may be filed against you. This results to the freezing of your bank accounts. To avoid this awful event from happening, choose a more sophisticated protection plan.
Protecting Your Assets from Being Traced
You can identify an immature protection structure if an attacker will be able to connect one layer to another and can easily penetrate the inner layers protecting your assets.
The layers protecting your assets should be strong enough and expensive enough to prevent the attacker from gaining access to it. Once it is able to trace your assets, you will no longer have the privacy and you will end up trying to build defenses. Remember to identify a bad strategy before it’s too late!
Everything Should Be Legitimate: Your Asset Protection Plan Should be Legal without Having to Rely on The Bank Secrecy Rule of Panama
Don’t be complacent about the fact that there is Bank Secrecy in Panama. Offshore law firms are aware of the fact that most countries mandate their citizens to announce their ownership of foreign corporations if they own at least 10% of it. But they usually leave out this very important information. It is better to be safe and report your ownership rather than relying on bank secrecy. As with many other people who did not realize the gravity of their mistake, they end up in trouble when others report them. Your strategies and protection structure should be legal in all aspects to save you from great trouble.