One jurisdiction to fit all banking needs: my bank account in Panama

When you're wondering “where to establish my bank account”, words like Panama come to mind. Many other countries and jurisdictions are available for foreign banking. To name a few, there's Puerto Rico, the United States, and Saint Lucia. Nonetheless, at Mundo, we have noticed that Panama has peculiar aspects that are certainly advantageous for foreigners and, of course, locals.

Banking made easy in a jurisdiction like Panama

The advantages of banks are many even though they have detractors. Generally, the concept of banking is seen as restrictive from a nomad capitalist point of view. The history of central banking teaches us that their origins were linked to the idea of financing war and the issuance of money without a real backup.

At the end of the day, the whole concept of these institutions is based on trust in the same way as most of the currencies. The advantages of banks, however, lie in another aspect of the matter.

They facilitate transactions both domestically and internationally and they are the means to reaching new investment fields and currencies. Think about citizenship by investment. Nowadays there are a variety of options in the Caribbean and Vanuatu.

Recently, the Caribbean real estate pathway has reached an average of $300,000 while donation presents an average of $250,000. In Antigua and Barbuda, for example, stipulated investment and donation entail a minimum of $300,000 and 230,000, respectively. They also expanded the possibility of adding dependents.

How does this relate to the advantages of banks? Thanks to banks, it's possible to put money in escrow while the processes of purchasing property and presenting the application are carried out.

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My bank account in Panama: why choose the country of the canal

We choose Panama for many reasons and banking is one of them. Our favorite thing is that it covers an ample spectrum of needs helping different people. Maybe this is why it has become such a major hub for migration and business.

Its dollarized economy makes the advantages of banks in Panama quite alluring for everyone. Clients from developing countries can access a solid currency and protect themselves from inflation. For others, it represents access to a universal currency and a strategic place for transactions, with no currency exchange controls.

Banking made easy through solidity and reputability

Moreover, the advantages of banks in Panama have a lot to do with a long-standing history. Some of the banks have been operating since the 50s and they're still offering top-notch services even for clients residing abroad.

The economy in Panama is based on the Federal Reserve since the legal tender is the US dollar. The official currency is the Balboa, but it's only used for administration purposes and issued as coins.

Disclaimer: this article provides a general view of the advantages of banks in Panama, but it should not be taken as financial or banking advice. Before opening a bank account abroad, please consult with a certified professional and conduct the necessary research.

Open your account in Panama with Mundo

Mundo is proud of its onsite team which includes experts, lawyers, and advisors who live in Panama. We can help you with a variety of approaches like opening a company, establishing in the free zone, getting your residency, a foundation, and of course your bank account.

If you want to seize the opportunity of banking in an advanced country, Panama has the answer, and Mundo can help you get to it. Just write us a message and talk to your Mundo expert.

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