 
Bank and brokerage account opening introductions are offered in a variety of top banking jurisdictions. Our criteria for selecting jurisdictions are places where strict bank secrecy statutes are either written into law or as in the case of Austria and now more recently Switzerland, where it is actually written into the constitution. Many so-called offshore jurisdictions have seriously eroded banking secrecy that we can no longer recommend them as suitable jurisdictions to bank in. Such jurisdictions include the British Dependant Territories which include B.V.I., Monsterrat, Turks and Caicos Islands, Cayman Islands, Anguilla, Bermuda, Isle of Man and the Channel Islands. A number of other countries such as Antigua, Cyprus and the Bahamas have signed very harmful information sharing treaties with countries such as the U.S. or the E.U., so the list of countries still maintaining strict banking secrecy has diminished. Our other criteria for choosing suitable bank intermediary relationships, whereby we act as an official bank-recognized introducing party for our clients, is efficiency of service, safety in terms of a strong assets to liabilities ratio, and convenient options. There are really two broad classifications of banks. What we would call a “Type 1” bank with a modest minimum opening balance of from $1000 to $10,000. These banks are typically simple commercial banks, with some conservative investment options, internet banking options for the most part and are designed mainly for those that want to be able to move money around, make and receive payments without any hassle, and are generally suitable for those that only want to keep only modest amounts on long term deposit – preferring brokerage firms and other non-bank investment options to keep the majority of the their funds invested in. This category of bank is also suitable for e-commerce and other international businesses. “Type 2” bank are banks that specialize more in private investment banking and require a higher minimum opening and in many cases maintained balances of anywhere from $25,000 to $100,000 or more. (Some even require a seven figure minimum balance). These banks provide much more personalized banking services and investment portfolio management and can provide a much wider variety of investment options, and in many cases not all of them “in house” investment products. These banks expect a sometimes substantial minimum amount to be kept on deposit at all times, in order for the relationship to be maintained. This is an ideal option for those that have a nest egg that they wish to preserve in the most safe, private and conservative way possible for the long term. These “Type 2” banks are traditionally exemplified by Swiss Banks, who even today hold half of the world’s offshore banking deposits. Hence for good reason, Switzerland might be a good option to choose, with a very close second being Austria. The “Type 1” banks of course can be found everywhere and can be even found in Swtizerland as well as other countries which we recommend including Latvia. With very few exceptions now we do not recommend Caribbean based banks. As mentioned above many of the Caribbean countries have seriously compromised banking privacy with their information sharing agreements. To top this, service for the most part is almost universally very poor and slow. The larger banks, are often no better, and are not worth the considerable hassle involved to try and open accounts with – and the smaller banks may not be worth the risk. Panama, of course, provides a wealth of secure banking options, and has assumed a pre-eminent position throughout the hemisphere as the most secure place to bank in. There has not been a banking failure in almost eight years and the country has a very strictly regulated banking sector. Many of the world’s top major banks have branches here. Naturally, since this is our home turf, we can provide a number of bank options to introduce our clients to here in Panama, depending on one’s requirements. It should be stressed that opening bank accounts here in Panama can be a somewhat difficult and time consuming task right now without some assistance. Bankers here prefer to base their decisions on local recommendations and that is how we can assist. Without a local referring party, the U.S. Patriot Act has put somewhat of a damper on the desire of banks in Panama (as well as elsewhere) to open up accounts for non-residents. This is in particular related to the question of moving and clearing US funds. Since many now look to do their offshore banking in EUR rather USD, particularly those who live in Europe, that may be less of an issue. However, most Panama banks only offer banking options in USD, so for those that wish to bank in EUR and other currencies banking options in Europe may be more appropriate. Our corporate and corporate/Foundation combination packages includes an offshore debit card and an offshore entry level bank account as well as a trading account. Account opening forms will be sent as soon as your order and full payment is received. For many this option may be all they need. However if funds in excess of $100,000 or more are involved, clients are well advised to spread their funds amongst at least two or more banks. Our entry level bank introduction with these packages provides a comprehensive internet banking service, debit cards, current and savings accounts that pay higher then normal interest, as well as a variety of innovative investment offerings. Banking privacy is strictly observed and banking can be done in any major currency, making it a suitable entry level option for clients from all over the world. Corporate Bank Accounts Requirements The requirements for opening a bank account vary from one bank to another, but some documents are common for all banks. These include:
regulatory authority (Memorandum & Articles of Association - By-laws), Certificate of Incorporation. • Certificate of Good Standing. • Original Bank reference for each signatory to the corporate account and for at least one director covering at least a period of two years. References must be addressed directly to the bank where the account will be opened and must be on the letterhead of the referring bank. • Legible, notarized (or certified by Commissioner for Oaths) copy of a passport or other photo identification (drivers license) for each authorized signatory and director on the account. • The names of all shareholders and beneficial owners must also be indicated. • Proof of Address (Credit Card Statement, report from a credit bureau etc not be less than six months old). • Bank account application form. • Signature cards and mandates completed with all signatures made in the presence of the bank or an authorized notary. • Documents stamped with the company seal. • Completed account fact sheet which shows the transaction activity. Please note that information on the company's business activities, the expected source of funds and the likely frequency and amounts of deposits must be indicated on this form. |
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