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Here are our top 10 reasons why you should consider incorporating a bank in Panama:
The average cost to form a bank in Panama is about USD$50,000 in licencing and legal fees.
It could be somewhat less or it could be a little more, depending on what professional services you provide yourself or whether you need turn key assistance in Panama with things like preparing the business plan and provision of a local senior bank director to serve as the bank's local officer.
There are several non-bank options that can be used for deposit-taking activities that do not require such exacting licensing protocols.
The two most popular are the Swedish Credit Union and New Zealand Offshore Financial Company. Neither of these options requires proof of capitalization.
In Panama, there is also the financiera option, which is a growth track many have used to becoming fully-fledged banks. The financiera is a finance company authorized to accept loans (in reality 'deposits') from clients and then the funds are loaned out.
This is nothing more than a classic 'savings and loan' type of operation.
The most common type of financieras in Panama are those offering consumer types of loans, but almost any type of lending can be approved on the application. The sum of USD$500,000 is required to be deposited into a local bank as proof of capitalization.
The financiera would have to be a local operation with a properly staffed office.
There are Non-Banking Financial Companies as a Banking Alternative that are far easier to open, have few requirements, very little paid-in capital and do not carry the same expense and risk as a bank formation and can be formed in days rather than months.
We usually recommend this to our clients, as the list of requirements, procedures, due diligence and capital required are usually so onerous that most all end up quitting the process. So we highly recommend forming a financial company in lieu of starting a bank, as it can operate and carry out many of the same financial services, with a fraction of the formalities. If you are still interested in offshore bank formation, however, and would like to learn more see below.
For more information see Offshore Bank Formation or Offshore Banking Licence in Vanuatu
For more information about Panama and our services:
Why You Need A Plan B
Threats to Your Assets
Global Diversification Planning
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