Banking License in Panama

Panama is a significant financial center in Latin America. This country offers vast opportunities for conducting business in the financial sphere. Since licenses and fees for business activity provide substantial income to the country’s budget, Panama creates attractive conditions for organizations.
Registering a bank in Panama involves meeting several requirements. Failing to comply with these conditions may lead to rejections, which can prolong the registration process. To ensure a smoother experience, it’s advisable to rely on specialists. Lawtter Solutions offers assistance in obtaining financial activity licenses in Panama, managing the entire process on a turnkey basis.

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Benefits

Benefits of Registering a Bank in Panama

More than 60 banks provide services in Panama, and the number of non-residents who do not work for the country’s domestic market is estimated in the hundreds. Bank registration in Panama allows you to get several significant advantages:

In addition, English is widely spoken in Panama, and the US dollar is in circulation along with the state currency, the Panamanian balboa.

01

This is the largest offshore area in the world

Panama's legislation is adapted to this status.
02

Favorable taxation

Businesses in Panama pay taxes only on profits earned within the country. If non-residents do not work for the domestic market but receive income only abroad, they do not pay income tax.
03

Privacy

The jurisdiction's beneficiary register is closed. Information can be obtained only by court decision. Therefore, the bank in Panama will maintain anonymity for its clients.
04

There are three types of licenses

Each option has its requirements, so companies can choose the most suitable type.
05

Management flexibility

Panamanian legislation allows the creation of international boards of directors, the convenient structuring of operations, etc.
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Types

Types of Licenses in Panama

There are three types of banking licenses in Panama. They are intended for different purposes and have various requirements for obtaining. The types of licenses in the country are as follows.

01

General License

A general license is a document that enables banks to operate on Panama's territory and provide services to this country's residents. These document holders can also work abroad. This license type suits companies that intend to operate with a wide range of customers and wish to gain operational flexibility. Let's discuss the features of this license:

  • Companies are subject to strict requirements of the financial regulator.

  • The minimum authorized capital is $10,000,000.

  • Banks must provide information about risk management and transparency of operations.

A general license is usually the choice of large banks interested in entering this country's market.

02

International License

An international banking license in Panama is a document intended for banks that plan to operate outside the country. This type of authorization does not allow banks to enter the domestic market. This document type has the following features:

  • The requirements of the financial regulator are less strict.

  • The minimum authorized capital is $3,000,000.

  • The bank must meet international standards.

An international license is suitable for financial institutions that do not consider Panama a market for their services but wish to enjoy the jurisdiction's tax benefits and other privileges.

03

Representative License

A representative license is a special type of financial activity permit that allows a foreign bank to open a representative office in Panama. However, this office cannot provide banking services. For example, it can be engaged in consulting, market research, advertising, etc. The features of this license are as follows:

  • The representative office can work with the bank's partners or financial agents.

  • A minimum capital requirement is not established.

  • The office must operate by corporate regulations.

A representative license suits companies studying the Panamanian market or collaborating with a local partner bank.

General

How to Get a License in Panama?

To register a bank in Panama, you need to go through four main steps. It is crucial to avoid mistakes at each stage so as not to waste time. The registration procedure includes the following stages:

  1. Preparation. The company collects the necessary documents and prepares information about the planned activity.
  2. Application submission. An application is submitted to the financial regulator together with a package of documents, which differs depending on the license type.
  3. Data verification. The financial regulator verifies the provided information. At this stage, additional documents may be required that clarify certain aspects of the activity.
  4. Making a decision. This is the final stage when the regulator gives out the license or reports the refusal with explanations of the reasons for such a decision.

Law firm Lawtter Solutions provides clients with services for registering banks in Panama and obtaining the necessary licenses. Our team of specialists offers guidance to help you select the most suitable license type. We prepare documents, submit applications, and provide comprehensive support throughout the entire process. At Lawtter Solutions, we offer bank registration services in Panama under favorable conditions.

+38 093 177 52 70 +1 484 457 89 11 +44 745 819 79 87
info@lawtter.solutions @lawttersolutions +371 2 589 48 15
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Important: Lawtter Solutions does not provide services to citizens and residents of the Russian Federation.

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