 Take
Note: - - Q: Why is Panama's banking sector so stable and successful?
How does Panama itself remain so finacially stable?
A: Panama's economy is service-based, heavily weighted toward banking,
(in addition to commerce and tourism.) Panama has no Central Bank per se.
The absence of a central bank in Panama has created a completely market-driven
money supply. Panama's market has also chosen the US dollar as its de facto
currency. The country must buy or obtain their dollars by producing or
exporting real goods or services; it cannot create money out of thin air.
In this way, at least, the system is similar to the old gold standard.
Annual inflation in the past 20 years has averaged 1%; the lowest rate
of inflation in Latin America. This market-driven system has created
an extremely stable macroeconomic environment. Panama is the only country
in Latin America that has not experienced a financial collapse or a currency
crisis since its independence. READ MORE >>>> |
|
| International License
or "Offshore" banks In Panama |
|
International
License or "Offshore" banks, can only accept deposits from persons
or organizations located overseas. - - However a number of the General
License Banks are quite suitable for private banking.
|
|
| General License Banks
In Panama |
General
License banks operate full service banks in Panama and compete for
domestic deposits and loans. While Panama has no Central Bank, the Banco
Nacional de Panamá is the National Bank of Panama and
is a government owned bank
|
|
|
|
|
| Bancolombia
(Panamá), S.A. |
|
| Banex
International Bank Corp. |
|
| BCT
Bank International, S.A. |
|
| Blubank,
Ltd. |
|
| Banco
Colpatria-Red Multibanca Colpatria, S.A. |
|
| ES
Bank (Panamá), S.A. |
|
| First
Central International Bank |
|
| ES
Bank (Panamá), S.A. |
|
| GNB
Sudameris Bank, S.A. |
|
| GTC
Bank, Inc. |
|
| International
Union Bank, S.A. |
|
| Popular
Bank Ltd., Inc. |
|
|
| BNP
Paribas Sucursal Panamá |
|
| Citibank,
N.A. |
|
| Credicorp
Bank, S.A. |
|
| Global
Bank Corporation |
|
| HSBC
Bank (Panamá), S.A. |
|
| Mega
International Commercial Bank |
|
| MiBanco,
S.A. B.M.F |
|
| MMG
Bank Corporation |
|
| Multi
Credit Bank, Inc. |
|
| Primer
Banco del Istmo, S.A.(BANISTMO) |
|
| HProdubank
(Panamá), S.A. |
|
| St.
Georges Bank & Company, Inc. |
|
| Stanford
Bank (Panamá), S.A. |
|
| Towerbank
International, Inc. |
|
Take
Note: - - Q: Why is Panama's banking sector so stable
and successful? How does Panama itself remain so finacially stable?
A:
Panama's
economy is service-based, heavily weighted toward banking, (in addition
to commerce and tourism.) Panama has no Central Bank
per se. The absence of a central bank in Panama has created a completely
market-driven money supply. Panama's market has also chosen the US dollar
as its de facto currency. The country must buy or obtain their dollars
by producing or exporting real goods or services; it cannot create money
out of thin air. In this way, at least, the system is similar to the old
gold standard. Annual inflation in the past 20 years has averaged 1%; the
lowest rate of inflation in Latin America. This market-driven system
has created an extremely stable macroeconomic environment. Panama is the
only country in Latin America that has not experienced a financial collapse
or a currency crisis since its independence.
|
|
|
In
1971 the government passed a banking law that allowed for a very liberal
and open banking system, without any government agency of consolidated
banking supervision, and confirmed that no taxes
could be exacted from interest or transactions generated in the financial
system. The number of banks jumped from 23 in 1970 to 125 in 1983, most
of them being international banks. The banking law promoted international
lending, and because Panama has a territorial tax system, profits from
loans or transactions made offshore are tax free.
|
|
|
This,
and the presence of numerous foreign banks, allows for international integration
of the system. Unlike other Latin American countries,
Panama has no capital controls. Therefore, when international capital floods
the system, the banks lend the excess capital offshore, avoiding the common
ills, imbalances, and high inflation that other countries face when receiving
huge influxes of capital.
|
|
|
There
are more than 120 banks in Panama City, making
it a serious player in the international financial stage. Panama is the
banking hub for much of Latin America. Money flowing in and out of
the region usually passes through Panama in order to make use of its low
tax corporate structure and its stable financial system of banking. Panama's
banking sector is one of the most dynamic areas of the economy. As of May
2003, Panama's 77 major banks reported total deposits of $24 billion, and
$33 billion in total assets, an eight percent decrease from 2002. In 2003,
approximately five percent of the total credit portfolio represented loans
to the public sector. Loans to the private sector in Panama reached US$11
billion, or 95 percent of total credit.
|
|
|
It
is difficult, if not impossible for a foreigner not located in Panama to
open a bank account online. One may, via the internet,
go through an intermediary to open an account; but in the final analysis
one has to come to Panama in order to finalize the opening of the bank
account. There are ways around this - [under development]
|
|
|
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To Buy A Vineyard Overseas
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 The
Regional Directory - Countries To Move To - Do
You Know Want Country You Want To Move To?
- The Regional Directory is an index that leads to a profile of each nation.
Each nation has its own section with relocation resources, articles, ebook
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