As you already know, I like to speak things clearly and bluntly so that you are well informed of everything related to opening an offshore account for cryptocurrencies in Panama.

On this occasion we will refer to the great step taken by the Panamanian bank together with the Superintendency of Banks, approaching an emerging market that is reaching more and more users. This excites me because I have seen and witnessed the blocks that exist to be able to freely transact with cryptocurrencies.

Stay there because I am going to tell you very interesting things about it.

The first thing to keep in mind is that a step like this in the banking of Panama does not imply in any way managing accounts freely without going through regulations and existing filters that, although it is true, we do not like, but we must be Realistically, it is the system we have, let’s play along using our own strategies within the legal framework to protect our heritage and digital assets (bitcoin). Then it is worth knowing that in order to open a Cryptofriendly account in Panama you will have to provide documentation and due diligence information.

Second, it is very important to be prepared with the information and documentation that corresponds to a due diligence such as:

Passport

Bank Reference Letters

Bank statements

proof of income

To mention the most important ones that you must have to apply for a bank account opening in Panama, in addition to the fact that some of these documents must be legalized by means of an apostille. Along with this, it is best to have a business profile parallel to that of cryptocurrencies in the event that you are a fervent “crypto trader”. This is important for banks because there is still no recognition of the cryptocurrency trader/investor activity with which you can be accepted unless you have licenses that endorse your activity.

I know that you are waiting for the specific information on how you can open a bank account for cryptocurrencies in Panama. But I took a little time to write the above because it is very necessary to understand how the Panamanian banking system works.

What is the Towerbank cryptofriendly account in Panama?

In a few words, it is an account in which you will be able to receive funds resulting from changes from crypto to fiat money by third parties, or receive funds from the exchanges.

In principle, the account has a limit to receive funds of USD5000.00 during the first 3 months, after this you can request an increase in the limit as long as you can justify this increase with your proof of income and verify the transactional profile that you have had during the 3 trial months of your account.

What are the requirements for this bank account in Panama?

The requirements are quite simple for non-residents in Panama:

Apostilled passport copy

Copy of second apostilled identification

bank reference letter

proof of address

**Proof of income

** I stop to expand this particular requirement because it is the most important to take into account the profile of transactions you seek to have. Proof of income are documents that prove the origin of your funds, be it an income statement, financial statement certified by a CPA, contracts or any other document that proves where your income comes from, of course, in addition to any document that validates your activity in business/investments in cryptocurrencies such as Bitcoin. Your range of transactions will be according to the numbers presented by these supporting documents. To be clearer, do not intend to tell the bank that you want to manage USD100,000.00 per month when, for example, your income statement reflects that you earn 1,000.00 per month, you must justify where the other USD99,000.00 will come from.

The account opening process can be done remotely without having to travel to Panama. It is also very important that you take into account that internationally sanctioned countries are considered high risk so, if for example you are from Venezuela, unfortunately you will have much less chance of getting a bank account in Panama for cryptocurrencies. In the same way, the case can be evaluated.

What about taxes?

At this point each case must be analyzed individually because there are factors such as your place of residence that influence tax planning. But in general, Panama is still a territorial country as far as taxes are concerned, so you will pay taxes on what you invoice within the Republic of Panama. We invite you to hire a consultant to talk about your particular case if you are still not very clear about what you should do.

Do you want an account in Panama?

With our personalized advice you will achieve all the benefits of having your cryptofriendly account, so do not hesitate to contact us.