Our valued sponsor

Sword and Shield
SWISSMONEY Iban Accounts with Sepa

Brokerage account for Panama company

#67
update:
Bankera in the end rejcted. Weird.
Payoneer works!

I even have a working Virtual Credit card.
IBAN number works.

Big Disadvantage is the 2% fee for outgoing payments.

After 9 months of research, my PERSONAL conclusion is that Andorra and Panama are the best options.
Andorra being super complex and expensive but no bad reputation.
Panama super simple, no accountancy, still the best way to go.(But maybe BVI etc is similar)
So the attachment thats a Panama company is useless is proven wrong. Works perfectly for a while now and with high turnover.
 
  • Like
Reactions: Dasilva
#68
startfleetio said:
Use the Panama as a Holding Company and use it to be the sole member of a US LLC. You will have better luck applying to US brokerages and US crypto exchanges with a US entity. Not to mention Stripe is piece of cake as well.
Click to expand...
Really? I've read in another post that it would be merely impossible to open a bank account for the LLC if the owner of the LLC is a Panama Corp.

romalo said:
update:
Bankera in the end rejcted. Weird.
Payoneer works!

I even have a working Virtual Credit card.
IBAN number works.

Big Disadvantage is the 2% fee for outgoing payments.

After 9 months of research, my PERSONAL conclusion is that Andorra and Panama are the best options.
Andorra being super complex and expensive but no bad reputation.
Panama super simple, no accountancy, still the best way to go.(But maybe BVI etc is similar)
So the attachment thats a Panama company is useless is proven wrong. Works perfectly for a while now and with high turnover.
Click to expand...
Were you able to open a corp bank account for your Panama Company and if so can you recommend someone?

I've read online that it was better and easier to open a Belize corp account for a Panama Company.
 
#69
Deepbarrels said:
Really? I've read in another post that it would be merely impossible to open a bank account for the LLC if the owner of the LLC is a Panama Corp.


Were you able to open a corp bank account for your Panama Company and if so can you recommend someone?

I've read online that it was better and easier to open a Belize corp account for a Panama Company.
Click to expand...
Can be true, no idea.

Yes Payoneer works very good. 13 multi currency accounts. It's free.
Search for EMI's focussed and they have no Panama fobia.
Withdrawn 80k/month to our Panama bank account and other bank account without any problem.

Connectpay opening now account as well allthough they do not allow withdrawal to Panama bank account.

ps. I see a lot of people asking me to send a DM. But do not know how to do that.
https://www.offshorecorptalk.com/threads/how-do-you-message-someone-directly.35915/It says you need like 35+ messages or pay for subscription tot unlock DM capability. I did 50 my profile says. But maybe need to start more threads?

If somebody has usefull imformation for me, in example a list with EMI/ Banks that work, im happy to exchange a ton of information with him.
If you are that person, please add a message on my profile and I will find a way to contact you.

ps. I also studied which (few) EMI's hand out business Credit Cards to Panama companies and Colombian residents / UBO's.
 
Last edited:
#70
romalo said:
Can be true, no idea.

Yes Payoneer works very good. 13 multi currency accounts. It's free.
Search for EMI's focussed and they have no Panama fobia.
Withdrawn 80k/month to our Panama bank account and other bank account without any problem.

Connectpay opening now account as well allthough they do not allow withdrawal to Panama bank account.

ps. I see a lot of people asking me to send a DM. But do not know how to do that.
https://www.offshorecorptalk.com/threads/how-do-you-message-someone-directly.35915/It says you need like 35+ messages or pay for subscription tot unlock DM capability. I did 50 my profile says. But maybe need to start more threads?

If somebody has usefull imformation for me, in example a list with EMI/ Banks that work, im happy to exchange a ton of information with him.
If you are that person, please add a message on my profile and I will find a way to contact you.

ps. I also studied which (few) EMI's hand out business Credit Cards to Panama companies and Colombian residents / UBO's.
Click to expand...
Thanks, I'm still trying to open our panama corp account. So far they all ask for an operation license and when you get that you're liable for taxes because it means you have operations in the country.

Any help would be appreciated regarding the easiest bank to use for opening an account for a Panama corp.

I wish I could help you more. Have you checked XE.com ? I heard they can be somewhat good and similar to Wise, but I haven't tried it yet. I've also read that a belize corp account with a Panama company was the ultimate set up, i emailed the lawyers who wrote the article to find out how but i didn't get an answer yet.

How does Colombia perceive your set up if you are technically receiving the money there first? Is it considered foreign income and not therefore taxed?

Anyway thanks for all the info you've provided.. I think I learned more in this thread than in 1 month in the Mentor Gold group!
 
  • Like
Reactions: Expatgenie
#71
Colombia is not for business. Extremely hard with loads of taxes and paperwork, but a paradise to live in and also extremely cheap.
Use a foreign company + assets and use foreign credit card, that is the way to go. Then you don't have to pay taxes or do paperwork or whatever.

If you have more info about this Belize corp would be great. Panama bank accounts are really shitty to deposit/withdrawal and super expensive($50usd).
I need a different safe bank, because Panama was safe, like switzerland, but not sure anymore. Is Belize safe? sounds scary to store millions there.
(Big benefit from panama is you do not need to record accountancy, well, not really....)
 
#75
@romalo thanks for sharing your journey!
What is your current setup?

Did you succeed in opening a USD bank account in your company name not in Panama?
How are the banks reacting to your transfers to Binance?

At the moment I shortlisted a few banks/neobanks with crypto support:
- Bankera (blocks a lot of people)
- Mistertango, has a questionable reputation, no USD account
- PacificBank - high fees, no USD account, slow

I am also thinking about Swiss banks, but with my turnover, I think I will not be interesting for them
 
#76
romalo said:
More good news:
ARIVAL.com APPROVED our PANAMA company!!!
Expensive bank? yes, not the opening but the rest yes.
https://arival.com/pricing
Click to expand...
Congratulations!

I would like to open account in Arival for investment in crypto and stocks at IBKR. I don't want to be rejected at once just by mentioning crypto and stock in my application.
do you know is it ok to mention crypto and stocks investments, as a purpose? or is it a way to get a reject at once?
 
#77
romalo said:
hi mAzzy, the other (real) lawyer already confirmed, I posted that little days ago.
I'm in the process now, I'll try to update here in few weeks or months. Let's see, I'm sceptic like you!

More good news:
ARIVAL.com APPROVED our PANAMA company!!!
Expensive bank? yes, not the opening but the rest yes.
https://arival.com/pricing
So after 200 hours of work I can now finally confirm that it is not true what people say that it is impossible to open "bank" account for Panama.
Bankera
Wittix
Arival
Accept Panama. Arival approved for free no costs.


The list is much longer with banks that rejected, I now end the topic now with only banks that work. Hope it helped you.

We now use Transferwise account based on other company in Colombia, with almost the same company name as the Panama company.
Transferwise is super simple and no CRS.
So our clients get an invoice from Panama, with payment details Belgium IBAN. Then when we receive the money we send it to Panama.

Maybe not fully legal but the best method.

My tax lawyer said that as long as invoice is correct and legal, and the money ends in the Panama bank account, the only one who can make a problem is transferwise.
But they can close the account, no more.
There is no tax evasion, and...
Transferwise is no real Bank where you long-term store the money which you have to report to tax-government, u just use it as passthrough.
so no issue with Colombia or Panama government.
Click to expand...
Post is outdated.

Account opening is 2500 USD and 100$/month unless you hold permanent 100,000.00 USD with them.
 
You must log in or register to reply here.
SWISSMONEY Iban Accounts with Sepa

Forum Announcement

Latest Threads

Offshore Bank Accounts
The Kingdom Bank
SWISSMONEY Iban Accounts with Sepa
Top Bottom
Back