Banistmo is not crypto-friendly at the moment, I know developers working in the bank involved in blockchain/crypto projects and the bank isn't crypto averse per se but they won't touch him with a barge pole until it gets regulated by the local government.
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- Thread starter CryptoGuy
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Banistmo is not crypto-friendly at the moment, I know developers working in the bank involved in blockchain/crypto projects and the bank isn't crypto averse per se but they won't touch him with a barge pole until it gets regulated by the local government.
Hi Guys,
Once the crypto law was passed in Panama, do you know if the situation have changed in regard to crypto friendly banks?
As far as I know, banks continue to reject wire transfers of fiat to and/from exchanges, including Banesco.
Should appreciate very much of any updates you may have in this regard. Thanks a lot.
Once the crypto law was passed in Panama, do you know if the situation have changed in regard to crypto friendly banks?
As far as I know, banks continue to reject wire transfers of fiat to and/from exchanges, including Banesco.
Should appreciate very much of any updates you may have in this regard. Thanks a lot.
I would be surprised if local banking would improve for any locally licensed crypto company. Banks in Panama cannot afford to take any risks. The whole country runs on USD and the banks cannot afford to upset their US correspondent banks.
And foreign banks still consider Panama toxic after Panama Papers, so I'm not sure how great your chances would be there either.
Almost anything is possible with the right business plan, people, and capital, though.
And foreign banks still consider Panama toxic after Panama Papers, so I'm not sure how great your chances would be there either.
Almost anything is possible with the right business plan, people, and capital, though.
I can tell you as someone living in Panama, you're kidding yourself if you think any bank here will happily accept crypto. Most don't even accept transfers from an EMI like Wise. This is still very much the wild west and as mentioned, lawyers (or those who have decided to call themself that) will sell you anything. The government doesn't even trust a lawyer enough to do anything without a notary (who can also be dodgy hah). Banks also differ from branch to branch or just the mood of the person you speak to on any given day.
Further on, the new crypto law has not been passed yet. The bill was passed but it is still waiting for the President to sign it in to law. It is expected as the bill passed with a 40-0 vote though. This law doesn't actually change much however. Crypto payments aren't uncommon here already and it's deemed offshore profit so isn't taxable anyway. It's mostly just to provide clarity and attract outside capital. I wouldn't expect banks to be on board even with the changes and as Panama is already on the blacklist I wouldn't be surprised to see further EU / USA pressure.
You would also want to consider the international connections. There's no issue transferring internationally in or out of Panama however expect a lot of scrutiny and some limitations. Any amount over $10,000 will instantly see your account frozen until you provide reason for the funds and sometimes much less than this. I've had amounts as low as $700 held up. Some banks will request you physically walk in to a branch to do some of this. Plus, good luck actually getting an account as a non-resident. The banks aren't interested and the laws for obtaining residency also changed recently so it's not as simple as it was previously. I'm not super familiar with UK tax laws but I'm sure they'll have CFC laws which means you'll be paying UK tax anyway.
All that being said, feel free to PM me if you'd like me to check out your lawyer. I know most of them here (the good ones at least).
Further on, the new crypto law has not been passed yet. The bill was passed but it is still waiting for the President to sign it in to law. It is expected as the bill passed with a 40-0 vote though. This law doesn't actually change much however. Crypto payments aren't uncommon here already and it's deemed offshore profit so isn't taxable anyway. It's mostly just to provide clarity and attract outside capital. I wouldn't expect banks to be on board even with the changes and as Panama is already on the blacklist I wouldn't be surprised to see further EU / USA pressure.
You would also want to consider the international connections. There's no issue transferring internationally in or out of Panama however expect a lot of scrutiny and some limitations. Any amount over $10,000 will instantly see your account frozen until you provide reason for the funds and sometimes much less than this. I've had amounts as low as $700 held up. Some banks will request you physically walk in to a branch to do some of this. Plus, good luck actually getting an account as a non-resident. The banks aren't interested and the laws for obtaining residency also changed recently so it's not as simple as it was previously. I'm not super familiar with UK tax laws but I'm sure they'll have CFC laws which means you'll be paying UK tax anyway.
All that being said, feel free to PM me if you'd like me to check out your lawyer. I know most of them here (the good ones at least).
As someone who has bank accounts in Panama and do crypto development I can say that there are banks that accepts crypto businesses, I have banks accounts with Banesco, Banitsmo, Global Bank and Credicorp Bank. All of them are for my offshore business, as long as you are doing things legally and you can show proof of your work you won't have issues (btw I'm a non resident and I have a couple of years without going to the country).
Just have common sense and don't try to hide yourself, like I said there is no problem with the nature of the business as long as you do everything legally
Just have common sense and don't try to hide yourself, like I said there is no problem with the nature of the business as long as you do everything legally
If it's from a bank account in the same name and not a large amount you could get it under the radar. But it's a roll of the dice. Generally if it's too large (sometimes even if not) or recurring deposits etc they'll ask for source of funds info. Banking in Panama is terrible under normal circumstances. I live here and still choose to do most of my banking elsewhere.
I live in Panama too and buy limited crypto through local banks on P2P exchanges. I also use a bank in Europe without a problem so far. My main concern or difficulty is withdrawing fiat from crypto sales to my Panama accounts. How I wish there were an accepting ,friendly bank here.
Bloomberg's today: Panama President Will Refuse to Sign Crypto Law in Current Form
It is a pity that, with such a financial base in the country, Panama is lagging far behind from this crypto, technological revolution.
And there is another problem and that is that many of world financial providers refuse to offer services to Panama residents.
Well, let's see how this evolve in the future. Cheers!
Banesco is opening accounts to not residents..... But didn't mentioned anything about cryptocurrencies tho
Hi, An enterprise can open a bank account for long-term use for a Panama crypto company. However, there may be some fees associated with this service. It is advisable to contact your chosen bank to learn more about their specific requirements and charges. To open a bank account in Panama, you will need to provide the following documents:
- A valid passport
- A utility bill or other proof of address
- A completed application form
- Initial deposit (this may vary depending on the bank)
Once you have gathered all the required documents, you can visit the chosen bank to open an account. The bank may require additional information or documents, so it is important to be prepared. It is also worth noting that some banks may not offer services to crypto companies. Therefore, it is important to do your research and choose a bank that meets your needs.
- A valid passport
- A utility bill or other proof of address
- A completed application form
- Initial deposit (this may vary depending on the bank)
Once you have gathered all the required documents, you can visit the chosen bank to open an account. The bank may require additional information or documents, so it is important to be prepared. It is also worth noting that some banks may not offer services to crypto companies. Therefore, it is important to do your research and choose a bank that meets your needs.
I can confirm they do open accounts for crypto companies, but you need to be as transparent as possible and with real products (they don't open to crypto traders)
f**k yeah....that's awesome.... Banesco is one of the best bank there ... Awesome supports and direct USD corresponsal accounts that means cheaper transfers.... I have a good contact there
The typical: Who you are, where are your funds coming from, type of business, how the crypto is moved and for what, keeping booking on the transactions and show them accountant audits... Also being transparent with them once they request something.
Yes
For all intense purposes.
If you are "British" then you could legally have an account (Crypto Exchange) trade under your name on behalf of xxx company, and have a Bank again under your name and use for the company.
Just ensure there's legal docs covering the structure, Mr xxx name will be used for an account at xxx Exchange and xxx Bank, and ensure you do not cross contaminate with other personal accounts.
In the UK its common for companies to do this and there are no laws against it .
Ensure you have a Accountant and any funds paid to you are structured non-random etc.
And naturally inform HMRC.
Having a Panama company and operating it from where you live (the UK) won't stop the tax mind, as you are the UBO regardless, may as well have a UK Ltd company.
Or move to Thailand and defer redemption (income till next Tax year) or Dubai and tax free but expensive set up costs. (could do a panama company and live there and not worry mind as it would all operate overseas and you as UBO live in the tax haven itself.)
If you are "British" then you could legally have an account (Crypto Exchange) trade under your name on behalf of xxx company, and have a Bank again under your name and use for the company.
Just ensure there's legal docs covering the structure, Mr xxx name will be used for an account at xxx Exchange and xxx Bank, and ensure you do not cross contaminate with other personal accounts.
In the UK its common for companies to do this and there are no laws against it .
Ensure you have a Accountant and any funds paid to you are structured non-random etc.
And naturally inform HMRC.
Having a Panama company and operating it from where you live (the UK) won't stop the tax mind, as you are the UBO regardless, may as well have a UK Ltd company.
Or move to Thailand and defer redemption (income till next Tax year) or Dubai and tax free but expensive set up costs. (could do a panama company and live there and not worry mind as it would all operate overseas and you as UBO live in the tax haven itself.)
I don't have experience with Seychelles, you will need to talk with them and see if they will accept it
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