Most Panama banks (and offshore banks in general) offer a low to moderate rate of return on your invested money. This is counter-productive since people interested in an offshore bank account in Panama or elsewhere are looking for a place to store and grow their hard earned money.
In Panama, most banks offer a 3.5% to 4.5% interest rate on time deposited money. At this rate of interest you will need to wait a long time to see any sizable growth on the money you have invested. Offshore banking clients generally consider this to be a cost of protecting their assets offshore. Fortunately, clients of our law firm have access to a bank that can offer up to a 8% interest rate. The interest rate they offer is dependent on both the amount of money you have on deposit and the length of time you are willing to lock in your money. What makes this bank especially attractive to investors is that they will include the amount of money you have in your transactional accounts to help qualify you for the highest possible interest rate. No other offshore bank we know of provides this service.
Our firm can help you get this interest rate from one of the largest banks in Panama. So why would this large bank offer such a high interest rate? This bank is interested in attracting clients that have a large asset base. To cater to these wealthier clients this bank actually opens two bank accounts on your behalf. One transactional account for day to day spending and one savings account where you can grow your money at a high interest rate.
Since this bank caters to the upper echelon of depositors they provide services on par with the best private banks in Switzerland. They answer customer phone calls and emails promptly. You will know the bank manager personally and have access to his direct telephone line to handle all of your concerns.
Most banks in Panama now only offer secured visa cards for business accounts. This can be a problem for the privacy conscious since the account signatory's name and the company name show up on the visa card. Every time you make a transaction, you will be tying your name to the corporation name both at the store you are shopping and in the global visa database. What our competition is not telling you is that their visa debit cards are really secured visa cards. That means if you try to use them as a debit card, you will be charged cash advance fees! (think minimum 5% hit). The bank we work with offers both a debit card and a secured mastercard separately. Acquiring a debit card is a very important part of your privacy infrastructure and asset protection strategy.
There is always a catch. This bank is not for everyone. They require at least $50,000 to be deposited into a CD (time deposit). They are geared to wealthy investors that want to keep their funds somewhere safe, yet have their assets grow with a decent rate of return.
If you are interested in this bank please call us for more details. You may also be interested in this comparison of Panama Banks .