Panama Banking License

The procedure of obtaining a Panama offshore bank license is quite complex thus it is advised to seek the assistance of a professional consultancy firm that specializes in the banking license industry. A Panama banking license will enable its holder to conduct banking services along with obtaining SWIFT membership quicker than most locations worldwide.

Acquiring a Panama Offshore Bank License

The Superintendency regulates Panama’s banking institutions. It is responsible for reviewing and standardizing all banking license applications. There are three types of bank license which can be acquired, these are listed below:

  1. General Banking License: Allows banking activity onshore as well as offshore, with minimum capital requirement of US$10 million.
  2. International Banking License: permits offshore banking activity, with minimum capital requirement US$3 million.
  3. License for Representative Offices: minimum capital requirement US$10 million which cannot be kept in Panama. They can operate in Panama given that they are authorized by the financial authority of their country of domicile.

In order to acquire a Panama International bank license, it is vital to present US$250, 000 of the US$3 million to the government. The rest of the capital may be used for the bank’s other requirements. All applications for an offshore bank license must be filed at the Panama Superintendent of Banks; they are responsible for regulating and establishing bank licenses.

Once the relevant application and necessary documents including Articles of Incorporation, details of directors of bank and financial statements have been submitted, the license can take up to 4-5 months to be issued. It is recommended to seek the assistance of a professional consultancy firm in order gain the relevant license for your specific banking purposes.