Panama Banks are not the best to work with - don't get me wrong they are︀ proper banks in the South America region and not only in Panama but the Compliance︁ is not streamlined, Wire Transfer turnaround time is slow - usually taking 3-5 Business Days︂ for a USD SWIFT Transfer while Hong Kong to UAE or Switzerland takes 12-24 hours︃ to process and the Banks taking a good cut for Wire Transfers - 50-100$ for︄ Outgoing and Incoming Transfers 30-50$.
If you do the math with 10 incoming and 10︅ outgoing Transactions per Month you can easily end up paying 1000$ per Month just for︆ Banking.
We do avoid for Business Banking Panama right now entirely and prefer Hong Kong︇ and UAE Banking for Transactional and Cost Reasons while having not really any downside as︈ it comes down to CITIBANK being the Correspondent Bank for USD anyway regardless if a︉ Panama Bank, Hong Kong or UAE Bank.
Panama Personal Bank Account can make sense if︊ you have a Permanent Residence in Panama and Tower Bank Panama works the best if︋ you are in touch with Crypto - so far we don't see any issues receiving︌ USD from Customers Bank (Kraken and Bitstamp Correspondent Bank) via Wire Transfer.
For Crypto Trading︍ with a 0% Tax Panama Offshore Company and Cashing Out in Fiat to Panama Business︎ Account we have at DLS Offshore an entirely different approach and the Business Bank Accounts️ with Panama Banks are not suitable.
Correct, we offer different levels of Nominee Service and with our full package you remain Anonymous.
If you do the math with 10 incoming and 10︅ outgoing Transactions per Month you can easily end up paying 1000$ per Month just for︆ Banking.
We do avoid for Business Banking Panama right now entirely and prefer Hong Kong︇ and UAE Banking for Transactional and Cost Reasons while having not really any downside as︈ it comes down to CITIBANK being the Correspondent Bank for USD anyway regardless if a︉ Panama Bank, Hong Kong or UAE Bank.
Panama Personal Bank Account can make sense if︊ you have a Permanent Residence in Panama and Tower Bank Panama works the best if︋ you are in touch with Crypto - so far we don't see any issues receiving︌ USD from Customers Bank (Kraken and Bitstamp Correspondent Bank) via Wire Transfer.
For Crypto Trading︍ with a 0% Tax Panama Offshore Company and Cashing Out in Fiat to Panama Business︎ Account we have at DLS Offshore an entirely different approach and the Business Bank Accounts️ with Panama Banks are not suitable.
Correct, we offer different levels of Nominee Service and with our full package you remain Anonymous.