Banks/EMi for Panama company?
- Thread starter Valeriia Ilchenko
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Have a look at Proven Bank in St Lucia.
https://stlucia.provenbank.com
Also check out ItalBank in Puerto Rico.
https://www.italbank.com
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Is there an advantage to use a bank outside of Panama for a company in Panama receiving funds considered as foreign income?
Italbank review on reddit, translated from spanish: Good evening everyone, I see that Italbank is often mentioned a lot here and I feel the need to write this. First of all, I am Venezuelan and I have lived here for a year and a half. I wanted to tell you that Italbank is really just a kind of ghost or briefcase bank. To begin with, it offers SUPER MISLEADING advertising, since the account they open for you is not in the USA in any sense as they say, it is an account in Puerto Rico. If I remember correctly, the bank is owned by some corrupt members of the Venezuelan government who founded or bought it after Citibank withdrew from the country, in order to transfer the dollars that were stolen from the state oil company. This bank began to offer Venezuelans (especially ITALIAN pensioners, hence the name) through Italcambio (a very old exchange house) whose movements the government limited. The option of being able to collect their pensions without them they would pesify (or bolivarize as it would be there). My family has used it for years. The experience involved delays of up to months to be able to deposit or withdraw the money. They returned transfers after weeks for no reason and charged you the exit and return taxes hahaha. Just as sometimes 15 days went by without answering the phone. In short, it is a complete FIASCO that even the physical headquarters was in doubt once. Good luck and be careful
Proven Bank seems to have less of a bad reputation..
Last edited: Oct 11, 2023
I'm not going to defend italbank cuz they don't pay me and tbh they are not good... but this person saying "To begin with, it offers SUPER MISLEADING advertising, since the account they open for you is not in the USA in any sense as they say, it is an account in Puerto Rico." just shows this person doesn't even read before applying to a bank
No idea. Long time since I even looked at Panama.
It's not a branch but a Representative Office. If he is in Panama he should reach out to them.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
It depends on what you want to do but on a general view from those 3 I take Banesco
yeah for two of my 'high risk' companies.
go to their website and sign in, fill the data and get onboarded. They kinda expensive tho but you can negotiate fees after some time
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