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Panama

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Panama

Location: Central America, bordering both the Caribbean Sea and the Pacific Ocean

Capital: Panama City

Population (2022 estimate): 4,337,768

Status: Member of the Organization for Economic Co-operation and Development (OECD), World Trade Organization (WTO)

Currency: Balboa (PAB), United States dollar (USD)

Official languages: Spanish

Deposit guarantee:  N/A

Did you know?

1.5 million of the 3.6 million people living in the country of Panama reside in Panama City.

Panama is the only place in the world where you can watch the sun rise on the Pacific Ocean and set on the Atlantic Ocean from the same spot. At the narrowest point of the country, just 80 kilometers (50 miles) separates the two oceans.

Located south of the hurricane alley, Panama is rarely affected by tropical storms.

Panama has the second largest duty-free zone in the world. The Colon Free Zone is second in size only to Hong Kong.

The Panama Canal alone generates a full third of Panama’s entire economy.

Panama was the first Latin American country to adopt the U.S. dollar as its official currency.

With its glistening skyscrapers, the center of modern Panama City resembles a miniature Manhattan. Panama has the most modern and successful international banking center in Latin America, with more than 85 banks from 35 countries. Panama’s banking law (Decree No. 9) meets the standards of leading financial centers around the world for transparency and regulation.

Panama is also one of the most secure international offshore centers in the world. The Panama Stock Exchange is one of the fastest-growing in the region. In the financial industry, diverse investment opportunities exist in banking, investment capital financing, insurance and reinsurance.

The local communications systems and infrastructure are the equivalent of any first world country such as the USA, Canada, or the United Kingdom.

Panama is the largest international banking center in the world next to Switzerland. Approximately 100 international banks are located in Panama. It offers a modern and technologically advanced banking system and is one of the most stable banking jurisdictions in the world.

Key features

Muticurrency accounts

Online internet banking and mobile application

VISA and Mastercard Debit cards

Some banks may ask for minimum deposit

Loans and finance banking services

Merchant services

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