Panama City has a skyline of skyscrapers,
churches and neon signs for banks such
as HSBC and Scotia Bank. Panama City
is one of Central America's most modern
and vibrant cities in the Americas.
Over the past 30 years it has become
a mecca for banking with over 85 banks
from 35 countries. All the major banks
are here: HSBC, Lloyds, Scotia Bank,
Citi Group, BAC, etc.
The Panama stock exchange
has seen over the past years a growth
in the market as foreign investment
increases to flood in. The banking is
some of securest in the world and many
large company ban off shore here.
The banks in Panama
welcome oversee's investors and it is
very easy for a foreigner to get a loan
or invest in Panama. The market within
Panama allows people to invest into
a variety of fields from capital investment
to insurance. Do not think of Panama
City as a backward city as it is one
of the most modern in the world.
Panama's banking system
has effectively achieved international
standards of privacy, modern legislation,
and standards of professionalism. Banking
in Panama is easy, private and secure.
Getting a Loan
Several banks in Panama
are very comfortable with home loans
for foreigners. Typically, loans are
issued for up to 70-75% of the value
the bank establishes for the property.
Loans are usually variable rate and
can range from 10 to 30 years. For senior
citizens there's one hitch: loans must
be paid by the age of 75. So if you
are 65, the maximum time of the loan
you receive will be 10 years.
To qualify for a loan,
banks normally require the following
from foreign investors:
Proof of income (pay
slips, CPA certified income statements)
Last three personal income tax declarations
2 Bank references
2 Clear copies of passports and driver's
license
Copy of public utility bills of current
residence
Credit Report (Experience, TransUnion,
Equifax)
Life Insurance
Fire Insurance for the property to be
purchased
An account with the lending bank (to
auto-debit your monthly payments)
Typical loan terms:
15-25 years (or shorter
if you're approaching 75 years of age)
Fixed rate based on the Libor rate or
variable based on Prime Rate
1.5% closing fees
In summary, Panama's strong banking
system and flexible lending policies
for foreigners provide investors a unique
advantage over other popular offshore
retirement and investment destinations.
