Expat Advice: Financial Issues in Panama City, Panama

What is the name of the city or town that you are reporting on?

Panama City

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

Yes, I also found a credit union that offers very attractive interest rates on their certificate of deposits / ranging from 4.5% to 8.5%.

Kovalenko & Vera Attorneys at Law in Panama
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Kovalenko & Vera is a Panamanian law firm that specializes in immigration law, corporate law, real estate law, banking, contract negotiation, taxes and flag registry. With more than 20 years of professional practice, Kovalenko & Vera builds lasting relationships with our clients to ensure your interests are safeguarded.

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Kovalenko & Vera Attorneys at Law in Panama

Kovalenko & Vera is a Panamanian law firm that specializes in immigration law, corporate law, real estate law, banking, contract negotiation, taxes and flag registry. With more than 20 years of professional practice, Kovalenko & Vera builds lasting relationships with our clients to ensure your interests are safeguarded.
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Click connect to have our partner contact you via e-mail and/or phone.

What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

Opening an account in a Panama bank is very difficult today due to the new reporting requirements imposed by the USA.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

Many Panama banks will not accept US clients. Financing for homes is extrenely difficult.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

Definately look into credit unions.

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

Expat oriented firm

What advice could you offer others about doing your taxes as an expat?

Don't ignore US tax obligations. The IRS has a presence in Panama