Expat Advice: Financial Issues in Panama, Panama

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

Panama

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.

Since bank services offered by local banks (Visa card transactions, ATM withdrawals, transfers) are as good as any in the US, there are no expat-focused banks.

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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?

Do not bank with an entity that is not referred to you by reliable, financially-savvy folks, and do your homework by reviewing its licenses and financial statements. Otherwise, stick to branches abroad of banks known at home.

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

Exaggerated due diligence procedures.

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

Diversify.

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)?

I do my own taxes with a tax software.

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

Have the first year done by an expert in the country of origin and another in the country of residence.