Crypto Holding Company Panama costs

[CryptoGuy]

I have been looking at options for holding my crypto currency and with Panama’s tax arrangements with the UK (current) and Portugal (possible future residence), along with their tax situation. This will be for holding assets not for running a crypto business.

I won’t be needing a bank account short term, but will be in the medium to long term.

Could anyone recommend an agent to help and advise of the start up costs and on-going costs?

 

[myshufflemix]

Is this the second or third thread about the same question?

You want to speak with @James Turner from Turner Little, he has great knowledge about UK tax situation and can help on a consultancy basis.

 

[CryptoGuy]

I had posted another thread looking for options, but have now narrowed it down to Panama. Thanks for the advice, I’ll drop him a message.

 

[jmkc]

I had posted another thread looking for options, but have now narrowed it down to Panama. Thanks for the advice, I’ll drop him a message.

I'm looking for a Crypto friendly bank in Panama and was hoping you may be able to direct me. Any info regarding this would be very helpful and very much appreciated.

 

[3leaf]

hi CryptoGuy - I am looking into the same and I am in contact with a IBC service provider in Panama, this is what they said to me - I haven't pulled the trigger yet...
"there is a draft that it is still on discussion, Bill 203, basically they want to allow national brokers, buy and handle cryptocurrency for other clients, and they are regulating the use through the Panama Brokers that are registered in Panama, meaning that all international exchanges will not be regulated. The Panama Bank we use is Banesco if you want to look into them, there is also another option with Banistmo, but I want to be sure they will accept the Crypto exchange you want to do trading - if you can send me the list of exchange you would do trading I can confirm with Banistmo, their platform will accept the transfer as Banistmo do accept some exchange but some not."
Hope this helps send you in the right direction - lmk what you find out. Cheers 3 leaf

 

[jmkc]

hi CryptoGuy - I am looking into the same and I am in contact with a IBC service provider in Panama, this is what they said to me - I haven't pulled the trigger yet...
"there is a draft that it is still on discussion, Bill 203, basically they want to allow national brokers, buy and handle cryptocurrency for other clients, and they are regulating the use through the Panama Brokers that are registered in Panama, meaning that all international exchanges will not be regulated. The Panama Bank we use is Banesco if you want to look into them, there is also another option with Banistmo, but I want to be sure they will accept the Crypto exchange you want to do trading - if you can send me the list of exchange you would do trading I can confirm with Banistmo, their platform will accept the transfer as Banistmo do accept some exchange but some not."
Hope this helps send you in the right direction - lmk what you find out. Cheers 3 leaf

Hi 3leaf - Are you able to deposit fiat from an exchange in which you sold crypto with Banesco or Banistmo? I would like to use Kraken and Binance, if you could find out if Banesco or Banistmo accepts deposits from these 2 exchanges it would be greatly appreciated! My banker in Panama told me she heard Canal Bank accepts, I haven't verified yet.

 

[3leaf]

Hi 3leaf - Are you able to deposit fiat from an exchange in which you sold crypto with Banesco or Banistmo? I would like to use Kraken and Binance, if you could find out if Banesco or Banistmo accepts deposits from these 2 exchanges it would be greatly appreciated! My banker in Panama told me she heard Canal Bank accepts, I haven't verified yet.

Third hand info is Yes, one can deposit fiat from exchanges (Kraken, Binance) into Banesco with their clients actively doing so.
Check this article. I haven't followed up on it from late Jan 2021
https://news.bitcoin.com/panamanian...n-regulating-cryptocurrencies-in-the-country/

 

[jmkc]

Third hand info is Yes, one can deposit fiat from exchanges (Kraken, Binance) into Banesco with their clients actively doing so.
Check this article. I haven't followed up on it from late Jan 2021
https://news.bitcoin.com/panamanian...n-regulating-cryptocurrencies-in-the-country/

Thanks for the info, very helpful!

 

[3leaf]

Thanks for the info, very helpful!

lets keep in touch with updated info as we move forward

 

[jmkc]

lets keep in touch with updated info as we move forward

Absolutely, will do. I'm new here, are DM's possible?

 

[3leaf]

Absolutely, will do. I'm new here, are DM's possible?

hahah me too! how would we DM?

 

[jmkc]

hahah me too! how would we DM?

I'll message admin and keep you posted.

 

[EuroKiss]

Third hand info is Yes, one can deposit fiat from exchanges (Kraken, Binance) into Banesco with their clients actively doing so.
Check this article. I haven't followed up on it from late Jan 2021
https://news.bitcoin.com/panamanian...n-regulating-cryptocurrencies-in-the-country/

Banesco is a Venezuelan bank, currently the holding in Caracas has been sized by the local socialist government. I wouldn’t suggest you it is a wise option...

 

[3leaf]

Banesco is a Venezuelan bank, currently the holding in Caracas has been sized by the local socialist government. I wouldn’t suggest you it is a wise option...

 

[3leaf]

very interesting....thanks for the intel on Banesco. I'll take a look into it as well

 

[3leaf]

EuroKiss, I did just find this. Is it possible that Panama's Banesco is wholly separate from the Venezualian Banesco?

https://www.panamabanks.info/banks/banesco

"On February 5, 2007, through Resolution No.009-2007, the Superintendency ceded to Banesco, S.A. the change of its International License to a General License, which allows it to carry out the banking business in any part of the Republic of Panama, as well as to carry out transactions that are perfected, consumed or take effect abroad.

Banesco, S.A. was a Panamanian company wholly owned by Banesco Dutch Holding, B.V., a limited liability company incorporated under Dutch law, located at Prins Bernhardplein 200, 1097 JB Amsterdam, The Netherlands.

Banesco Dutch Holding, B.V., belonged in its entirety to Banesco Corporación Holding Hispania, S.L., a limited liability company, incorporated in accordance with Spanish law, with an address at Calle Coello No. 77, Planta 3 28001, Madrid, Spain.

On June 24, 2013, through Resolution No.0088-2013, the Superintendency approved the merger between Banesco Corporación Holding Hispania, S.L. and Banesco Dutch Holding, B.V., so that the bank became wholly owned by Banesco Corporación Holding Hispania, S.L.

Additionally, through Resolution No.0088-2013, the Superintendency approved the transfer of all the shares of Banesco S.A. in favor of Banesco Holding Financiero, S.L., which belongs in its entirety to Banesco Corporación Holding Hispania, S.L.This operation was completed on July 30, 2013.

On September 27, 2013, a name change was made to Banesco Corporación Holding Hispania, S.L. to Banesco Holding Latinoamérica, S.A., which was registered in the Mercantile Registry of Madrid."

 

[EuroKiss]

EuroKiss, I did just find this. Is it possible that Panama's Banesco is wholly separate from the Venezualian Banesco?

https://www.panamabanks.info/banks/banesco

"On February 5, 2007, through Resolution No.009-2007, the Superintendency ceded to Banesco, S.A. the change of its International License to a General License, which allows it to carry out the banking business in any part of the Republic of Panama, as well as to carry out transactions that are perfected, consumed or take effect abroad.

Banesco, S.A. was a Panamanian company wholly owned by Banesco Dutch Holding, B.V., a limited liability company incorporated under Dutch law, located at Prins Bernhardplein 200, 1097 JB Amsterdam, The Netherlands.

Banesco Dutch Holding, B.V., belonged in its entirety to Banesco Corporación Holding Hispania, S.L., a limited liability company, incorporated in accordance with Spanish law, with an address at Calle Coello No. 77, Planta 3 28001, Madrid, Spain.

On June 24, 2013, through Resolution No.0088-2013, the Superintendency approved the merger between Banesco Corporación Holding Hispania, S.L. and Banesco Dutch Holding, B.V., so that the bank became wholly owned by Banesco Corporación Holding Hispania, S.L.

Additionally, through Resolution No.0088-2013, the Superintendency approved the transfer of all the shares of Banesco S.A. in favor of Banesco Holding Financiero, S.L., which belongs in its entirety to Banesco Corporación Holding Hispania, S.L.This operation was completed on July 30, 2013.

On September 27, 2013, a name change was made to Banesco Corporación Holding Hispania, S.L. to Banesco Holding Latinoamérica, S.A., which was registered in the Mercantile Registry of Madrid."

Dear @3leaf my great pleasure.
Even if all those Venezuelan banks are separate entities they all have relations with the same stockholders, that have usually strong ties with money laundering and even terrorism.
Just an example:
BOI Bank

 

[3leaf]

@jmkc @EuroKiss - any updates on Banistmo or Atlas bank in Panama? Specifically wanting a bank that accepts deposits and withdrawals in fiat from crypto exchanges. Thanks

 

[Golden Fleece]

@jmkc @EuroKiss - any updates on Banistmo or Atlas bank in Panama? Specifically wanting a bank that accepts deposits and withdrawals in fiat from crypto exchanges. Thanks

Let's face it, Panama is one of the most scrutinized offshore bank havens in the world, dating from the time of Noriega to the Panama Papers to many more minor scandals in between. Any bank in Panama dealing with cryptos will be under a microscope by various international alphabet soup agencies (OECD, etc.), and even worse, by journalists. Neither the banks nor the government will want to take the chance of further international scrutiny by making themselves a part of the tax shelter process for cryptos.

Local attorneys just want to sell business entities. Oftentimes, they do not care about what happens afterwards.

 

[Absol]

I'm looking for a Crypto friendly bank in Panama and was hoping you may be able to direct me. Any info regarding this would be very helpful and very much appreciated.

I have the same interest, I have see Banitsmo being the better choice in Panama. But Azteca Bank with the strong words of Ricardo Salinas can be a better choice, don`t know yet.

https://www.entrepreneur.com/article/375899