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CryptoGuy

New member
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?
 

CryptoGuy

New member
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

New member
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

New member
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

New member
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

New member
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
 

jmkc

New member
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
Thanks for the info, very helpful!
 

EuroKiss

Active Member
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
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

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

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