Finally, a non bank safety deposit box facility for Panama City!

It seems someone has spotted an opportunity after the recent news that various Panamanian banks, including HSBC and Banvivienda, are ceasing to offer safe deposit box facilities to their clients. A new operation named ‘Best Safety Boxes’ is due to open its doors (and safes) shortly in the Plaza Credicorp Bank Panama Building on Calle 50.

Clients have been asking us for years for a non-bank operated safe deposit facility in Panama. Since this is not a bank, you will not be required to open a bank account in order to use this safe deposit box facility. The privacy and confidentiality advantages to this are substantial. Also, in the event of a systemic collapse leading to temporary closure of all banks (a so called ‘bank holiday’) one hopes that Best Safety Boxes would not be affected.

What could you do with your safe deposit box? You could store gold bullion, the bearer share certificates for your Panama Corporation, or just plain cash that you wish to keep outside the banking system.

We are not sure when Best Safety Boxes are due to open, but if you drive by the Plaza Credicorp Bank Panama building you can already see the signage indicating its imminent opening, so we hope it won’t be long. We will keep you informed.

In the meantime remember that Do Business in Panama is your go-to source for Paama Offshore Legal Services such as Corporations, Foundations and Bank Introductions.  Please feel free to contact us with any questions.