Thread: buying big things in Panama

Originally Posted by Liont

Janl, the international schools here do - one time entrance fee of that amount. School fees is separate.
We will open a bank account. Just don't know how soon that can happen.

Thats insane! I get more and more convinced not to have kids lol

Yes opening a bank account here was a real hassle, but in the end it didnt take that long. About a month only

It's essential to the local economy to have that feature.

Originally Posted by explorer

Really, Ed?

Are there any particular banks' checks they accept/favor?
I have Compassbank and Chase in US. I intend to open a HSBC back account in Panama.

Originally Posted by janl

Thats insane! I get more and more convinced not to have kids lol

Yes opening a bank account here was a real hassle, but in the end it didnt take that long. About a month only

Well janl, we don't have much of a choice, given the selection. Esp for "transients" like us, local private school is out, as we need to go back to an "English" based system eventually. But if we are migrating to Panama permanently and intend to bring up kids here, then I will immerse them in the Panamanian education system. That shouldn't be too pricey.

ABA/Fedwire with an account number. HSBC, I hear, have fees and extended wait time for clearing US checks. Matt should know more - I don't bank with them.

Originally Posted by Liont

Are there any particular banks' checks they accept/favor?
I have Compassbank and Chase in US. I intend to open a HSBC back account in Panama.

Thanks Ed, which bank do you recommend that does not have this hassle with US checks?

I know Multibank and HSBC are not working out quite as well as one would like.

Originally Posted by Liont

Thanks Ed, which bank do you recommend that does not have this hassle with US checks?

I would say that letting a kid start at a school while a check clears is not a high risk transaction for the school. What's the worse case - they lose out on a couple of weeks of schooling?

I forget the exact amount (I believe it was around 50 million dollars) that has been seized so far in 2010 in undeclared cash. If they even think you have cash -- they will check your bags inside out. If you're $1 over -- good bye money...

Matt

OK. That' scary. Thanks Matt.

Yeah... really scary...

50 million is nothing :-). Consider that they seized 60 metric tons of cocaine in 2007. 60 tons is 60,000 kilos, with a street value of maybe 100k in the US, that's 6 billion dollars. Now assume that they only seized 10 %, that leaves 54 billion dollars per year. Imagine now that the total bank deposits in Panama is a mere 50 billion :-). I guess one could assume that 5 % of the balance comes back to Panama so at least 2-3 billion should be coming in as undeclared cash each year.

A new building with 150 smaller units should run you about ~20 million dollars. I think that's why I have all these empty high-rises around me.

Originally Posted by EdBowers

50 million is nothing :-). Consider that they seized 60 metric tons of cocaine in 2007. 60 tons is 60,000 kilos, with a street value of maybe 100k in the US, that's 6 billion dollars. Now assume that they only seized 10 %, that leaves 54 billion dollars per year. Imagine now that the total bank deposits in Panama is a mere 50 billion :-). I guess one could assume that 5 % of the balance comes back to Panama so at least 2-3 billion should be coming in as undeclared cash each year.

A new building with 150 smaller units should run you about ~20 million dollars. I think that's why I have all these empty high-rises around me.

Well, the thing that sucks is that the 50 million is probably mainly from fairly honest hardworking people. The big connected crooks get nothing seized, cause theyre allowed to bring it in, at a small fee.

And 10%? Lets assume 1-2%! I think in europe they estimate that they seize abt 3-5%, and its a lot harder to find corrupt politicians and customs people there.

and yes i think yr right lol its crazy! Im on my balcony now and i see 5 whole finished buildings that are completely empty!!! they should turn some lights on so its not so obvious