Thread: best Bank or Credit union for my 300k C.D

I have to put 300k into a C.D for my person of means residency. I have looked at banks as well as Credit unions , however I am having difficulty finding interest rates as well as history on the Credit unions.

Can anybody give me some advice on this subject, I am making a trip to Panama in a couple of weeks to start the process.

Do I put it all in 1 account or do I spread it, in 3 accounts

Thanks,

Tom

try to get ED BOWERS to answer this , he is the sites money guy , i dont think you can put it in 3 different accounts , and you know the money stays there forever , if you pull it out your visa stops .

I recommend setting up a foreign trust that pays you a quarterly pension instead. The interest rates are not attractive in Panama right now. Credit unions are untested waters for getting approval.

ED do you have a ballpark inerest rate that is being paid in panama , banks and credit unions ?

3 Year CDs (as required for the solvency visa type). BBB rated local bank about 4.5 %. A/A+ rated bank about 3.5 %. Credit unions between 5 and 7.75 %.

Originally Posted by nakedguydb

ED do you have a ballpark inerest rate that is being paid in panama , banks and credit unions ?

Originally Posted by EdBowers

I recommend setting up a foreign trust that pays you a quarterly pension instead. The interest rates are not attractive in Panama right now. Credit unions are untested waters for getting approval.

Thanks Ed for the reply. I am however still confused as to what option to take. If i put 300k in an account it will be forever, or do I set up a foreign corp and pay myself a pension, will this just be as simple as a letter from the company stating how much a year I will get?
My lawyer is giving me no confidence, even though I have know him for years. Maybe his specialty is not residency, time to rethink going elsewhere, nip it in the bud now I think

Yes, and no. You setup a trust fund outside Panama that pays you a life time annual pension. I recommend Belize for this. You will get a letter from the trustee guaranteeing a lifetime payment of a minimum 1000 dollars and you will need to show the records of these payments.

Lawyer? Paper pusher?

Originally Posted by tompoker

Thanks Ed for the reply. I am however still confused as to what option to take. If i put 300k in an account it will be forever, or do I set up a foreign corp and pay myself a pension, will this just be as simple as a letter from the company stating how much a year I will get?
My lawyer is giving me no confidence, even though I have know him for years. Maybe his specialty is not residency, time to rethink going elsewhere, nip it in the bud now I think

I am new to forum. I too am looking to move to Panama within a few months. But, for now I want to open an account to get a better rate than in the US. What is the best way to approach this? Can it be done from the US without the costs of an attorney? On the Belize trust does that mean you need to open a Belize bank account to fund it or can the bank in Panama be the trustee of the assets? Forgive my denseness since I have gotten some legal advise here at home that sounds kind of strange. Thank you!