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  • Writer's pictureAbel Gomez Tomiczek

Exploring Fixed Term Deposits and Interest Rates in Panama

In the world of global money matters, people and businesses are looking for safe and profitable ways to make their money grow. Panama is known for its strong money system and good business climate. This makes it a favorite place for people who want to use fixed term deposits to make more money. In this newsletter, we'll talk about fixed term deposits in Panama. We'll look at their good points, the current interest rates, and how they're connected to getting residency. We'll also show you how easy it is to open one of these accounts without coming to Panama in person.

A pink piggy bank
Fixed Term Deposits and Bank Accounts in Panama

Understanding Fixed Term Deposits

Fixed term deposits, also known as time deposits or CDs, are when you put a set amount of money in a bank for a set amount of time. People like these deposits because they're safe and you know how much money you'll get back. In Panama, the Superintendencia de Bancos de Panamá (Superintendency of Banks of Panama) watches over these deposits to make sure everything is fair and safe.


Benefits of Fixed Term Deposits

  • Sure Thing Returns: Fixed term deposits give you a guaranteed interest rate for the time you agreed on. This keeps your money safe, which is really nice when the economy is unsure.

  • Spreading the Risk: While fixed term deposits might not give the biggest profits compared to riskier investments, they're good for making your investment mix diverse. This helps in case some investments don't do well.

  • Keeping Your Money Safe: People who don't like taking risks prefer fixed term deposits. They keep the money you put in safe, and the extra money you get from interest adds to your total.

  • Easy to Get: Fixed term deposits have different time options, so you can pick what fits your money goals. Plus, you can even open an account without going to Panama!


Investing to Get Residency

Panama has a popular residencia program where you can become a resident by investing in fixed term deposits. The "Friendly Nations Visa" program lets people from certain countries (like Germany, Austria, Switzerland, Canada, and the USA) become permanent residents if they invest in Panama. You can do this by putting at least US$200,000 into a fixed term deposit account in a Panama bank for three years. This not only helps you financially but also lets you move around the world more freely and guarantees you your personal plan B.


Current Interest Rates and Easy Access:

Here are the current interest rates for fixed term deposits in Panama based on how long you want to put your money in:

  • 3 Months (3M): 5.35%

  • 6 Months (6M): 5.55%

  • 1 Year (1A): 5.85%

  • 2 Years (2A): 5.60%

  • 3 Years (3A): 5.00%


Remember, these rates can change because of the economy and bank rules. To know the latest rates, just ask us.


Opening Your Deposit Without Traveling

Exciting Update! You can start a fixed term deposit account without having to travel. Thanks to our solid bank connections, you can do everything online. This means investing in Panama is simple, even from a distance. And guess what? Fixed term deposits are a great option for foreigners who already have their residency in Panama.

In short, fixed term deposits are a smart choice for people and businesses who want to make money safely. Panama's banks are regulated and have good interest rates, which makes it a great place to invest. Plus, you can even use fixed term deposits to get residency and live in Panama. And the best part? You can do all of this without needing to visit Panama in person. If you want to know more, just ask us. We're here to help!

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