The Best Safety Deposit Boxes in Panama City

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We’ve previously mentioned Das Safe, the well established safe deposit facility in Vienna, as a place where you can open an anonymous safe deposit box to store gold bullion, important documents etc.

But we always warn you not to keep all your eggs in one basket. Readers in the Americas have often asked us about safe deposit facilities in Panama City, Latin America’s financial hub… but up until the beginning of this year there was no such facility. The safe deposit box business in Panama was controlled by established Panamanian banks, who required clients to go through a bueaucratic account opening process and then join a waiting list for a safe deposit box to become free.

That’s all changed with a new safe deposit facility in Panama City, Panama that opened earlier this year. Peter Macfarlane recently visited this facility and was given a detailed tour by the owners. And, he says, it compares very favourably with other safe deposit boxes worldwide. Peter, for example, takes the credit for having suggested putting shredders in the private viewing rooms, a suggestion which management immediately adopted.

Best Safety Boxes is located on the ground floor of the Credicorp Bank building. For those of you who know Panama City, that’s the big green building on 50th Street (Panama’s “Wall Street”), near the Global Bank Building. It’s in the best area of town, and being surrounded by banks make the security excellent. Best Safety have their own top notch security. They offer five different box sizes ranging from $400 per year to $1250.

Now here’s a hot privacy tip! You cannot rent safe deposit boxes anonymously in Panama, but you can do the next best thing: a Panama corporation with nominee directors can rent a box for you. Provided you are present when contracting the box, you (not the nominees who sign the contract) would get the secret code necessary to enter the vault, as well as the two physical keys necessary to enter the box.

If you are interested in getting a Panama corporation with a box set up, contact Peter Macfarlane directly, via the Q Wealth Offices.  If you would simply like to rent a box in your personal name, drop by the facility or contact Scott LeRoy for an appointment

It’s also worth noting that located at the entrance to the safe deposit facility is a casa de cambio (money exchange house) that aims to offer good rates on currency exchange in Panama. Because the country uses the US dollar in daily circulation, not too many people need to exchange money in Panama. But when they do – for example Europeans who arrive in Panama with Euros, Pounds Sterling or Swiss Francs – the rates of exchange have typically been terrible. So much so that you will see signs saying “Compro Euros” (We buy Euros) fixed to utility posts all over Panama City – but this kind of black market exchange is risky. We are delighted, therefore, that the people at the Best Currency Exchange are trying to break this mould by offering the best rates for Euros etc.

Editor’s note: the above article was originally published in Q Bytes, our free weekly e-mail newsletter. If you would like to receive more privacy, wealth and freedom tips like this every weekend, please be sure to sign up for your free subscription here.

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6 thoughts on “The Best Safety Deposit Boxes in Panama City”

  1. I would like to purchase a safety deposit box and may be in Panama 12/2 and 12/3. We need a 6"w x 8"L x 4"H app. Would this be possible? Please respond asap to facilitate travel plans. Thank you.

  2. I visited this facility and found it to be very secure and professional. I rented one of there bigger boxes and I am very satisfied.

  3. Im looking for a safety box to fit 3 paintings but climate controlled brought in from france and kept in Panama for 3 months until an art show in brazil…what can your company offer me

    • Thank you so much Belcastro for your comment and your interest in the Q Wealth Report. We can offer referrals for safety deposit boxes as part of the paid subscription package. If that is something that interests you, feel free to sign up (www.qwealthreport.com/membership) and contact me again to get the referrals.

  4. Must one be a Panamanian citizen to rent a box in Panama? I am in the process of obtaining a Pensionado Visa, but have not yet completed it. I would like to rent a box in order to leave some small personal items there on my next visit in November of 2017.

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