How is your bank rated?

Day 233 Tuesday (Martes) - Panama City

Panama has seen a boom in economic activity over the past decade and couple that with the growth of the banking system here it becomes a win win for anyone looking to make better use of their hard earned savings. The latest report by the Fitch Ratings Agency has rated banks well in Panama in recent months. Global Bank Corporation will increase the National qualification in Panama to A+ with a stable outlook. The increase in the rating is attributed to significant improvement in levels of capitalization and supports the expectation that it will be sustainable over the coming years.

With the banking system being stable and interest rates ranging from a low of 2.5% for you basic bank savings account up to 8.5% for a 3 year CD it makes sense to me to get your money growing again and move some of it here.

Also remember, the USA has the HIRE ACT that takes effect Dec 31, 2012 which includes as potential 30% exit tax if you decide to move money out of the states after that date. So if you are a US citizen you may want to think quickly on this decision.