Panama non-resident bank account opening is a seamless process if you know which banks to approach, how to comply with KYC (Know Your Customer) requirements, and are willing (and able) to submit a qualifying deposit.
Most foreign non-residents can complete this process 100% remotely. That said, not all banks in Panama accept foreign non-residents, so bank selection will be a key factor in successfully opening bank accounts here.
This article is part of our free series on how to establish a personal banking relationship and open a bank account in Panama, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Panama Non-Resident Bank Account
- Who Can Open a Non-Resident Panama Bank Account?
- How to Open Non-Resident Accounts With Panama Banks
- Frequently Asked Panama Banking Questions
- Ready to Unlock the Benefits of Banking in Panama?
Panama Non-Resident Bank Account
Opening a Panama non-resident bank account is possible for most nationalities and countries of residence if you know which banks to approach, can meet the opening requirements, and have a suitable client profile. Panama non-resident bank accounts can even be opened 100% remotely.
Not all banks in Panama offer non-resident banking. Nor do they allow accounts to be opened remotely. Bank selection is an important factor to consider when choosing where to open a Panama non-resident bank account.
When choosing where to open a Panama non-resident bank account, it’s important to choose banks that not only accept your client profile but offer the banking services you are after. Here is a short overview of the specific services most Panamanian bank accounts can offer non-residents.
Non-Resident Panama Banking Services
- Basic offshore bank accounts
- Multi-currency accounts
- International investment accounts
- Non-resident mortgages
- Debit and credit cards
These services are designed to cater to the needs of international clients who do not reside within the borders of Panama but are seeking offshore banking.
One advantage of a Panama non-resident bank account is the accessibility of multi-currency accounts, allowing account holders to hold and transact in various currencies. This is beneficial for individuals requiring currency diversification or those engaged in international business.
Like banking anywhere, opening a Panama non-resident bank account does come with account maintenance fees and possible reporting implications based on the regulations in your home country.
Overall, these banking services cater to international banking clients seeking a stable offshore banking environment with access to the US Dollar. The next section below outlines who exactly can open a Panama non-resident bank account and benefit from these banking services.
If you are interested in exploring personal banking options in Panama further, don’t forget to visit our comprehensive guide on Banking in Panama, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Panama to the top offshore banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
Who Can Open a Non-Resident Panama Bank Account?
Opening a non-resident Panama bank account, as mentioned above, is accessible to many nationalities and countries of residence. Foreign nationals, including international investors, offshore companies, expats, and American nationals can open a bank account in Panama.
While these client groups are eligible, not all banks in Panama will accept them.
Knowing which banks accept similar client types to you, have requirements you can meet, and have the financial services you are after is essential to successfully opening a non-resident bank account in Panama.
It’s important to note that while there are no strict citizenship or residency requirements, non-resident applicants still need to undergo a vetting process, including background checks and verification procedures.
Here is a closer look at the type of clients that can open non-resident accounts with Panamanian banks.
Client Types That Can Open Accounts With Panamanian Banks
- Foreign non-residents
- Foreign companies
- Wealth management entities
- International investors
- Expatriates
How to Open Non-Resident Accounts With Panama Banks
Opening non-resident accounts with Panama banks is a seamless process if you choose a suitable financial institution, complete the application process, and comply with KYC (Know Your Customer) requirements. All of which can be done 100% remotely.
The application process typically involves submitting seven different documents. We share these seven documents in the list below.
Non-Resident Account Opening Requirements
- Government identification
- Tax identification number
- Bank reference letter
- Proof of income
- Proof of address
- Source of funds
- Resume or CV
Once these documents are submitted with your application form, banks will conduct due diligence to verify the information you’ve provided. In addition to submitting these documents, non-residents will also need to submit a qualifying deposit. The deposit will vary depending on the bank, account type, and client profile. Deposit requirements for non-residents typically are in the range of USD 10,000 and USD 250,000.
Opening a Panama non-resident bank account is a straightforward process if you choose a bank that accepts your profile and can meet the requirements listed above. We cover this further in our free series on banking in Panama.
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring Panama non-resident bank account opening. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Non-Residents Open a Bank Account in Panama?
Yes, non-residents can open a bank account in Panama as long as they choose the right banks, meet the bank’s account opening requirements, and have a suitable client profile. Bank selection will be an important factor to consider when applying for a bank account in Panama since not all banks accept non-residents.
Can a Non-Resident Open a Corporate Bank Account?
Yes, a non-resident can open a corporate bank account in Panama. Panama’s banking sector is welcoming of international clients looking for personal or corporate bank accounts. Non-residents looking to open a corporate bank account will need to provide the company’s articles of incorporation, financial statements, description of business operations, and much more.
Can an American Citizen Open a Bank Account in Panama?
Yes, an American citizen can open a bank account in Panama. In fact, an American citizen can even open a bank account in Panama without ever visiting the country. The account opening process for American citizens will depend on the bank they choose. Generally speaking, an American citizen will need to navigate the account opening requirements, obtain any required certifications, submit proper documents, and make a qualifying deposit.
Can a Non-Resident Have a Bank Account in Panama?
Yes, a non-resident can have a bank account in Panama. The country’s banking sector is known for accepting international clients and offering non-resident banking services. Not all banks in Panama accept non-resident clients, so bank selection will be an important factor to consider when choosing where to open a bank account in Panama.
What Is the Best Bank in Panama for Foreigners?
Determining the best bank in Panama for foreigners depends on the individual applying. More specifically, their citizenship, residency, banking needs, and deposit level. However, several banks in Panama cater to international banking clients and offer foreign non-resident banking services. It’s important to mention, opening accounts with these banks as a foreigner, will require a minimum deposit between USD 10,000 and USD 250,000.
Ready to Unlock the Benefits of Banking in Panama?
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