In this article, we’re exploring whether or not banks in Panama are safe for foreign non-residents. We’ll share details on the market risks, lending risks, and other risks of banking in Panama as a non-resident and we’ll also answer common questions we receive from people exploring this topic.
This article is part of our free series on the risks of banking in Panama. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Panama banking also discusses the largest banks in Panama, Panama opening requirements, the costs of banking in Panama, and much more. Use the link above to start exploring all of your free Panama banking content right now.
Alternatively, use the table of contents to continue exploring more information on whether or not banks in Panama are safe.
Table of Contents
- Are Banks in Panama Safe?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Are Banks in Panama Safe?
Yes, banks in Panama are safe as long as you choose banks that have strong management, responsible lending, and maintain adequate capital and liquidity ratios. It’s important to choose the right banks and bankers and maintain reasonable deposits that match your risk tolerance.
Depending on your banking profile, there are risks to banking in Panama that you need to consider. These risks range from how the country’s reputation can impact transactions to how choosing the wrong bank can make managing your accounts extremely difficult.
Understanding these risks can help you in choosing the best suitable bank for your particular client profile and banking needs.
Is It Safe for Non-Residents to Open Offshore Bank Accounts in Panama?
Yes, it is safe for non-residents to open offshore bank accounts in Panama. The Panamanian banking sector is also safe to bank in as an American. The banks available to non-residents, including American non-residents, will depend on the person applying. More specifically, their citizenship, residency, banking needs, and deposit level. This is because not all banks in Panama accept non-resident clients. And of the ones that do, not all are suitable banking options.
It’s important to choose reputable banks that adhere to Panamanian and international banking regulations and that have experience in accepting non-resident clients.
If you are interested in learning more about banking in Panama, 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 some of the top banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring if banks in Panama are safe. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Do Panama Banks Report to the IRS?
Yes, Panama banks report to the Internal Revenue Service (IRS). The vast majority of banks around the world automatically report all accounts held by US persons under the Foreign Account Tax Compliance Act (FATCA).
Does Panama Have Bank Secrecy?
Panama does not have bank secrecy in the traditional sense. However, Panama law does penalize anyone who shares information about accounts or account holders with unauthorized parties. That said, the penalties typically involve fines and are not severe when compared to other jurisdictions that mandate criminal charges for similar cases.
Can a US Citizen Open a Bank Account in Panama?
Yes, a US citizen can open a bank account in Panama. In fact, US citizens can even open bank accounts 100% remotely. This is true both for US citizens residing in the United States and those residing outside of the United States. Additionally, companies and wealth management entities owned by US citizens can also qualify to open accounts in Panama, especially if there is a clear demonstrable tie to the country of the region.
Do You Want to Open a Panama Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Panama in a few clicks.
GlobalBanks IQ is our flagship international bank account opening solution. It gives you instant access to the…
+ Expert insights on which banks to choose & why
+ Step-by-step reports to open bank accounts in the best banking hubs
+ GlobalBanks international bank database & detailed bank profiles
+ Tried & tested banks for high-risk, offshore, & non-resident clients
+ Plus, get YOUR most pressing bank account opening questions answered by our team!
And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
