In this article, we’re exploring the best offshore banks in Panama. We’ll share details on how you can find superior banking firms and the best banks in Panama as a foreign 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 best banks 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 the best offshore banks in Panama.
Table of Contents
- What Are the Best Offshore Banks in Panama?
- What Are the Benefits of Opening Accounts With Offshore Banks in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
What Are the Best Offshore Banks in Panama?
The best offshore banks in Panama will have strong financials, competent management, and experience in accepting foreign non-residents. The banks available to you will depend on your citizenship, residency, banking needs, and deposit level.
Not all offshore banks in Panama are created equal. There are various factors to consider when choosing the best bank to open an account with as a foreign non-resident.
Listed below are ten characteristics of the best offshore banks in Panama. Understanding these characteristics can help you find the top-quality banking company or the best bank in Panama for foreigners, non-residents, and even expats.
Characteristics of the Best Banks in Panama for Foreign Non-Residents
- Accepting foreign non-residents
- Accepts your citizenship and residency
- Requires supporting documents you can provide
- Requires a deposit amount you can afford
- Supports transactions to and from desired countries
- Charges reasonable international transaction fees
- Charges reasonable account maintenance fees
- Offers both international debit and credit cards
- English-speaking customer support
Choosing the best offshore bank in Panama as a foreign non-resident can be challenging, but it also can be beneficial. The next section outlines the specific benefits foreign non-residents can tap into when opening accounts with offshore banks in Panama.
What Are the Benefits of Opening Accounts With Offshore Banks in Panama?
The benefits of opening accounts with offshore banks in Panama ultimately depend on the person looking to bank here. The reason for this is that certain banks offer different account types, fee structures, and interest rates, and accept different client profiles.
Generally speaking, when you choose a bank that aligns with your banking needs, has the services you are looking for, and is suitable for your particular profile, you can take advantage of numerous benefits. We share eight of these benefits below.
- Open accounts 100% remotely
- Hold multicurrency accounts
- Hold accounts in a dollarized economy
- Have access to well-managed banks
- Access to high savings deposit rates compared to elsewhere
- Access to banks with strong correspondent relationships
- Hold relatively low account balances compared to elsewhere
- Have access to English-speaking staff
The benefits of opening accounts with suitable offshore banks or the best international banks in Panama can be unlocked by both non-resident individuals and foreign entities. The benefits available to you specifically will depend on the bank you choose to open an account with, the type of account you want to open, your deposit level, and your banking needs.
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 the best offshore banks in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How to Open an Offshore Bank Account in Panama?
You can open an offshore bank account in Panama by selecting a bank that matches your profile and has account opening requirements you can meet. Then you will need to complete the account opening process, send supporting documents, and make a qualifying deposit.
Is Panama Good For Offshore Banking?
Yes, Panama is good for offshore banking. In fact, Panama is one of the most accessible offshore banking jurisdictions available for foreign non-resident individuals and entities. This is especially true for anyone just starting in offshore banking, seeking relatively low deposits and well-managed banks.
What Is the Best Bank in Panama for Foreigners?
The best bank in Panama for foreigners will depend on the person applying. More specifically, their citizenship, residency, banking needs, and deposit level. Several banks in Panama cater to international banking clients and offer foreign non-resident banking services. Opening accounts in Panama as a foreigner will require a minimum deposit between USD 10,000 and USD 250,000.
Which US Banks Operate in Panama?
The US banks that operate in Panama, include Citibank and JPMorgan Chase Bank. The difference between these two banks ultimately comes down to the type of license they have. Citibank has a general banking license to operate in Panama, whereas JPMorgan Chase Bank has the authority to act as a representative in Panama. With this in mind, neither of these banks offers retail consumer banking services. Instead, they offer commercial and investment banking services.
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.
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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!
