In this article, we’re answering “Can I open a bank account in Panama?” The short answer to this question is yes, you can open a bank account in Panama.
However, there are important nuances that you’ll need to consider prior to applying, which we discuss below.
This article is part of our comprehensive series on Banking in Panama. You can access this series for free 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 whether you can open Panama anonymous bank accounts below.
Table of Contents
- Can I Open a Bank Account in Panama?
- How Do I Open an Offshore Bank Account in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open Panama Bank Accounts?
Can I Open a Bank Account in Panama?
Yes, you can open a bank account in Panama. In fact, most individuals and companies can open a bank account in Panama if they are able to meet the account opening requirements of the bank they choose.
The account opening requirements imposed by Panama banks include a completed application form, government-issued identification, proof of income, tax identification number, proof of address, and qualifying deposit.
A qualifying deposit in Panama usually starts at USD 10,000 for foreign non-residents looking to open a bank account remotely. We consider this to be reasonable when compared to other offshore banking jurisdictions.
In terms of bank selection in Panama, your options will depend on your country of citizenship, country of residence, ties to Panama, and whether you apply in person or remotely for an account.
While most people will want to open an account with one of the largest banks in Panama (like Banco General), these banks are generally not available to non-resident applicants.
In fact, in our team’s experience, many foreign residents of Panama (expats) will struggle to open bank accounts with banks like Banco General.
With this in mind, foreign non-residents (and certain residents) should instead focus their energy on applying for accounts with banks in Panama that specifically cater to international clients.
In the next section of the article, we’ll take a closer look at these nuances of opening an offshore bank account in Panama as a foreigner.
How Do I Open an Offshore Bank Account in Panama?
You can open an offshore bank account in Panama by completing the following steps.
Steps to Open a Bank Account in Panama:
- Identify a Panama bank that will accept your client profile
- Review the account opening requirements and application form
- Prepare all of the necessary supporting documents and proofs
- Submit the completed application (mail necessary documents to Panama)
- Wait for compliance to review your application
- Respond to any outstanding questions from the Panama bank
- Receive notice whether your offshore bank account in Panama is approved
- If denied: Start the process over again with a different bank in Panama
- If approved: Send your qualifying deposit to your new Panama bank account
These are the normal steps that most foreigners will need to overcome in order to open a bank account in Panama.
How Much Money Do I Need to Open an Offshore Account in Panama?
The amount of money you need to open an offshore account in Panama as a foreign non-resident starts at USD 10,000. However, depending on your residency status in Panama, it is possible to open with a lower deposit.
On the other hand, if you are looking to access one of the larger banks or you are trying to access “private banking” services in Panama, then you should expect to deposit at least USD 250,000.
That said, Panama is not a private banking hub. Instead, it is an offshore banking jurisdiction that caters to foreign non-resident clients. So, if you are looking for private banking services, you should consider more traditional banking jurisdictions instead.
If you are interested in exploring your banking options (and requirements) 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 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 banking in Panama. If you have further questions about Panama, don’t hesitate to contact us directly.
Can an American Citizen Open a Bank Account in Panama?
Yes, an American citizen can open a bank account in Panama. While Americans struggle to open bank accounts in other jurisdictions, they can successfully open bank accounts in Panama remotely with reasonably low deposits.
Is It Hard to Open a Bank Account in Panama?
It is not hard to open a bank account in Panama. However, it can be tedious to navigate the account opening requirements and to find a bank that will accept your client profile as a foreigner. With this in mind, we usually suggest that our members consider one of the Panama banks that specifically caters to foreign non-residents.
Can I Open a Bank Account in Panama Remotely?
Yes, you can open a bank account in Panama remotely. The remote account opening process in Panama varies by bank but usually involves submitting an application via email, conducting an onboarding interview, and physically mailing certain supporting documents to the bank for verification.
Which US Banks Have Branches in Panama?
Two US banks have branches in Panama, Citibank and JP Morgan Chase Bank. Citibank has a general banking license in Panama and JP Morgan has a representative license. That said, it’s important to note that Citibank and JP Morgan only service major commercial clients in Panama and do not offer account opening for individuals or small and medium businesses.
Do You Want to Open a Panama Bank Account?
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To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!