In this article, we’re exploring the documents required to open Panama bank accounts as a foreign non-resident. We’ll share the account terms and conditions and banking requirements in Panama for both personal and corporate bank accounts.
This article is part of our free series on the account opening requirements for 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 what is required to open a bank account in Panama.
Table of Contents
- Documents Required to Open Panama Bank Accounts
- Documents Required to Open Corporate Bank Accounts in Panama
- What Is the Required Deposit for an Offshore Panama Bank Account?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Documents Required to Open Panama Bank Accounts
The documents required to open Panama bank accounts include government-issued identification, proof of address, proof of income, and a qualifying deposit. Depending on the bank and account type, additional documents may be required.
Each bank in Panama will have its own onboarding process, opening requirements, and account fees. It’s important to choose banks that accept similar client types, match your banking needs, and have account opening requirements you can meet. This includes knowing the deposit account norms and how much the deposit requirements vary between Panama banks available to you.
What Are the Types of Personal Documentation?
The types of personal documentation include proof of identification and proof of address.
Proof of identification documents can be in the form of a valid passport or driver’s license. Proof of address can often be done by providing a utility bill, rental agreement, or other official statements that showcase your name and address.
Additional personal documents the bank may require include proof of income, reference letters, and a tax identification number.
These documents, including the ones listed above, are compliant with Know Your Customer (KYC) and anti-money laundering (AML) regulations. Submitting these documents can ensure a smooth and secure account opening process.
Documents Required to Open Corporate Bank Accounts in Panama
Knowing what is required to open a corporate bank account in Panama and the exact customer identification guidelines you need to follow are slightly different from what you need to open a personal bank account.
Applicants will need to provide the essential documents, including proof of identification and proof of address, but are also required to provide the following six documents.
- Certificate of incorporation
- Articles of association
- Proof of business activities
- Tax identification number
- Reference letters
- Business plan
Submitting these documents ensures compliance with KYC and AML regulations.
Depending on the bank you choose to open a corporate bank account with, an in-person visit may be required to complete the account opening application.
In addition to the documents required to open personal and corporate bank accounts in Panama, applicants will also need to make a qualifying deposit. The next section of the article covers the deposit thresholds for the different account types.
What is the Required Deposit for an Offshore Panama Bank Account?
The required deposit for offshore Panama bank accounts varies between banks, account types, and banking profiles. Some banks in Panama may have lower deposit requirements, while others have higher deposit thresholds. This typically varies depending on whether you are looking to open a personal bank account or are seeking specialized offshore banking services, like private banking or wealth management.
Generally, most foreign non-residents can open offshore Panama bank accounts with a minimum of USD 10,000. Some banks may require up to USD 250,000 as an initial deposit.
Non-residents looking to open private bank accounts can expect deposit levels in the range of USD 250,000 to USD 500,000.
It’s important to check with the chosen bank to confirm the deposit requirements before applying. This is especially true if you are looking to open a bank account remotely as deposit requirements can vary for in-person and remote account opening.
Do Deposit Amounts Vary Depending on the Banking Services?
Yes, deposit amounts do vary depending on the banking services, the type of account you are opening, and where you are opening the account from, in person or remotely. Different accounts, such as chequing and savings accounts will have different deposit requirements. Certain services including private, corporate, wealth management, or investment accounts will often require higher deposit amounts.
When choosing a bank to open an account with, it’s important to first confirm whether or not they have the banking services and account types you are looking for. Then you’ll need to confirm the deposit requirements, fee schedules, and any additional costs the account may charge.
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 documents required to open Panama bank accounts. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Americans Open Bank Accounts in Panama?
Yes, Americans can open bank accounts in Panama as long as they choose the right bank, meet the opening requirements, and have a suitable client profile. Americans can even open bank accounts in Panama without ever stepping foot in the country. The account opening process does require standard Know Your Customer (KYC) procedures, submission of proper documentation, and making a qualifying deposit.
What Are the 4 Documents or Items Needed to Open a Bank Account?
The four documents or items that are needed to open a bank account typically include proof of identification, proof of address, proof of income, and a qualifying deposit. These items are standard Know Your Customer (KYC) requirements and are required when opening a bank account. Depending on the bank you choose, additional requirements may be required, including reference letters, tax ID, or proof of source of wealth.
What Documents Are Accepted for Opening a Bank Account?
Documents that are accepted for opening a bank account typically include government-issued photo identification, such as a driver’s license or a valid passport, proof of address, such as a utility bill with your name and address, and proof of income, such as a pay stub. Before applying, it’s important to confirm with the bank which documents they accept, this will help with a successful account opening experience.
What Documents Do I Need to Open a Bank Account as a Foreigner?
The documents you need to open a bank account as a foreigner will depend on the bank you choose to open with, the type of account you want to open, and your client profile. Generally, all applicants will need to provide proof of identification, proof of address, proof of income, and in most cases a qualifying deposit. Some banks may also require foreigners to provide reference letters. It’s important to confirm the required documents before applying to open an account.
Do You Want to Open a Panama Bank Account?
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