In this article, we’re sharing the truth about numbered bank accounts in Panama. More specifically, how they differ from high-net-worth banking and private bank accounts in Panama and whether or not they can still exist today.
This article is part of our free series on private 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 private banks in Panama.
Table of Contents
- What Is a Numbered Bank Account in Panama?
- Frequently Asked Panama Banking Questions
- Ready to Unlock the Benefits of Panama Banking?
What Is a Numbered Bank Account in Panama?
A numbered bank account in Panama is where an account holder is identified by a unique set of digits instead of their first and last name. This type of account adds a layer of anonymity and is used for discreet financial transactions.
This is at least what a numbered bank account in Panama used to be.
Despite what you may read on the internet or hear from an offshore service provider, numbered bank accounts no longer exist.
Instead, individuals can protect their personal information by setting up a Panamanian foundation or trust.
Which Banks Have Number Accounts?
Switzerland, Luxembourg, Singapore, and even Panama were all known for offering numbered accounts. These countries, especially Switzerland, were privacy-focused banking jurisdictions and offered full anonymity for individuals and businesses looking to open a bank account offshore. This service no longer exists anywhere in the world.
Individuals looking for sophisticated banking services, including investment services offered by Panama banks and that can meet higher deposit requirements may consider opening a private bank account with either of these banking jurisdictions.
If you are interested in private 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 some of the top banking jurisdictions available.
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Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring how to open a numbered bank account in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Countries Have Numbered Bank Accounts?
Switzerland, Luxembourg, and Singapore were all known for offering numbered bank accounts. Although these types of accounts no longer exist, these banking jurisdictions still offer a level of privacy, protection, and stability to high-net-worth individuals.
Do Numbered Accounts Still Exist?
No, numbered accounts do not exist. Account holders can no longer hide their identity behind a set of digits. This is a result of tougher banking laws, beefier AML and KYC regulations, and changing compliance standards. Numbered accounts are a thing of the past.
What Is a Numbered Account?
A numbered account is a type of bank account where the account holder’s identification is replaced with a unique number, providing a layer of security and privacy. Numbered accounts were often found in offshore private banking hubs and were commonly used for discreet financial transactions. Numbered bank accounts no longer exist.
Ready to Unlock the Benefits of Panama Banking?
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✅ Guaranteed account opening because we will keep working with you until you successfully open the bank account you need.
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