You can apply for a bank account in Panama 100% remotely as a foreign non-resident individual or for a foreign entity. In fact, Panama is both affordable and accessible for remote opening, with initial deposits starting at USD 10,000.
In the following article, we’ll be sharing our experience helping members find and open bank accounts in Panama remotely. We’ll also be answering common questions about opening Panamanian accounts from abroad and outlining the requirements you’ll need to meet in order to successfully open remotely on your own.
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 how to open a Panama bank account remotely.
Table of Contents
- Open a Panama Bank Account Remotely
- Requirements for Opening Bank Accounts Remotely in Panama
- Frequently Asked Panama Banking Questions
- Do You Want to Open Panama Bank Accounts Remotely?
Open a Panama Bank Account Remotely
To open a Panama bank account remotely, applicants need to submit a completed application, conduct a video call, send supporting documents to Panama, and make an initial deposit of USD 10,000.
That said, the most important step to successfully open a Panama bank account remotely is bank selection. In other words, applicants need to select a bank in Panama that will match their client profile, offer the services they need, and is willing to open accounts without an in-person visit.
Do All Banks in Panama Offer Remote Account Opening?
No, not all banks in Panama offer remote account opening. In fact, the vast majority of banks in Panama do not allow foreign non-residents to open Panama bank accounts without visiting a branch.
As a result, most individuals (or business owners) who try to open Panama bank accounts remotely end up failing. In many instances, applicants even struggle to get a Panama bank to return their calls or emails.
That said, Panama bank account opening isn’t hard if you know what you’re doing. Instead, most applicants fail because they are contacting the wrong banks, or speaking with Panama bankers who are not familiar with onboarding foreign clients.
Fortunately, all of these problems can be overcome if you know which banks to contact and you’re able to meet the specific requirements for remote account opening in Central America, specifically for a Panama bank account for foreigners.
Requirements for Opening Bank Accounts Remotely in Panama
The requirements for opening a Panama bank account remotely will vary by bank, account type, and applicant. However, there are general requirements that most applicants will need to meet in order to open accounts.
We have outlined the specific requirements for both personal and business bank accounts below.
Requirements: Panama Personal Bank Accounts Remotely
- Panama bank account opening application
- Government-issued identification
- Tax identification number
- Proof of address in the country of residence
- Rationale for banking in Panama
- Proof of income
- Proof of source of wealth
- Initial deposit of USD 10,000 to USD 250,000
Requirements: Panama Business Bank Accounts Remotely
- Panama bank account opening application
- All personal requirements for shareholders
- All personal requirements for directors
- Proof of address in the country of operation
- Rationale for banking in Panama
- Corporate registration information
- Detailed description of business activities
- Initial deposit of USD 10,000 to USD 250,000
It’s important to note that it can be challenging to meet account opening requirements, however, how hard it is to open a bank account in Panama ultimately depends on the bank you choose.
If you are interested in exploring your 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.
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 I Open a Bank Account in Panama From the US?
Yes, you can open a bank account in Panama from the US. In fact, Panama is one of the few offshore jurisdictions that is both accessible and affordable for US citizens to access.
Can I Open an Account in Panama Online?
Yes, you can open an account in Panama online. The process to open Panama bank accounts online typically involves a video interview, sending documents by email, and then mailing certain supporting documents to Panama. That said, each bank’s requirements are different, so certain banks may not need you to send anything to Panama at all.
Can a Non-Resident Open a Bank Account in Panama?
Yes, a non-resident can open a bank account in Panama. In fact, Panama is an offshore banking jurisdiction with several banks that cater to the needs of foreign non-resident individuals and companies. That said, it’s important to know which banks accept your client profile and offer the services you require prior to applying.
How to Set Up an Offshore Bank Account in Panama?
To set up an offshore bank account in Panama, you will need to select a bank that matches your profile and has account opening requirements you are able to meet. Then you will need to complete the account opening process, send supporting documents, and make a qualifying deposit.
Do You Want to Open Panama Bank Accounts Remotely?
If so, you can access GlobalBanks IQ and start the process of applying in Panama in a few clicks.
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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!
