The benefits of depositing funds into a bank account in Panama as a foreign non-resident or for a foreign non-resident entity, include remote opening, reasonable deposits, and the fact that Panama is relatively accessible to individuals from most countries.
In this article, we’ll be breaking down the specific benefits prospective clients can expect in Panama when opening personal, business, private, and offshore bank accounts.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What are the Benefits of Banking in Panama?
- Who Can Benefit From Banking in Panama?
- Frequently Asked Panama Banking Questions
- Ready to Open an Offshore Bank Account?
What Are the Benefits of Banking in Panama?
The benefits of banking in Panama include political and economic diversification, holding deposits with fiscally responsible banks, access to foreign investments and wealth management solutions, and securing a portion of your savings in a different legal jurisdiction.
Additionally, while it’s no longer possible to open an anonymous bank account in Panama, it is possible to increase your personal privacy by having accounts outside of your home country. In short, banking in a foreign country like Panama offers a level of confidentiality that you may not be able to access in your home country.
Likewise, while an offshore bank account in Panama does not directly offer asset protection, simply banking outside of your home country can offer an extra layer of protection against frivolous lawsuits.
That said, it’s important to point out that international and offshore bank accounts in Panama (and elsewhere) do not offer tax optimization. Instead, both personal and corporate taxes are typically determined by citizenship, residency, and economic activity.
In other words, there are a number of benefits to banking in Panama. However, many of the benefits marketed by offshore gurus either don’t exist anymore or require a more complex approach than simply opening bank accounts.
With this in mind, here is a list of the benefits that most people and entities can access when banking in Panama. We also share account-specific lists below for anyone seeking personal, business, offshore, and private banking in Panama.
What Are the Benefits of Banking in Panama?
- Remote opening is 100% possible
- Accepting of most passports & residencies
- High savings deposit rates compared to elsewhere
- Stable banking sector based in US dollars
- Banking options with limited retail lending
- Banks with strong correspondent relationships
- European private banks operate here as well
- And more
Again, the actual benefits, banking support, and banking services in Panama that each individual or entity can access depend on their unique client profile and the type of account they want to open. Likewise, different clients will be charged different service charges, investment fees, and banking costs, which should be taken into consideration.
We will dive into these factors when exploring the benefits of banking in Panama below. But, as always, if you have specific questions about banking in Panama, don’t hesitate to contact us directly.
Who Can Benefit From Banking in Panama?
As mentioned, there are a number of clients who can benefit from banking in Panama. However, before accessing Panamanian banking benefits, clients need to first open an account.
The first step in opening accounts with Panamanian banks is choosing a bank that matches their profile. Next, the applicant will need to navigate account opening procedures and meet banking requirements to successfully open an account.
To help you successfully open a bank account in Panama, we’ve published free guides for each of the Panamanian bank accounts listed below.
Who Can Benefit from a Personal Bank Account in Panama?
Individuals who can benefit from opening a personal bank account in Panama tend to be those who are getting started with offshore banking and are looking for an accessible and affordable banking jurisdiction.
Likewise, individuals with clear ties to Panama, financial obligations in Panama, or who have a specific desire for exposure to the Panamanian Balboa (PAB), the currency of Panama, can benefit from banking here.
Lastly, individuals from Latin America and the Caribbean as well as those individuals who have been struggling to open elsewhere could unlock benefits when banking in Panama.
Here’s a closer look at the common benefits applicants can expect when opening accounts in Panama. with banks in Panama as an individual.
- Remote opening is 100% possible
- Accepting of most passports & residencies
- High savings deposit rates compared to elsewhere
- Stable banking sector based in US dollars
- Banking options with limited retail lending
- Banks with strong correspondent relationships
- European private banks operate here as well
- And more
It’s important to compare the benefits you’re looking for among the registered financial organizations and lists of banks in Panama available to you.
If you’d like to learn more about individual banking options offered with a personal bank account in Panama, you can click here and access our free guide.
Who Can Benefit from a Business Bank Account in Panama?
Businesses that can benefit from banking in Panama tend to be those with strong regional ties or those with existing commercial relationships with Panamanian suppliers, customers, or contractors.
That said, in most cases, foreign and non-resident businesses will not be able to open accounts with the leading financial organizations or the largest banks in Panama. Instead, they will need to choose from one of the Panamanian banks that specifically cater to foreign entities.
Here’s a closer look at the common benefits applicants can expect when opening accounts with banks in Panama for a foreign non-resident business.
- Relatively stable banking sector based in USD
- Banks with reasonably strong correspondent relationships
- Accepting of offshore and foreign entities
- Remote opening is 100% possible
If you’d like to learn more about corporate banking options offered with a business bank account in Panama, you can click here and access our free guide.
Who Can Benefit from a Private Bank Account in Panama?
Panama is primarily an offshore banking hub, so individuals who are looking to benefit from sophisticated private banking and wealth management services will want to consider banking elsewhere instead.
In most cases, applicants that benefit from opening private bank accounts in Panama include individuals struggling to open accounts elsewhere or those seeking basic offshore banking services like foreign currency accounts.
Of course, individuals from Latin America and the Caribbean that want to access private banking in a nearby country can also find Panama interesting.
That said, it’s important to note that requirements for opening a private bank account in Panama vary. In most cases, applicants will be required to deposit between USD 100,000 to 250,000. Though, in order to access some of the best first-class banking services and the best banks in Panama, deposits up to USD 500,000 may be required.
Here’s a closer look at the common benefits applicants can expect when opening a private bank account in Panama.
- Relatively low balance requirements
- Accessible for clients from regionally
- Accepting of individuals from most countries
- Access to international investments
- Multi-currency accounts
- Remote account opening
If you’d like to learn more about exclusive banking services offered with a private bank account in Panama, you can click here and access our free guide.
Who Can Benefit from an Offshore Bank Account in Panama?
The banks in Panama that offer offshore banking services tend to be those that specifically cater to foreign non-residents of Panama, international investors, and foreign entities.
With this in mind, the benefits that can be accessed by these groups when opening in Panama tend to include remote account opening, multi-currency accounts, and relatively low deposits.
That said, foreign non-residents looking to open an offshore bank account in Panama should also consider banking restrictions and the risks of banking in Panama. For example, certain international banks may have restrictions on the international remittance methods used to send money to Panama and fees for offshore banking are often higher than retail banking.
With this in mind, it’s important to consider the specific goals of opening an offshore bank account in Panama prior to applying.
- Remote account opening
- Multicurrency accounts
- Online account management
- Relatively low deposit amounts
- Dollarized economy
- English speaking support
If you’d like to learn more about opening an overseas bank account or an offshore bank account in Panama, you can click here and access our free guide.
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people looking into Panama banking benefits. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Are the Advantages of a Panama Bank Account?
There are a number of advantages that can be obtained when opening a Panama bank account. These benefits include relatively low deposit amounts, access to multi-currency accounts, English speaking support, stable correspondent banks, and more.
What Are the Benefits of Having an Overseas Bank Account?
The benefits of having an overseas bank account vary by customer, but generally speaking, an overseas bank account offers economic and political diversification, access to a wider range of investments, a degree of personal privacy, and much more.
What is the Best Bank in Panama for Foreigners?
The best bank in Panama for foreigners will depend on whether the foreigner has residency or if they are a non-resident. For example, Banco General is often seen as one of the best banks for foreigners in Panama that have Panamanian residency.
What Are the Main Benefits of Banking in Panama?
The main benefits of banking in Panama include the ease of account opening, relatively low deposit requirements, access to multi-currency accounts, fiscally responsible banks with stable correspondent relationships, and more.
Ready to Open an Offshore Bank Account?
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