The requirements for initiating an account application to open a bank account in Panama include submitting standard documents, identification, references, financial information, a minimum deposit, and meeting several Panama-specific requests.
That said, meeting these Panamanian requirements is possible for most applicants. This includes non-residents of Panama, foreign residents of Panama, and foreign and offshore entities from outside of Panama.
This article is based on our team’s experience banking in Panama for more than a decade, including helping members from around the world successfully open Panama bank accounts both in person and 100% remotely.
In the following sections, we will break down the requirements for opening personal bank accounts in Panama, business bank accounts in Panama, and private bank accounts in Panama. Of course, we’ll also share a few of the lesser known Panama-specific requirements that you should consider before applying here.
If you would like access to our free Panama banking series, click the link above and unlock our team’s expert take on Panama banks, how to transfer money securely when sending money to Panama, personal and business banking in Panama, and much more.
You can also use the table of contents and jump to the section that matches your Panama banking needs.
Table of Contents
- Panama Bank Account Opening Requirements
- Private Panama Bank Accounts
- Frequently Asked Panama Banking Questions
- Do You Want Help Opening a Panama Bank Account?
Panama Bank Account Opening Requirements
The Panama bank account opening requirements that applicants need to meet will depend on their client profile and the specific Panama bank they choose to apply to. Not surprisingly, applying to those banks in Panama where you can actually meet the requirements is critical to successfully opening a bank account.
Additionally, each bank in Panama will differ slightly in terms of their onboarding processes. That said, there are a few general guidelines for Panama that applicants should be aware of, which include the following.
Panama Bank Account Opening Guidelines
- Panama is a member of the Hague Apostille Convention
- Bank accounts can be opened remotely in Panama
- Panama banks will conduct onboarding via video and email
- You need a clear reason for wanting to bank in Panama
- Panama deposit requirements range between USD 10,000 and 250,000
Offshore Bank Accounts in Panama
In Panama, an offshore bank account refers to an account held by a foreign non-resident individual or entity. Not surprisingly, the requirements for opening offshore bank accounts in Panama differ slightly from opening resident accounts. Not to mention, the service charges and costs of banking in Panama can also differ slightly depending on the person opening the account.
That said, the difference between accessing an overseas investment account through opening an offshore bank account in Panama and resident accounts in Panama comes down to your reasons for wanting to bank in Panama in the first place and the requirement to make larger deposits.
Of course, additional proofs, international documentation, and certain certifications may also be required by Panamanian banks. However, this will depend on the type of Panama bank account you are applying for.
With this in mind, let’s take a look at the specific requirements for opening personal bank accounts in Panama, business bank accounts in Panama, and private bank accounts in Panama for foreign non-resident individuals and entities.
Requirements to Open Personal Bank Accounts in Panama
Individuals looking for personal finance services through opening a personal bank account in Panama should use this link to review our detailed guide.
The guide provides a more detailed assessment of personal banking in Panama, the customer incentives and benefits of banking in Panama, and offers unique insights you won’t find elsewhere.
Panama Personal Banking Requirements
- Government identification
- Tax identification number
- Bank reference letter
- Proof of income
- Proof of address
- Source of funds
- Resume or CV
Importantly, when applying for a business bank account in Panama, the above requirements will be requested for each shareholder and director of the company.
Requirements to Open Business Bank Accounts in Panama
Individuals looking to access corporate account services through opening a business bank account in Panama should use this link to review our detailed business banking guide.
The guide provides a more detailed assessment of business banking in Panama and shares important information that could impact your entity’s banking choices.
Panama Business Banking Requirements
- Certificate of incorporation
- Certificate of good standing
- Tax identification number
- Financial statements (or similar)
- Proof of address
- Bank reference letter
- Commercial reference letter
In addition to the documents the major international banks and the largest banks in Panama require, businesses also need to supplement their application with the following information.
Additional Business Information Required by Banks in Panama
- Detailed description of business activities
- List of clients and suppliers
- Expected transaction activities
- Clear rationale for banking in Panama
In the following section, we’ll take a look at the requirements for opening a private bank account in Panama for foreign non-residents.
Requirements to Open a Private Panama Bank Account
When opening a high-value account like a private bank account in Panama, prospective customers need to provide the same documents, identification, and proof that Panamanian banks require for personal accounts.
That said, depending on the deposit, banks in Panama will put a stronger emphasis on the source of wealth and the individual’s reason for wanting to bank in Panama.
Here’s another look at the requirements that applicants will need to meet to open private bank accounts in Panama.
Panama Private Banking Requirements
- Government identification
- Tax identification number
- Bank reference letter
- Proof of income
- Proof of address
- Source of wealth
- Resume or CV
- Qualifying deposit
Like elsewhere, Panamanian banks require significantly higher deposits to access private banking over personal banking. In most cases, the starting deposit to access private banking in Panama ranges between USD 100,000 and 250,000.
When it comes to Panama, we consider USD 100,000 to 250,000 very high when considering the level of financial support and banking services that Panama banks offer. Likewise, while Panama is an accessible jurisdiction, most applicants can access the directory of banks in more reputable jurisdictions with this kind of deposit rather than choosing from a list of banks in Panama.
Of course, if you have a specific reason for wanting to open private bank accounts in Panama, you can use our free Panama insights to start navigating your options.
Alternatively, if you want access to trusted banking institutions, including the best banks in Panama, and expert insights on how to quickly and affordably open Panama accounts, join GlobalBanks IQ using the link below right now.
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring the Panama bank account opening requirements. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Foreigners Open a Bank Account in Panama?
Yes, foreigners can open a bank account in Panama. In fact, bank account opening is available to foreign residents and foreign non-residents of Panama. However, not all banks accept non-residents, and only a select few offer remote account opening. That said, it’s important to consider the regulatory risks and other risks of banking in Panama that your client profile may be exposed to. In addition to account opening requirements, customers will need to pass Panama’s AML and CTF screening, which is conducted by all banks.
What Is Needed to Open a Bank Account in Panama?
To open a bank account in Panama, foreign non-residents will need to provide completed application documents, government-issued identification, reference letters, proof of address, and a minimum deposit. Business owners will also need to provide corporate documents, proof of income, and information about the directors and shareholders of the company.
Which Banks Are Best for Foreigners in Panama?
The banks that are best for foreigners in Panama are those with an international banking license that specifically cater to foreign non-resident individuals and entities. That said, only a select number of these banks are suitable for most clients, offering sufficient services and competent customer service. However, if you are looking to open a USD account, which is the second official currency of Panama, there are options worth considering.
What Are 3 Requirements for Opening a Company Bank Account?
Three requirements for opening a company bank account include tax identification information for the company, tax identification information for the shareholders and directors, and company formation documents from the jurisdiction of registration. That said, there are a number of additional requirements that all businesses will need to prepare when applying for a bank account.
Ready to Open an Offshore Bank Account?
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