In this article, we’re exploring the Panama banking system. We’ll also share the potential account opening challenges, risks of the financial system, and other Panama banking risks that foreign non-residents should be aware of before applying to open accounts here.
This article is part of our free series on the risks of 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 more information on the Panama banking system.
Table of Contents
- Panama Banking System
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Panama Banking System
The Panama banking system is regulated by the Superintendency of Banks of Panama where it manages and oversees all banking groups in the country, including representative offices, domestic banks, and international financial institutions.
Panama’s banking system is relatively stable, despite the Panama Papers, the 2016 Panama bank scandal. Banking here does offer a wide range of financial services to a variety of different client types. These client types include foreign non-resident individuals and entities with existing ties to Panama, planned future ties to Panama, and no ties to Panama whatsoever.
Individuals and entities seeking offshore banking opportunities that offer asset diversification and financial stability in a stable banking jurisdiction that adheres to international banking standards and Panama’s banking laws might consider Panama as a banking option.
Like banking anywhere, whether or not Panama is suitable for your particular client profile will depend on your citizenship, residency, banking needs, deposit level, and much more.
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 Panama banking system. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Banking System Is in Panama?
Panama’s banking system is home to both local and international financial institutions, offering diverse banking services to resident and non-resident individuals and foreign and offshore businesses. Panama’s banking system is relatively stable and adheres to global banking standards, including the Common Reporting Standard (CRS).
Can an American Open a Bank Account in Panama?
Yes, an American can open a bank account in Panama as long as they choose the right bank, meet the account opening requirements, and have a suitable client profile. Americans can also open bank accounts in Panama 100% remotely.
How Safe Are Panamanian Banks?
Panamanian banks are relatively safe and stable as long as you choose banks that have strong management, responsible lending, and maintain adequate capital and liquidity ratios. It’s important to choose the right banks and bankers and maintain reasonable deposits that match your risk tolerance.
Do You Want to Open a Panama Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Panama in a few clicks.
GlobalBanks IQ is our flagship international bank account opening solution. It gives you instant access to the…
+ Expert insights on which banks to choose & why
+ Step-by-step reports to open bank accounts in the best banking hubs
+ GlobalBanks international bank database & detailed bank profiles
+ Tried & tested banks for high-risk, offshore, & non-resident clients
+ Plus, get YOUR most pressing bank account opening questions answered by our team!
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!