In this article, we’re sharing how to apply for bank accounts offshore in Panama for foreign non-resident individuals and entities.
This article is based on our team’s experience helping members from around the world successfully open offshore bank accounts in Panama. This includes opening offshore accounts for individuals, companies, and wealth management entities both in person and remotely.
In the following sections, we’ll break down your offshore banking options in Panama, including who can open a Panama bank account, the benefits of offshore banking in Panama, and the key reasons why you might want to consider banking in Panama.
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, Panama banking requirements, 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 offshore banking needs in Panama.
Table of Contents
- Open an Offshore Bank Account in Panama
- Who Can Open an Offshore Bank Account in Panama?
- Benefits of Offshore Banking in Panama?
- Frequently Asked Panama Banking Questions
- Ready to Unlock the Benefits of Banking in Panama?
Open an Offshore Bank Account in Panama
An offshore bank account in Panama can be opened by both foreign non-resident individuals and entities. To open accounts successfully in Panama, applicants will need to select suitable Panamanian banks, complete AML and KYC procedures, and make a qualifying deposit.
Unlike a number of other offshore banking jurisdictions, Panama has strong offshore banking regulations. Likewise, while it does have a reputation as an offshore tax haven, opening an offshore bank account in Panama can be challenging and expensive. For this reason, it’s important to understand the bank’s fee structure, processing fees, and other banking costs Panama banks charge before applying to open an account.
That said, if you can successfully navigate a Panamanian account opening, you will be able to unlock an offshore jurisdiction that offers a layer of financial privacy through international banking. Of course, privacy is just one of the many offshore banking advantages that you can access in Panama.
Like other offshore banking jurisdictions, Panama offers offshore company formation, offshore financial advisory support, and other banking services, including foreign currency accounts and wealth management. Additionally, if you are opening offshore accounts for legal entities in Panama you can support asset protection and various tax optimization strategies as well.
With this in mind, let’s look at who can open an offshore bank account in Panama in the next section of the article.
Who Can Open an Offshore Bank Account in Panama?
Who can open an offshore bank account in Panama is determined by perceived risk, rationale for banking in Panama, and ability to meet the account documentation needs, and other Panamanian banking requirements. That said, both foreign non-resident individuals and entities are eligible to open offshore bank accounts in Panama. This includes individuals and entities with existing ties to Panama, planned future ties to Panama, and no ties to Panama whatsoever.
Of course, individuals with residency in sanctioned countries or countries that are generally considered blacklisted will not be eligible to bank in Panama. Likewise, citizens of these countries will also struggle to open accounts with Panama banks.
Similarly, foreign non-resident entities that are registered in or operate from sanctioned or blacklisted countries will not be able to open an offshore bank account in Panama.
Not surprisingly, there are important nuances when opening offshore bank accounts in Panama for each client type. In fact, it’s important to consider the economic uncertainty and the risks of banking in Panama your client profile could face before applying to open an account here.
With this in mind, let’s explore offshore bank accounts in Panama for individuals, companies, and wealth management entities below, starting with Panama bank accounts for individuals.
Panama Offshore Bank Account for Individuals
Foreign non-resident individuals can open offshore bank accounts in Panama. That said, there is only a short list of financial institutions and Panamanian banks that will accept foreign non-residents.
With this in mind, selecting the right Panamanian banks to apply to is an important first step toward offshore banking in the country. This is especially true if you are looking to open an account with a low deposit amount, require an international money transfer to send money to Panama, or are looking for remote account opening.
Of course, applicants also need to select Panamanian banks that offer the services they require and deposits they can afford. Generally speaking, Panamanian banks ask foreign individuals for deposits ranging from USD 5,000 to USD 25,000.
All things considered, individuals seeking a banking jurisdiction with the following characteristics might want to consider opening an offshore account in Panama.
Why Open a Panama Offshore Bank Account as an Individual?
- Stable banking jurisdiction
- Well managed banks
- Low deposit amounts
- Multi-currency accounts
- Remote account opening
- High-interest deposit rates
If you’re interested in establishing a personal presence by opening a personal bank account in Panama, you can click this link to access our free guide now. On the other hand, if you are looking for a Panama bank account for companies, the following will be relevant to you.
Panama Offshore Bank Account for Companies
Foreign companies can also open offshore bank accounts in Panama. However, companies generally have fewer Panamanian banks to choose from than individuals.
Additionally, most of the finest banking providers, including the best Panama banks ask companies to demonstrate ties to Panama before opening accounts. For example, “ties” can include commercial relationships like Panamanian suppliers, Panamanian customers, Panamanian contractors, or Panama-based employees.
That said, Panama ties do not necessarily need to be commercial. Instead, it is possible for the company to have a local Panamanian shareholder, director, or other non-commercial connection to Panama.
Of course, applicants also need to select Panamanian banks that offer the services their companies require and deposits their company can afford. Generally speaking, Panamanian banks ask foreign companies for deposits ranging from USD 5,000 to USD 25,000.
All things considered, companies seeking a banking jurisdiction with the following characteristics might want to consider opening offshore in Panama.
Why Open a Panama Offshore Bank Account for a Foreign Company?
- Latin American banking hub
- Stable business banking option
- Well managed banks
- Relatively low deposit amounts
- Multi-currency accounts
- Remote account opening
- High-interest deposit rates
If you’re interested in establishing a commercial relationship to open a business bank account in Panama, you can click this link to access our free guide now. On the other hand, if you are looking for a Panama bank account for wealth management purposes, the following will be relevant to you.
Panama Offshore Bank Account for Wealth Management
Individuals looking for a Latin American jurisdiction to access wealth management services for themselves directly or a wealth management entity might want to consider opening an offshore account in Panama.
However, it’s important to point out that Panama is not generally considered a wealth management jurisdiction. Instead, Panama is more often associated with personal and business banking.
That said, some of the leading financial groups and largest banks in Panama do offer wealth management to both individuals and entities. This includes wealth management entities from Panama and abroad.
Of course, opening offshore bank accounts in Panama for private banking and wealth management purposes does require higher deposits. In the case of Panama, this usually means depositing between USD 100,000 and USD 250,000.
With this in mind, applicants seeking private banking and wealth management with the following characteristics might want to consider opening an offshore in Panama.
Why Open a Panama Offshore Bank Account for Wealth Management?
- Relatively low balance requirements
- Accessible for regional clients
- Spanish language support
- Access to certain Swiss private banks
- Access to international investments
- Multi-currency accounts
- Remote account opening
If you’re searching for sophisticated tailored banking services then opening a private bank account in Panama may be the right fit for you. Click this link to access our free guide now.
Alternatively, if you are interested in exploring the benefits of offshore banking in Panama, continue reading to see why Panama might be worth exploring further.
Benefits of Offshore Banking in Panama?
The benefits of offshore banking in Panama are similar to those available in other offshore banking jurisdictions. These benefits include remote opening, multi-currency accounts, online account management, and more.
However, Panama does have a number of unique offshore banking benefits to offer as well. These exclusive offers and unique Panama banking benefits include relatively low deposits, a dollarized economy, and English-speaking support.
Additionally, Panama is unique within the Caribbean and Latin America because it has a stable economy, stable banking regulator, stable political environment, and is uniquely important internationally thanks to the Panama canal.
Here is a full list of the offshore banking benefits you can unlock in Panama as a foreign non-resident.
Benefits of Offshore Banking in Panama
- Remote account opening
- Multi-currency accounts
- Online account management
- Relatively low deposit amounts
- Dollarized economy
- English speaking support
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring how to open an offshore account in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Is Panama Good for Offshore Banking?
Yes, Panama is good for offshore banking. In fact, Panama is one of the most accessible offshore banking jurisdictions available for foreign non-resident individuals and entities. This is especially true for anyone just starting out in offshore banking, seeking relatively low deposits and well-managed banks.
Why Do People Have Offshore Accounts in Panama?
People have offshore accounts in Panama to support international transactions, access foreign currency accounts, invest in international securities, and access higher interest deposits. Additionally, many individuals from less stable countries choose to bank in Panama to access better banks, lower inflation, or a stable legal tender which Panama’s currency is the USD.
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, a Panama bank account can be opened remotely without the need to visit Panama in person. Of course, applicants do need to explain why they require (or desire) a Panama bank account during the account opening process.
Ready to Unlock the Benefits of Banking in Panama?
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