Compared to many other offshore banking jurisdictions, Panama has relatively low deposit requirements and more accessible offshore banks.
So, it’s no surprise that Panama has become a popular jurisdiction for individuals seeking an offshore bank account for both their personal and business banking needs.
That said, while Panama is an accessible banking jurisdiction, there are a wide range of other jurisdictions that are more suitable to many client types.
With this in mind, Panama is typically interesting for clients who are just getting started in the offshore world or who are struggling to open elsewhere.
Use the information below to learn more about banking in Panama or select the type of account you’re interested in to get started.
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Panama Bank Account Opening
In this free country guide, we’re going to share what you need to know before opening a bank account in Panama. This will include personal banking and business banking for foreigners, non-residents, and international entities.
In fact, depending on your client profile and desired deposit level, you can even open an offshore bank account 100% remotely.
Feel free to use the table of contents to find the most relevant information for your Panama banking needs.
Table of Contents
How to Open a Bank Account in Panama
Before taking a look at the step-by-step process to open a bank account in Panama, it’s important to understand the key considerations and clients that Panama banks accept.
With this in mind, here’s a quick snapshot of the most important bank account opening considerations and the prospective clients that can consider opening here.
Of course, not all Panamanian banks accept all client types. In fact, in most cases, the largest banks in Panama only accept local residents and local businesses.
That said, there are Panama banks that actively accept foreign non-resident clients. This is why we prepared a dedicated list of banks in Panama to help you navigate your options.
If you correctly choose a bank that accepts foreign non-residents, remote opening is usually possible. This is true for most nationalities, residencies, and countries of registration.
Likewise, very few Panamanian banks will accept foreign or offshore companies and structures. But, those banks that do can often accept companies from a wide range of jurisdictions.
Of course, opening in Panama will be easier for a company when it has a clear economic tie to the country.
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Who Can Open Offshore Bank Accounts in Panama?
There are a number of factors that go into determining who can open an offshore bank account in Panama. These factors range from involved countries, transaction activity, source of income and wealth, risk profile, and much more.
We discuss all of these factors and more in GlobalBanks IQ for our premium members.
In short, GlobalBanks IQ helps members navigate their unique client profile, understand their risk factors, and determine how to clearly and accurately communicate with banks.
In doing so, our members avoid accidentally red-flagging themselves by saying things that could be misconstrued or misinterpreted by bankers and compliance teams.
So, if you’re interested in learning more about GlobalBanks IQ and how you can start opening bank accounts in Panama today when you join, click here or use the link below to see everything you unlock with immediate access.
Personal Bank Accounts in Panama
Personal bank accounts in Panama can be opened by foreign non-residents, foreign temporary residents, foreign permanent residents, and of course Panamanian nationals living in Panama and abroad.
In other words, regardless of your residency status, it is possible to open a personal bank account in Panama if you choose the right bank and navigate the account opening process properly.
Needless to say, banking in Panama can be a good choice for anyone seeking offshore banking with exposure to USD, which is the currency of Panama.
That said, restrictions do apply to certain nationalities, residencies, and certain risk profiles. So, understanding your client profile and how banks perceive you is important before approaching bankers and applying for accounts.
You can access our free guide on opening a personal bank account in Panama by clicking here, which gives you the step-by-step process to start opening accounts and how to choose a bank that is right for you.
Business Bank Accounts in Panama
Business bank accounts in Panama are available to a surprising number of foreign and offshore companies. In many cases, remote account opening is even possible.
Of course, restrictions apply to certain countries of registration, operation, and business activities. So, knowing which banks will realistically accept your company is important – especially before approaching bankers and submitting applications.
However, finding a bank that is willing to accept your foreign or offshore company is not any easy task. In fact, one of the biggest challenges is finding a banker that will even pick up the phone, respond to email, or give you clear information on account opening requirements, fees, and restrictions. This is especially true if you do not speak Spanish and you’re looking to make a low initial deposit.
You can access our free guide on opening a business bank account in Panama by clicking here, which includes important considerations for both foreign and offshore entities.
Panama Banking Resources
To help you successfully open Panama bank accounts, our team of international banking experts has created a step-by-step Panama banking report, detailed bank profiles, and actionable banking insights that you can’t find anywhere else on the internet.
Here is a look at all of the banking resources that you can access right now to help you navigate your Panama banking options:
These resources are delivered exclusively to our premium members through GlobalBanks IQ, which you can unlock immediately.
GlobalBanks IQ provides immediate access to everything you need to open Panama Bank Accounts for you or your business!
- Choose banks in minutes with our international banking database
- Open accounts with detailed step-by-step instructions
- Handle banker questions easily with detailed conversation scripts
- Meet bank requirements (e.g. local address) with proven solutions
- Unlock exclusive offers from the best banks in our member reports
- Receive lists of banks that accept high-risk & offshore businesses
- Plus much more!
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Panama Banking Guides
Risks of Banking in Panama
Yes, there are risks when banking in Panama. That said, this is true in any country that you might be considering opening accounts in. Of course, there are Panama-specific risks that all prospective account openers should consider before opening accounts. These risks may impact how to send money to Panama, and they can impact the specific banks that you decide to open with.
With this in mind, our team has covered the most common risks you’ll face when banking in Panama, which can be accessed here right now.
Panama Company Formation Options & Banking
Panama company formation options range from offshore companies to domestic corporations, and Panama foundations, which are a moderately popular wealth management structure. That said, Panamanian entities are notoriously difficult to bank outside of Panama and even inside of Panama.
With this in mind, unless you have a domestic business with on-the-ground activities or a very specific reason for using a Panamanian structure, there are usually better corporate structures available elsewhere. This is especially true when taking into consideration the banking options available to Panama structures vs other offshore company structures.
Frequently Asked Panama Banking Questions
Below are three of the most common questions we receive from people looking to open a bank account in Panama. If you have additional questions that you’d like to ask our team, don’t hesitate to get in touch.
Can Non-Residents Open a Bank Account in Panama?
Yes, non-residents can open a bank account in Panama. In fact, Panamanian banks are often more lenient and easier to access than other banking jurisdictions. So, it can be easier for foreign non-residents from a wide range of countries to open bank accounts here. In many instances, accounts can even be opened without ever visiting Panama.
Can I Open an Account in Panama Online?
Yes, you can open an account in Panama online. In fact, there are a number of banks that allow 100% remote account opening for foreign non-residents. That said, the account opening requirements, document requests, and deposit requirements for each bank may differ. So it’s important to understand which banks you can realistically open with before you start applying for accounts.
How to Open a US Bank Account From Panama?
To open a US bank account from Panama, you can use our dedicated USA bank account opening service, GlobalBanks USA. This includes direct one-on-one support from our team of US banking experts, help navigating account opening options, and finding banks that offer desired services at various account opening deposit levels.
Panama Banking Articles
Below you’ll find our archive of free Panama banking resources to assist with account opening.
This includes detailed articles to help you open bank accounts explaining how to navigate challenges for specific client types and more.