In this article, we are exploring how foreign non-residents can open personal offshore bank accounts in Panama, both in person and 100% remotely.
Personal banking in Panama is not for everyone. In fact, many factors can determine whether or not Panama is the right banking jurisdiction for you. We’ll detail these factors and exactly who can start depositing personal funds into a personal bank account in Panama below.
This article is part of our free series on offshore 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 banking in Panama also discusses the largest banks, opening requirements, the costs of banking in Panama, and much more. Use the link above to start exploring all of our free Panama banking content right now.
Alternatively, use the table of contents to continue exploring how to open a personal offshore bank account in Panama.
Table of Contents
- Personal Offshore Bank Accounts Panama
- Who Can Open a Personal Bank Account in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Personal Offshore Bank Accounts: Panama
Opening personal offshore bank accounts in Panama offers several benefits including, international banking services, attractive tax advantages, access to the US Dollar, reasonable deposit levels, and much more.
Whether or not you can benefit from these perks will depend on your citizenship, residency, and of course, the bank you choose to open an account with.
It’s important to understand the account opening process when choosing to open a personal offshore bank account in Panama. More specifically, the documents you’ll need to provide and how much money you’ll need to deposit. Generally speaking, all banking applicants, including American citizens who want to open a bank account in Panama, will need to provide a valid passport, proof of address, proof of income, and a qualifying deposit of at least USD 10,000.
Depending on your client profile, additional documents may be required, including a reference letter, a tax identification number from your country of residence, and a valid reason for wanting to open a bank account in Panama.
Due diligence is crucial, with 13 international banks offering offshore banking services, it’s important to confirm the bank’s acceptance policies, the application process, and the banking services offered before spending time and money applying.
The next section of the article takes a closer look at who can open personal bank accounts in Panama.
Who Can Open a Personal Bank Account in Panama?
Opening a personal bank account in Panama is accessible to many nationalities and countries of residence. Several factors go into determining who can open a personal bank account in Panama, including the applicant’s source of income and wealth, risk profile, transaction activity, and much more.
Panama provides access to flexible financial services and bank account opening for foreign non-residents, foreign temporary residents, foreign permanent residents, and of course Panamanian nationals living in Panama and abroad.
While these client groups are eligible to open a personal bank account in Panama, not all banks in Panama will accept them. Bank selection is an important factor to consider before applying to open a foreign non-resident account in Panama. It’s important to know which banks accept similar client profiles, have requirements you can meet, and have the financial services you are after.
Needless to say, banking in Panama is a suitable choice for anyone seeking offshore banking with exposure to USD.
If you are interested in exploring personal banking options in Panama further, 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 the top offshore 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 banking in Panama. If you have further questions about Panama, don’t hesitate to contact us directly.
Can a Foreigner Open a Bank Account in Panama?
Yes, a foreigner can open a bank account in Panama as long as they meet the bank’s account opening requirements and have a suitable client profile. That said, not all banks in Panama accept foreigners. So, bank selection will be an important factor to consider when choosing where to open a bank account in Panama as a foreigner.
Is Panama Good for Offshore Banking?
Yes, Panama is good for offshore banking. Most banks here offer a wide range of account options, from personal, business, and international banking services. Deciding whether or not Panama is the right banking jurisdiction for you, will depend on your citizenship, residency, banking objectives, and your reason for banking in Panama.
Why Do People Have Offshore Accounts in Panama?
People choose to have offshore accounts in Panama due to the ease of opening, wide range of international banking services, and use of the US Dollar. Additionally remote account opening, adherence to global banking standards, and accessible non-resident banking services make Panama a popular choice for non-residents looking to open offshore bank accounts.
How to Set Up an Offshore Bank Account in Panama?
Setting up an offshore bank account in Panama is straightforward. Applicants will need to provide proof of identification, proof of address, proof of income, reference letters, and a qualifying deposit. Depending on your client profile, additional documents may be required. It’s important to confirm the required documents before applying to open an offshore bank account in Panama.
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.
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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!
