In this article, we’re exploring the private banks in Panama. More specifically, who can access top-tier banking services through private bank accounts in Panama, how to open them, and whether or not there are more suitable options elsewhere.
Private banking in Panama is not everyone. Depending on your citizenship, residency, and deposit level, there may be other private banking hubs worth considering.
This article is part of our free series on Private 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 private banks in Panama.
Table of Contents
- Private Banks in Panama
- Who Can Open Private Bank Accounts in Panama?
- What Are Panamanian Private Account Opening Requirements?
- Frequently Asked Panama Banking Questions
- Ready to Unlock the Benefits of Banking in Panama?
Private Banks in Panama
Private banks in Panama offer private banking services to both residents and non-residents. That said, Panama is primarily an offshore banking jurisdiction, not a private banking jurisdiction. Bank selection is an important factor to consider when choosing where to open a private bank account.
Individuals struggling to meet deposit requirements in other private banking jurisdictions may consider Panama as a banking option. Those seeking asset protection, tax planning, and sophisticated private banking services, may want to consider opening private bank accounts elsewhere.
Private banks in Panama do offer private financial services, however, whether or not you can access wealth management services in Panama depends on your client profile and deposit level. The account opening process can be straightforward if you know which banks to approach, can meet the account opening requirements, and have a suitable client profile.
Depending on your citizenship, residency, deposit level, and banking needs, the banks available to you will differ. 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 private bank accounts in Panama.
Who Can Open Private Bank Accounts in Panama?
Who can open a private bank account in Panama is determined by citizenship, residency, risk, and deposit level. That said, private bank accounts in Panama are accessible to both individuals and entities, including residents, non-residents, and even offshore companies.
Private banking in Panama has considerably lower deposit requirements when compared to Switzerland and Liechtenstein, two well-established private banking hubs.
Depending on your client profile, deposit level, and reason for wanting to open a private bank account, Panama may be a suitable choice.
Here is a look at four client groups that can open private bank accounts in Panama.
- Individuals struggling to meet deposit levels elsewhere
- Foreigners seeking a dollarized economy
- Non-residents with strong ties to the United States
- Panamanian citizens & residents
Due to the availability of more sophisticated private banking jurisdictions with similar deposit levels, most individuals can consider opening private bank accounts elsewhere.
If you do fit into either of these categories and are interested in how to open accounts with private banks in Panama, you’re in luck. We cover the requirements of Panamanian banks that foreign non-residents need to meet when applying to open a private bank account.
What Are Panamanian Private Account Opening Requirements?
The requirements for opening a Panamanian private account will differ between financial institutions and client profiles. The process of opening a Panamanian private bank account is relatively straightforward but involves standard Know Your Customer (KYC) requirements.
Here are the five main requirements foreign non-residents will need to meet to successfully open an account with a private bank in Panama.
- Valid passport or national ID
- Proof of address
- Proof of income and source of wealth
- Reference letter from a financial institution
- A qualifying deposit
Deposit amounts will vary depending on the bank you choose to open an account with. Non-resident applicants should expect to deposit between USD 100,000 and USD 250,000 when applying for a private bank account in Panama.
Certain Panamanian banks, however, do request considerably more, up to USD 500,000.
Private banking in Panama is not as established as other private banking jurisdictions like Switzerland, Liechtenstein, or even Andorra. Depending on your deposit level and private banking needs, there may be other suitable private banking hubs to choose from.
If you would like to explore these alternative private banking options, you can get immediate access to banks in each of these countries with the GlobalBanks IQ Database. Use the link in the top menu to learn more about GlobalBanks IQ now.
If you are interested in private 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 some of the top banking jurisdictions available.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people exploring how to open accounts with private banks in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Best Bank in Panama for Foreigners?
The best bank in Panama for foreigners depends on the individual applying for an account. More specifically, their banking objectives and financial needs. Fortunately, many banks in Panama do offer a wide range of suitable financial services to foreigners. Knowing which banks align with your banking profile, have requirements you can meet, and offer the services you are after is critical to successfully opening an account as a foreigner.
What American Banks Are in Panama?
The American Banks that are in Panama include Citibank and JPMorgan Chase Bank. Citibank has a general banking license to operate in Panama, whereas JPMorgan Chase Bank has the authority to act as a representative in Panama. Neither of these banks offer retail consumer banking services. Instead, they offer commercial and investment banking services.
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. Banking in Panama as a foreigner can be challenging since not all banks here accept foreign non-residents. Knowing which banks to approach is an important part of successfully opening a bank account in Panama as a foreigner.
Ready to Unlock the Benefits of Banking in Panama?
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