In this article, we’re exploring what is required to open a bank account in Panama as a foreign non-resident. We’ll share the banking eligibility standards and the Panama account opening requirements for both personal and corporate bank accounts.
This article is part of our free series on the account opening requirements for 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 what is required to open a bank account in Panama.
Table of Contents
- What Is Required to Open a Bank Account in Panama?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
What Is Required to Open a Bank Account in Panama?
Requirements for opening a bank account in Panama include proof of identification, proof of address, proof of income, reference letters, and a qualifying deposit. Some banks in Panama all you to submit these documents virtually when applying for an account 100% remotely.
Account opening requirements can vary between financial institutions. They can also vary depending on your client profile. More specifically, your citizenship, residency, banking needs, and deposit level.
Knowing the account opening criteria and documents required to open Panama bank accounts before starting the application process is important. Applying to banks without the proper documentation can diminish your chances of opening an account.
Here is a list of the five basic Panama account opening requirements you can expect when applying to open a bank account in Panama.
Basic Panama Account Opening Requirements
- Proof of identification
- Proof of address
- Source of income
- Reference letter(s)
- Initial deposit
Applicants can provide proof of identification with either a valid passport or another government-issued photo ID. This is a standard KYC requirement and is required by all financial institutions when applying for and opening a bank account.
Banks require proof of address to confirm your residential address. Accepted proofs can vary between banks but usually include utility bills or official correspondence that displace your name and address.
Applicants will need to disclose their source of income, whether it’s from employment, businesses, or investments. This is another standard requirement by all financial institutions in Panama.
Some banks in Panama will require reference letters from your current financial institutions or other suitable representatives, like a lawyer or an accountant. Reference letters can provide financial credibility when applying for a bank account.
Lastly, to open a bank account in Panama, applicants must make an initial deposit. The deposit requirements will vary between financial institutions in Panama, but generally speaking, non-residents can expect to deposit USD 10,000 and USD 250,000.
These requirements are commonly requested when applying to open a personal bank account in Panama. Those who are looking to open a corporate bank account will be required to submit additional documents. Here is a look at the five documents you will need to submit in addition to the ones mentioned above when applying to open a Panama corporate bank account.
Account Opening Requirements for Panama Corporate Bank Accounts
- Certificate of incorporation
- Articles of association
- Proof of business activities
- Proof of business address
- Tax identification number
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.
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Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring what is required to open a bank account in Panama. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can a US Citizen Open a Bank Account in Panama?
Yes, a US citizen can open a bank account in Panama as long as they choose the right bank, meet the opening requirements, and have a suitable client profile. US citizens, both individuals and businesses, can open bank accounts in Panama 100% remotely. The account opening process does require standard Know Your Customer (KYC) procedures, submission of proper documentation, and making a qualifying deposit.
What Are 3 Requirements for Opening a Bank Account?
3 requirements for opening a bank account typically include proof of identification, proof of address, and a qualifying deposit. Requirements will vary between banks and banking jurisdictions, however, these three requirements are often required by most financial institutions when opening a bank account.
Which US Banks Have Branches in Panama?
The US Banks that have branches 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.
What Are the Advantages of Opening a Bank Account in Panama?
The advantages of opening a bank account in Panama will differ between client types. Generally speaking, most applicants can benefit from remote account opening, a dollarized economy, and well-managed banks when opening a 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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