Which Citizenships Are Eligible to Bank in Panama?

The citizenships that are eligible to bank in Panama include all of those that are not currently listed on an international blacklist like those maintained by the OECD or FATCA.

In this article, weโ€™re exploring which citizenships are eligible to bank in Panama and whether or not you need to have a permanent residence to open an account. Weโ€™ll also share the financial legibility process and the specific account opening requirements you should expect when applying for bank accounts in Panama.

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

  1. Which Citizenships Are Eligible to Bank in Panama?
  2. Frequently Asked Panama Banking Questions
  3. Do You Want to Open a Panama Bank Account?

Which Citizenships Are Eligible to Bank in Panama?

Banks in Panama welcome a diverse range of citizenships. The types of citizenships that are eligible to bank in Panama include those not currently listed on an international blacklist.ย 

Banks in Panama offer a range of banking services to non-citizen account holders, including cross-border financial services, wealth management services, multicurrency accounts, and much more.

Here is a list of seven client types that qualify for Panama offshore banking.

Client Types That Qualify for Panama Offshore Banking

  • US citizens and residents
  • Non-residents of Panama
  • Temporary residents of Panama
  • Offshore and foreign businesses
  • Expatriates
  • Foreign nationals
  • Cross-border investors

Eligibility is not restricted by citizenship, though not all banks in Panama are suitable for every citizenship type. It’s important to choose banks that match your banking needs, cater to similar client types, and have account opening requirements you can meet. Knowing how to complete a Panama bank account application, including the identity verification process, is an important step in successfully opening an account as a non-resident.

Do I Need to Have Permanent Residence to Open a Bank Account in Panama?

No, you do not need to have a permanent residence to open a bank account in Panama. There are banks in Panama that cater to international clients, including non-residents, foreigners, and expats searching for offshore banking solutions.

If you are interested in learning more about banking in Panama, donโ€™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.

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 which citizenships are eligible to bank in Panama. If you have further questions you would like answered, donโ€™t hesitate to get in touch with us directly.

Who Can Open a Bank Account in Panama?

Banks in Panama cater to a wide selection of client types, including residents, non-residents, foreign nationals, and expats. Panama offers banking solutions for both individuals and businesses. The banks suitable to your client profile depend on your citizenship, residency, deposit level, and banking needs. Bank selection will be an important factor to consider when choosing where to open a bank account in Panama.

Can Americans Open Bank Accounts in Panama?

Yes, Americans can open bank accounts in Panama as long as they meet the bankโ€™s account opening requirements and have a suitable client profile. Americans can even open bank accounts in Panama without ever stepping foot in the country. The account opening process does require standard Know Your Customer (KYC) procedures, submission of proper documentation, and making a qualifying deposit.

What Do I Need to Open a Bank Account in Panama?

To open a bank account in Panama you will need to provide the necessary documentation, including proof of identification, proof of address, and reference letters. Depending on the type of account you want to open, additional documents will be required, including proof of income or financial statements. Most banks in Panama will require a qualifying deposit to open an account. Itโ€™s important to choose banks that meet your banking needs and have requirements you can realistically meet.

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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+ Plus, get YOUR most pressing bank account opening questions answered by our team!

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!

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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