7/4/24, 5:58 PM Panama Bank Account: How to Open a Panama Bank Account

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How To Open A Panama Bank Account

How To Open A Panama Bank Account

Have you ever thought about how to open a Panama bank account? If
you’re looking for a reliable and well-regulated banking system, Panama
is the place to go. In this guide, we will walk you through the process of
opening a bank account in Panama . We’ll explain the benefits of having a
Panama bank account, and how it can help with residency visa
applications and starting a Panama corporation.

Whether you are interested in setting up a personal bank account in

Panama, or are looking to create a Panama corporation with a corporate
bank account in Panama for doing business, we can help make the
introduction to a number of different banks in Panama that we have
relationships with, and help you through the due diligence paperwork and
process, which can be extensive depending on what type of account you
need and what bank you choose to go with, as well as what type of
business you are in.

IMPORTANT NOTICE TO US PERSONS: US Persons (citizens or residents

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of the United States) are obligated by US laws to Online!
report their bank
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accounts on their annual US tax filings, plus, the banks in Panama

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will require all US persons to sign the required IRS reporting forms, so
they can automatically report all US owned accounts to the US tax
authorities. The banks in Panama also may request proof that their
US clients have declared said bank accounts in Panama to the US
tax authorities, to ensure compliance.

The Basics of Panama Banking

To get started, let’s go over some of the basics of banking in Panama, and
the Panama banking system. Panama has a well-developed and modern
banking system, with plenty of options for foreigners looking to open a
bank account. The banking sector is highly regulated by the government,
yet not as restrictive as many other countries in the region, therefore
ensuring financial safety without too much debilitating red tape.

Panama has strict laws in place to prevent money laundering and

financial crimes too, which is an incredible incentive for both investing in
Panama and protecting your wealth in Panama as well. The financial
sector and government have worked diligently over the years to ensure
safe banking, while simultaneously incentivizing foreign investment with
better returns than funds kept in many domestic banks in North America
and Europe.

There are approximately 100 banks operating in Panama varying from

global banks, private banks, local banks, and investment banks. The
government owns two banks which are popular with the locals which offer
the same services as the other banks, however, they are quite difficult to
open accounts at if you are a foreigner.

Most banks are open Monday through Friday from 8:30 am to 3 pm and
on Saturday 8:30 am to Noon or 1 pm. 2
Choosing the Right Bank
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7/4/24, 5:58 PM Panama Bank Account: How to Open a Panama Bank Account

When it comes to choosing a bank in Panama, you have a few different

options. There are large international banks with branches in Panama, like
HSBC and Citibank. There are also smaller local banks, like Banco General
and Banistmo. Each type of bank has its own benefits and drawbacks, so
it’s important to do your research before deciding which one is right for
you.

Many banks in Panama are subsidiaries or partners of larger international

banks, and as a result will share a lot of financial tools with them, which
can streamline multi-banking needs for foreigners who want to keep their
bank accounts at home.

We also can help you make the right choice and provide introductions to
make the process easier. We’ll even make the appointment for you and
accompany you to the bank so that everything goes smoothly. Our local
know-how and history in Panama with both banking and investing gives
us an edge that we can leverage to help you get what you need, without
long waits or exorbitant red tape from regulation.

Opening a Bank Account in Panama

The process of opening a bank account in Panama is fairly
straightforward. You’ll need to bring your passport (or Panama residency
ID card if you have one), as well as your Panama work permit (if
applicable). You’ll also need to show proof of Panama address, which can
be in the form of a Panama utility bill or Panama rental agreement. This
process is very important, as all banks will do significant due diligence to
ensure you’re eligible for a Panama bank account before accepting your
application. It is good to speak with a lawyer first to find out which banks
are best for your current needs and situation.

Most of the major Panama banks that we can recommend require clients
to be either citizens or residents of Panama (or in the process of obtaining 2
residency in Panama) in order to open a personal Panama bank account.
The majority of our clients who open personal bank accounts in Panama
are either residents of Panama or are in the process of applying for
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residency in Panama, and they naturally need a bank account
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7/4/24, 5:58 PM Panama Bank Account: How to Open a Panama Bank Account

in order to qualify for residency, pay their local Panama bills, and do
business in Panama.

To open a bank account in Panama, you’ll first need to decide what type
of account you want. The most common types of accounts are personal
accounts, business accounts, and joint accounts. For personal accounts,
it’s usually best to go with one of the large international banks, like HSBC
or Citibank. For business accounts, it’s usually best to go with a local bank
like Banco General or Banistmo.

When you have all the required documentation ready to share, you’ll need
to make an appointment with the bank of your choice. At your
appointment, you’ll open up your Panama bank account and deposit the
minimum amount required (usually around $100).

To open a Panama bank account you will need the following:

A copy of your passport photo and information page and Panama

immigration entry stamp page, and a second ID such as a drivers
license;
One or two bank reference letters, as well as proof of income such as
your last few years tax returns, financial statements, or letter from
your employer;
A reference letter from a professional (lawyer, accountant, etc.); and
Proof of address such as a utility bill showing your personal
residential address.

All documents must be recently dated (usually within three months).

Additional Information

Different banks may require more information such as the source of funds
you intend to deposit. Every bank has its own application forms.
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If you are residing in Panama on an immigration visa, you will need
to provide copies of the immigration visa and immigration identity
card (carnet). If you are already a resident, then you would provide
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your Panama ID card (cedula), or if you are inHow
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7/4/24, 5:58 PM Panama Bank Account: How to Open a Panama Bank Account

obtaining residency, then our law firm would provide a letter

certifying that you are in the process of applying for residency.
If a business account is being opened, most banks will require copies
of your income tax returns from the previous two years for the
company opening the account.

The banks in Panama are very conservative and highly formal when it
comes to opening bank accounts for foreigners, and they place a great
deal of importance on due diligence of each client to ensure that they are
following correct compliance procedures in accordance with the “Know
Your Customer” (KYC) laws of Panama.

All documents must be translated into Spanish.

Panama Bank Account Benefits

There are many incentives and benefits associated with opening a
Panama bank account, and these can fluctuate depending on personal
and financial needs. In a general sense, the benefits are:

Panama has a well-regulated banking system that offers safety and

security for your money.
Panama banks are able to offer better returns on investment than
many domestic banks in North America and Europe.
With a Panama bank account, you’ll have access to investment and
business opportunities in Panama that you wouldn’t otherwise have
access to.
Panama’s tax laws are very favorable for foreigners, and a Panama
bank account can help you take advantage of these benefits.

The Panama Banking System is regulated by the Superintendencia de

Bancos de Panama (SBP), which is the equivalent of the Federal Reserve 2
in the United States. The SBP ensures that all banks operating in Panama
follow strict guidelines and regulations, which provides a high level of
safety and security for your money. We're Online!
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7/4/24, 5:58 PM Panama Bank Account: How to Open a Panama Bank Account

With a Panama bank account, you’ll have access to business and

investment opportunities in Panama that give you more of a strategic
and financial advantage than you would have with foreign capital
operating out of a foreign bank. For example, if you’re interested in
starting a Panama corporation, a Panama bank account is required. A
Panama bank account is also often required when investing in Panama
real estate. P

Panama Bank Products

Every Panama bank offers savings and checking accounts along with
time deposits (CD’s), ATM, debit and credit cards, and many offer full
online banking. Panama banks will require a 125% of the monthly
maximum credit limit deposit to obtain a credit card. If you want a $1,000
monthly credit limit, you will need to deposit $1,250 before obtaining the
credit card. Credit card rates and fees vary for each bank so it is
recommended that you shop around for the lowest fees. ATM cards can
be obtained using the Clave (Latin America) or Plus (worldwide) logo
systems to use at the many ATM machines in the country.

Personal Panama Bank Accounts

The minimum deposit required to open a Panama bank account will
range from $100 to $10,000 depending on what bank in Panama you
choose to go with, and whether or not you decide to bank with a Panama
private banking service (offers more personalized Panama banking
services usually with certain premium investment or deposit options), or if
you prefer to go with the standard banking service.

The process of opening a personal Panama bank account can take from 1
hour to a few days, depending on whether or not your documentation is
complete, and the banks compliance department has approved your
account, or if they require additional due diligence documentation or
2
have additional questions about your banking needs, etc.

Learn more about setting up a personal Panama bank account.

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Corporate Panama Bank Accounts

The required documentation for a corporate bank account will differ from
a personal account. It is common for banks in Panama to require each
client to appear at the bank for an interview, and provide the following
documentation for each signatory, company director, and/or shareholder
or final beneficiary:

Two forms of identification: Passport & Drivers License or national ID

card, for example.
Proof of source of funds or source of your income: This could be
copies of your last few years of tax returns, audited financial
statements, etc.
Proof of your residential address: This could be your utility bill
showing your name and address, for example.
Proof of residency in Panama or application for residency: If you are
already a resident, then you would provide your Panama ID card
(cedula), or if you are in the process of obtaining residency, then our
law firm would provide a letter certifying that you are in the process
of applying for residency.
Business plan: A short business plan explaining what products or
services your company provides, your primary target markets, your
financial projections, and your estimated business banking activity.
Company documents: Articles of incorporation, new certificate of
incorporation, corporate resolution authorizing the opening of the
account, declaration of shareholders or beneficiaries, etc.
Letter of reference from your law firm.

The minimum deposit required to open a corporate Panama bank

account will range from $1,000 to $10,000 or more, depending on what
bank in Panama you choose to go with, and whether or not you decide to
bank with a Panama private banking service (offers more personalized 2
Panama banking services usually with certain premium investment or
deposit options), or if you prefer to go with the standard banking service.

The process of opening a corporate Panama bankWe're

account can take from
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4 to 8 weeks, depending on whether or not your documentation is
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7/4/24, 5:58 PM Panama Bank Account: How to Open a Panama Bank Account

complete, and the banks compliance department has approved your

corporate account, or if they require additional due diligence
documentation or have additional questions about your business
banking needs, etc.

Learn more about setting up a corporate Panama bank account.

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