Open Bank account in Panama
Opening a bank account in Panama as a foreigner is very achievable with the right preparation. Panama’s dollarized, well-regulated banking sector serves both individuals and companies, though banks apply thorough due diligence (KYC).
Why Open a Bank Account in Panama?
Panama is one of the most important banking centers in Latin America, with more than 70 national and international banks. Opening a bank account in Panama allows you to access a solid financial system, carry out transactions in US dollars, and manage your investments efficiently.
Whether you are seeking residency, investing in real estate, or establishing a company, having a Panamanian bank account is a key step.
Our lawyers advise you so the process is fast and smooth.
Requirements to Open a Bank Account in Panama
Panamanian banks require specific documentation for foreigners opening accounts. Requirements may vary depending on the bank, but they generally include:
- Valid passport with at least 6 months of validity
- Bank reference letter from your current bank (apostilled)
- Personal or professional reference letter
- Proof of income or source of funds (bank statements, tax return)
- Proof of address in your country of origin
- Initial minimum deposit (varies by bank, from $1,000 USD)
Our legal team helps you prepare and verify all documentation before submitting it to the bank, significantly increasing the chances of approval.
Types of Bank Accounts in Panama for Foreigners
In Panama, foreigners can open different types of bank accounts depending on their financial needs. The most common options include dollar savings accounts, corporate checking accounts, fixed-term deposit accounts (ideal for the Golden Visa), and investment accounts.
The choice of account type depends on your objective: whether you need a personal account for daily expenses, a corporate account for your Panamanian company, or an investment account to meet visa requirements.
We advise you to choose the best option according to your profile.
Opening a Bank Account in Panama Doesn’t Have to Be Complicated
Every year, thousands of foreigners successfully open bank accounts in Panama. With the correct documentation and proper legal guidance, the process can be completed in as little as 2 to 4 weeks. At Paralelaw, we have helped hundreds of clients access the Panamanian banking system.
How We Help You Open Your Account in Panama
Our bank account opening advisory service includes comprehensive support: we evaluate your profile to recommend the most suitable banks, prepare all the required documentation, coordinate the appointment with the bank, and accompany you during the meeting with the bank officer.
We work with the main banks in Panama, both national and international, allowing us to offer options tailored to your specific needs, whether you require personal, corporate, or investment banking.
Corporate and Resident Bank Accounts
If you are establishing a company in Panama or have already obtained residency, opening a corporate bank account is the next essential step. Corporate accounts allow you to receive payments, manage payroll, and operate your business professionally within the Panamanian financial system.
For those in the visa process (Friendly Nations, Golden Visa, Investor, or Pensioner), opening a bank account is often a requirement of the immigration process.
We coordinate both procedures simultaneously to save you time and effort.
FAQ
Can a foreigner open a bank account in Panama?
Yes. Both non-resident individuals and Panamanian companies can open accounts. Panamanian banks apply strict KYC/AML due diligence under Law 70 of 2019, so a complete, well-documented application is key to approval.
What documents do I need for a personal account?
Typically a valid passport, a bank reference letter from your current bank (dated within three months), a second personal or professional reference, proof of address, and proof of income or source of funds (tax returns, financial statements, or an employment contract). Foreign documents may need to be apostilled.
What is required for a corporate account?
In addition to the personal documents of the signatories, you’ll need the company’s certificate of incorporation, register of directors and shareholders, a board resolution authorizing the account, and beneficial-owner documentation, plus a description of the business activity and expected transactions.
Do I have to travel to Panama to open an account?
Often, yes — most banks require at least one in-person visit or a video interview with a director or authorized signatory. Some banks accept remote onboarding on a case-by-case basis. We match you to banks that fit your profile and prepare your complete application package.
How long does it take to open an account?
Typically two to four weeks from submitting a complete file, depending on the bank and the complexity of the structure. Well-prepared documentation and a clear source-of-funds explanation are the biggest factors in a fast, successful approval.
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