Opening a Bank Account in Panama
¿Do you need to open a bank account in Panama?
If you are interested in opening a bank account in Panama for commercial purposes or to apply to a Visa or Residency in Panama, there are some facts you will need to know about banks in Panama.
The truth is multiple foreigners visit Panama in an attempt to explore by themselves the possibility of opening a bank account, however, many times this gets really complicated for the multiple documents they are required, or the lack of information provided by banks.
Because of diverse situations, banks in Panama are quite strict on the opening of banks accounts, some will have limitations for parties from several countries. A number of banks require the applicant to already have a residency in Panama, or have a business that can link them to our country.
Others have a special control to citizens of some restricted countries. They can be asked to make a minimum deposit of US$30,000.00, and others just do not accept citizens of, for example, the US, because of the FATCA regulations.
This is why it is very important for you to proceed with a professional in order to avoid losing time and money. Bank accounts can be opened in approximately a week, up to a couple of months, depending on the profile. For immigration purposes, the opening is usually faster.
As for the basic requirements, we can mention:
- You will need to have a bank reference from your country
- Copy of the ID
- Interview
- Copy of support of income, such as work letter, income tax return or bank balances
It is important also to note that accounts for Corporations require more documentation. These can include the copy of the public deed, accounting projections, forms and information of shareholders and directors, commercial reference, and others.
Your interest and profile will determine which bank will be more suitable for you, in which each can have specific requirements. Once you have a Panamanian Residency, the process to open bank accounts or make other type of transactions are usually easier.
If you need any assistance with opening a bank account or have any other requirement, you can visit our main website www.panamalegalgroup.com, or you can write to us at info@panamalegalgroup.com.
