Frequently Ask Questions
Foreigners can open bank accounts in Panama but must provide more due diligence documentation than locals.
Requirements for opening a bank accounting in Panama are relatively straightforward; filling out Due diligence paperwork and presenting documentation (i.e valid passport, financial statements, bank and commercial references). In Panama, all documentation must be apostilled in order to complete the bank account opening process.
Most banks will need:
- Your passport
- Second Id document such as a Driver’s license
- One, possibly two bank reference letters from your home country
- A statement of your account in good standing from your bank
- Utility bill (some banks don’t require this, ask prior to going in for application)
- Personal recommendation from someone in Panama
- Most banks ask for a minimum deposit anywhere from US$50 to US$200
- Document that prooves the origin of the funds, to establish the finantial profile fo the client.
It can take around 30 days if paperwork is in order.
Panama offers the benefit of having no exchange control laws. This means that for individual clients of Panama’s offshore banking, as well as for offshore business entities incorporated in Panama, there are no limits or reporting requirements on money transfers into or out of the country.
Most Panama banks require a minimum deposit ranging from $100 to $1000. Once the account is opened you can make deposits with cash, local checks, and bank wires.
It depends of the particular needs of the foreigner client. Private banking is usually best.
Yes, there are brokerage accounts in Panama
There are merchant account providers in Panama and banks that offer merchant accounts.