Banking Law · EN
Opening a Bank Account in Panama as a Foreigner.
What you need to open a bank account in Panama as a foreigner: identification, proof of income, the forms required by the bank, and the advantages of Panamanian banking (dollarization, territorial taxation, international access).
Benefits of opening a bank account in Panama
Opening a bank account in Panama offers several benefits, most notably the strength and stability of the country's banking system, one of the most robust in Latin America. This is due to its dollarized economy, its banking privacy policies, and a regulatory framework oriented toward financial security. As an international financial center, Panama facilitates asset diversification and access to international financial services, which is especially attractive to investors and entrepreneurs seeking to protect their wealth and operate on a global scale.
Panamanian banks rarely accept direct applications from non-resident foreigners without a local reference. At iurispa, we act as the client's official introducers: we pre-validate their profile with the bank's compliance officers, manage the Due Diligence process, and facilitate the opening of personal, corporate, and investment accounts with the country's top-tier institutions, drastically reducing the risk of rejection and waiting times.
Information you will need to open a bank account in Panama
What identification do I need?
Our Due Diligence policies require us to request the following information from the client:
- Personal Identity Card (Cédula)
- Passport
How do I prove my income?
The client may evidence their income through the following documents:
- Employment letter, social security record, or pay stub
- Lease agreement
- Investment portfolio statement
- Income tax return
- Certification of income issued by a Certified Public Accountant (CPA)
What other information must I provide?
Account-opening policies differ and depend on each bank. Some institutions are more or less inclined to accept foreign clients, and they may require a wide range of information to ensure the transparency of their transactions. In general, the bank will have you sign the following forms:
- Personal Information Form
- Account Opening Form
- Online Platform Form
- Card Acquisition Form
- Beneficiary Designation Form
Some banks may also require the client to appear in person at the institution, or to be referred by a trusted local bank.
What does the account include?
Low-risk personal accounts usually include:
- Savings account
- Online banking
- International and local transfers
- Debit card
Advantages of Panamanian banking
- Dollarized economy: Panama uses the US dollar (USD) as legal tender, protecting your wealth against the devaluation of Latin American or European currencies.
- International banking center: access to banks with high levels of liquidity and a global presence.
- Territorial taxation: Panama only taxes income generated within the national territory. Interest earned on bank deposits from foreign sources is generally exempt from local taxes.
- Asset protection: the Panamanian legal system offers a robust framework for protecting family and corporate wealth.
- Technology and access: first-class online banking, international credit cards, and multi-currency investment platforms.
Questions from the source
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Can I open a bank account in Panama without being a resident?
Yes. Non-residents can open accounts, but the Due Diligence process is stricter: you will need to prove the source of funds and a connection to Panama, something we help you establish.
Do I need to travel to Panama?
Most banks prefer an in-person interview. However, we maintain relationships with specific banks that allow remote opening by videoconference for qualified clients.
What is the minimum deposit?
It varies by bank. Top-tier institutions usually require between USD 3,000 and USD 10,000 for foreigners' accounts; private banking requires significantly higher amounts.
Does Panama comply with CRS/FATCA?
Yes. Panama adheres to international reporting standards. We ensure that your structure complies with both Panamanian and international regulations.