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Phone: ­+(507) 396-1402
Área Bancaria, Edificio Proconsa I Piso 12, Oficina 12 C y Ds
Ph: ­+(507) 396-1402

Bank Account Opening in Panama

If you are interested in opening a bank account in Panama for commercial purposes or to apply to the Friendly Nations Visa, 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 documentation 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 for 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 and are asked for them to make a minimum deposit of US$30,000.00 and up, and others just do not accept citizens of the US for example because of the FATCA regulations.

This is why it is very important for you to proceed with this with a professional in order to avoid losing time and money. Bank accounts can be opened in approx. a week. It is important also to note that accounts for Corporations also require more documentation.

In general you will need to have a bank reference from your country, however your interest and profile will determine which bank will be more suitable for you. Once you have a Panamanian Residency usually the processes are much more easier.


Have you experienced any particular situation while attempting to open a bank account in Panama? Please leave us your comments since we would like to learn more about it, it is the only way we can identify deficiencies in our system and obtain possible solutions.


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