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How to open a bank account in Panama in 2020

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Opening an account in Panama in 2020

 

The main advantages of opening an account in this jurisdiction are:

  • Developed banking system;
  • Strict bank secrecy laws;
  • High level of confidentiality;
  • Ability to open an account for a non-resident;
  • Ability to open savings or current accounts.
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The Republic of Panama has one of the world`s most stringent banking secrecy laws, ensuring the confidentiality of your financial affairs.

Non-residents have an opportunity to open a bank account in Panama on condition that they will provide additional documents.

In order to open an account in Panama, you will need to fulfill with these requirements:
  • 1-2 bank letters of recommendation;
  • A letter of recommendation from a qualified lawyer or auditor with a reputation and driver’s license or ID;
  • A copy of the passport and page with the entry stamp for Panama;
  • A copy of the Articles of Association and all documents related to the main company;
  • Financial statements signed by an accountant and/or a copy of the tax returns of the main company;
  • An initial deposit which will depend on the bank requirements.

It is worth noting that the letters of recommendation should be written on the bank letterhead addressed to the Panamanian Bank of your choice and signed by the manager or authorized body.

Also, if you want to open a Panamanian bank account, you need to know that all documents must be recently dated (normally within 3 months).

Read also:
Important notes

When opening a corporate bank account in Panama, please note that banks may require additional information, for example, the source of funds that you intend to deposit. Each bank has its own requirements.

One of the main conditions is that you need to prepare the documents in Spanish. In the case, when you are intended to set up a business in Panama, you will need to submit the information about tax returns.

Panamanian bank`s offers

Those, who want to open an account for a company with a Panamanian bank, can take advantage from the following bank services:

  • Savings and current accounts;
  • Loans;
  • Issuing of payment cards;
  • Time deposits (TDs);
  • ATMs;
  • Online banking.

Entrepreneurs, who seek to open a Panamanian corporate bank account and obtain a credit card, must take into account that Panama's banks will require 125% of the monthly maximum credit limit.

IQ Decision experts propose you to open an account in Banco General, Global Bank Panama, Multibank or IUBank as the most reliable institutions. VISA or MasterCard are available at all Panamanian banks.

Legal services

In order to start an entrepreneurial activity in Panama, you will need to open an account for a Panamanian company.

To do this, contact the IQ Decision specialists and ask for personal advice on business organization process in Panama. Our lawyers will also help to collect all the necessary documents and provide you with legal assistance in opening an account in Panama.

In order to learn more, please call our office using the contacts listed on the site.

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
  • Still have any questions?

    Fill out the form or contact us as you find convenient: skype, telegram, etc. Our experts will help you resolve the issue.

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