How to open a personal bank account in Panama for foreigners?

Panama Banks
Posted: January 25, 2024
Last Update: January 25, 2024

How to open a personal bank account in Panama for foreigners is a somewhat tedious process, but it is less complicated than it is for corporate accounts. The process itself and all the required documentation are often confusing, especially if it is the first time it is being done.

Each bank may have different procedures for setting up, opening, and approving your personal account.

Additionally, keep in mind that if you are a foreigner without Panamanian residential status, you may face additional requirements compared to resident foreigners.

Understanding when and where to open a personal bank account in Panama significantly aids the account-opening process. Therefore, we recommend utilizing the services of law firms or business consultants to guide you through this process.

If you prefer to handle the process independently, the following steps will greatly assist you.

Steps of how to open a personal bank account in Panama for foreigners

How to open a personal bank account in Panama ?

Step 1 - Learn the Tax Regulation

Before opening a bank account, it is highly recommended that you familiarize yourself with Panamanian tax regulations. Panama has several double taxation treaties that can work to your advantage.

If you lack sufficient knowledge of tax regulations in Panama, our eBook Essential Panamanian Tax Guide is an excellent starting point. Written in straightforward language, it comprehensively covers all the essential information about Panamanian tax regulations.

Step 2 - Ties with Panama

If you are a non-resident foreigner with tourist status, some banks may request proof of your “ties with Panama”.

Buying a property, investing in a forestry project, having a company in Panama, among others are considered as "ties with Panama".

Step 3 - Documentation and Forms

You will need to fill out a series of forms and provide specific documentation to the bank. These are essential requirements; without them, you will not be able to open your personal bank account in Panama.

In our post "Requirements to Open a Bank Account in Panama," we provide detailed explanations of the requirements, documents, and forms that banks typically request. It is a must-read if you are planning to open a personal bank account in Panama.

Step 4 - Opening Process

Finally, having all the documents and requirements at hand you can start the process as such. The process to open a personal bank account in Panama for foreigners is fundamentally the same process that nationals must follow. If you want to learn the process step-by-step of how to open a personal bank account in Panama you can read our post Process of Opening a bank account in Panama, this process basically consists of an application, interview, and approval.

Is Banking in Panama Safe?

Yes, bank accounts in Panama are secure. Establishing a personal bank account in a Panamanian bank is both safe and reliable. This can be attributed largely to the rigorous requirements for obtaining a banking license in Panama. Stringent laws and high standards are imposed to acquire a banking license, and the Bank Superintendence diligently monitors each bank on a monthly basis.

There are no hidden or questionable secrets regarding how to open a personal bank account in Panama; only certain myths circulate online.

We’ve authored an insightful article titled “Myths of Bank Accounts,” where we dissect fact from fiction. We highly recommend reading it.

Panamanian banks are known for their conservative practices, avoiding risky lending. Panama’s official currency is the U.S. Dollar, eliminating exchange risks for North Americans or foreigners with assets or businesses in Dollars.