3 Methods to Open a Bank Account in Panama
Opening a bank account in Panama is perhaps a more bureaucratic process than in other countries.
You must take into account that any bank under Panamanian regulation will ask you for certain documentation to open your bank account.
We at PanamaBanks.info have written an article in which we list and explain in a simple way what is the documentation that you must prepare to open your Bank account in Panama, you can find it in this link Requirements for Opening a Bank Account in Panama.
Before looking at the methods to open a bank account in Panama, it is important that you know that in Panama there are basically three types of bank account and two types of Persona legally speaking. Also, bank accounts in Panama can be: simple, joint, or communal.
If this seems complicated to you… do not worry!
Our Types of Banks Accounts in Panama will help you understand these concepts, do not forget to read it so that you have these concepts clear before opening a bank account in Panama.
Before seeing the methods to open a bank account in Panama you must know which type of bank account you want to open, and under which type of Persona.
In addition, after read these methods to open a bank account in Panama we recommend you familiarize yourself with the tax regulations of Panama, as you should know Panama enjoys many tax benefits knowing the regulation will let you to get the most out of them.
We have written a series of short, updated, simple and very informative guides that will let you to get the most out of Panama’s tax benefits, you can buy them here Essential Panamanian Tax Guide.
Methods to open a bank account in Panama
Method # 1 | By Your Own Means
If you have traveled to Panama, you can open a bank account relatively easily.
You can go to any bank branch of your choice and tell the customer service officer that you want to open a bank account.
They will ask you to fill out the corresponding forms and to deliver a copy of certain documentation that we already explained in our Requirements for Opening Bank Accounts in Panama article.
The account will then go to the approval and opening process, remember to have some extra money to make the initial deposit.
Be aware, maybe there will be some difficulties for foreigners without residential status, we recommend you to buy our Elemental Guide on How to Open a Bank Account in Panama.
Method # 2 | With Local Associates
You can request a lawyer or local adviser through a power that advances with all the necessary documentation and procedures, at the end of the process it will be necessary that you physically visit the bank as part of the know your customer regulations.
The account will then go to the approval and opening process, remember to bring cash to make the initial deposit.
Method # 3 | Buying a Company
This method to open a bank account in Panama is perhaps the least known.
Since it is not necessary an account opening process as such and you do not go through an approval and signing up process this is because what we are actually doing is buying a corporation which already has a bank account.
It is perfectly legal to buy any company in Panama regardless of whether the company has bank accounts or not, all the assets of the company will be owned by the new owner.
When you buy the corporation, you own the bank account of that company and you can operate with that account without problems.
Although by Panamanian regulation, the new owner must issue a shareholder’s statement addressed to the bank declaring the new owners and the persons authorized to handle funds.
Once you have sent the board statement to the bank, the bank will request the documents of the new owner(s).
This methodology is usually done through a lawyer who will manage the whole process with the bank and the purchase of the corporation.
Although, like the other methods, it is necessary to deliver the owners documentation to the bank and it may be necessary to visit the bank, it is not necessary to approve the bank account since it is operational and functional.
In most cases in the final stage of the process, the bank may request that you physically step by a branch in to meet you (part of the KYC policy).
Usually, this is a mere formalism and it is only necessary to have a small chat with your account officer and take a coffee courtesy of the bank.
If you are outside of Panama it is the perfect chance to take advantage of traveling to Panama and do some tourism.
Panama has an excellent air connectivity and a wide tourist offer that satisfies all tastes if you are looking for nightlife, ecological adventures, beaches, gastronomy, knowing the canal, in short, there is everything for all tastes.