has earned the status of a focal point of bank-related global
shipping business with support of its strategic situation amidst
North and South America. The banking facilities are simply superb
here. No wonder, investments in Panama are booming and so are
bank accounts in Panama. Not just that, about 350,000 “offshore”
registered companies have developed to strengthen it’s
To set off bank accounts by Expats in Panama is not that
hard, though you have to abide by some procedures. You will
need either your passport or residency card. In addition,
two banking reference letters will be necessary. These banking
reference letters mostly states that you are an honoured customer
of the bank and the approximate funds you keep in your present
accounts. Banking references are accepted from any country,
while some banks will ask two personal references from you
as well. Thus not only for people in Panama, you are invited
to open bank accounts in Panama even if you are a foreigner.
As mentioned above, you simply cannot open bank accounts
in Panama without references. In most cases you require two
bank references and two professional references. You also
require to submit your “Account Profile” before
opening bank accounts in Panama. The location of your business,
which is the source of your funds, needs to be disclosed.
Before you open bank accounts in Panama, copy of contractual
documents showing the origin of funds needs to be provided.
The bankers will also ask for tax return statements. Not only
for Panama taxes, tax returns are applicable for foreigners
Make sure that you are familiar with the procedures before
opening bank accounts in Panama. There will be a personal
interview session. Customers other than people in Panama have
to fly in from their respective countries. A photo identity
proof by way of passport, driver’s license or national
ID card is required.
Before making banking investments in Panama, you should rest
assured of the country’s rigorous banking secrecy laws.
No government or private agency will get access to your account
information, unless ordered by the honourable court. The judge
should be sanguine that a criminal or fraudulent case is at
hands and no frivolity is involved. However, Panamanian banks
have rigorous laws against illicit activities. Before you
open bank accounts in Panama, be informed that there are
Three types of banking licenses offered by the government
come into play prior to opening bank accounts in Panama. General
licenses permit trading in both inside and outside the country.
International (or “Restricted”) license allows
offshore banking to be carried out from an office in Panama.
Representation licenses are issued to foreign banks allowing
establishment of local offices. Local trading is not taken
You will find as many 100 banks functioning, so having bank
accounts in Panama is no problem at all. Banks like Banistmo
& Banistmo Mercantil, Banistmo & Banistmo Mercantil,
Panabank, Global Bank, PanAmerican Capital Group, HSBC Panama,
and the like take much of pride out of their share of banking
investments in Panama. Getting bank accounts in Panama is
like experiencing banking bliss.
For assistance in setting up a bank account in Panama, or
forming a corportation or any other legal services, please
see our fees below, or contact
us for more information.