How to Open a Bank Account in Panama for Your Foreign Company

One of the biggest attractions of Panama’s banking system is its focus on providing international services to individuals and businesses from overseas. While it’s not necessary for your company to be registered in Panama to open an account, you will need to comply with certain legal requirements that ensure transparency and adherence to international regulations.

Types of Bank Accounts Offered to Foreign Companies

• Checking accounts: Ideal for international transfers and payments.
• Savings accounts: Provide competitive interest rate options.
• Multi-currency accounts: Perfect for handling payments in currencies like USD, EUR, or GBP.

Who Can Apply for a Bank Account in Panama?

Any company registered outside of Panama that can provide the required documentation and prove legitimate business activities may be eligible to open a bank account.

Panamanian banks are known for their strict due diligence (KYC) protocols and Anti-Money Laundering (AML) regulations. Although requirements can vary between institutions, here are some of the most commonly requested documents:

• Certified copy of the company’s legal documents: Such as the certificate of incorporation and articles of association.
• Bank and trade references: These demonstrate the financial history and good standing of your company.
• Declaration of business activities: Information about the type of business your company operates.
• Notarized passport and identification of final beneficiaries: This adds an extra layer of transparency.
• Recent financial statements: These help banks assess your company’s financial stability.

Keep in mind that in some cases, banks may request additional information depending on the nature of your business.

The time required to open a corporate bank account in Panama can range from 2 to 6 weeks, depending on both the selected bank and the quality of the documentation provided. Some factors that can affect the duration of the process include:

• Accuracy of the submitted documents: Ensure all documents are clear and up-to-date.
• Responsiveness of the client: If the bank requests additional information, respond promptly.
• Type of account requested: Certain multi-currency or corporate accounts may require additional reviews.

Working with a legal team like Limitless Legal can help expedite the process by coordinating with the bank from the start and ensuring all requirements are thoroughly met.

One of the most common questions we receive is whether it’s necessary to travel to Panama to complete the process of opening a bank account. The answer can vary:

• In-person: Some banks require the legal representatives of the company to be present during account opening as an additional verification measure.
• Remote: However, with advancements in technology and strategic partnerships, certain institutions allow accounts to be opened remotely, provided that the documents are properly legalized and apostilled.

With the assistance of legal experts like Limitless Legal, we provide step-by-step guidance to help you determine whether physical travel is necessary or if you can complete the process from your current location.

Key Benefits

Opening a bank account in Panama can offer multiple benefits for your company, including:

• Access to international markets: It facilitates global payments and transfers in different currencies.
• Inflation protection: Your funds are denominated in U.S. dollars, a stable currency.
• Asset Protection: Panamanian accounts offer high levels of confidentiality and security.
• Online account management: Robust tools that allow you to manage transactions without being physically in Panama.
• Tax advantages: Depending on your country's jurisdiction, offshore accounts may have additional tax benefits.

These characteristics make Panama a strategic point for entrepreneurs seeking global financial stability.