Bank Account Opening

Manage your income and expenses in an organized manner

Opening a bank account in Panama is a great benefit for people who want to develop their business in Panama or simply keep savings. This is because Panama is a country that maintains constant economic growth and is a politically stable country. Additionally, Panama uses the U.S. dollar as its local currency, allowing it to remain one of the strongest economies in the Latin American region.

Bank Account Opening

Guide - step by step

New!

Now you can register your trademark online!

Fill out the instruction sheet!

Send us the details for your trademark registration directly from your cell phone, laptop or tablet wherever you are. We'll evaluate the information and get back to you to coordinate details and payments, so your brand will be ready to be protected for the next 10 years.

💳
Communicate
with
Our
experts
and
Know
But
upon
Bank Account Opening

Schedule a free consultation and get the answers you need!

Free consultation
⚖️
Related Services:

Explore our additional services so we can help!

Account opening & requirements

Any national or foreign person can request the opening of a personal or corporate bank account in Panama, provided that the requirements requested by the local banking institution are met.

Requirements to apply for a bank account in Panama.

The requirements for applying to open an account in Panama will vary depending on the type of account you are applying for.

Personal Account:

Requirements for applying for a personal bank account:

  • Copy of the applicant's personal identification, this can be the full passport, personal identity card or permanent resident card;
  • Copy of a second personal identification (driver's license);
  • Proof of address of the applicant, this can be an electricity, water or telephone bill or a lease agreement;
  • Reference letter or bank recommendation in favor of the applicant;
  • Evidence of income, this can be proven by submitting bank statements from your home country, work letter, last income statement.

Corporate Account:

Nowadays, when incorporating a company in Panama, it becomes an essential requirement to operate a company. This is because with a bank account it is much easier to manage a company's income and expenses and at the same time have a record.

It should be noted that, in Panama, it is mandatory for all companies to keep an accounting record within Panama and having an operational bank account facilitates this requirement.

Requirements for applying for a corporate bank account:

  • Copy of personal identification of all management members and shareholders of the company;
  • Proof of address of the company's shareholder;
  • Bank reference letter in favor of the company's shareholder;
  • Evidence of income from the company's shareholder;
  • Copy of the company's statutes or articles of incorporation;
  • Copy of the company's business license or trading notice;
  • Annual projection of the revenues and expenses that the company may have during its first year of operation.

Important notes:

  • If the shareholder of the company is another entity, it must be identified who is the natural person who is the final beneficiary of the company;
  • The final beneficiary of society can be understood as the natural person who is the owner of the society;
  • The bank will primarily evaluate the company's source of income and its economic activity to determine the opening of the account.

How long does it take to open a bank account in Panama?Normally, the time to open a personal bank account will be three (3) to five (5) business days, while opening a corporate bank account would take approximately two (2) to four (4) weeks after all documentation has been submitted to the bank.

Panama is a strategic point in the Central American region, so opening a bank account in Panama is an important option to consider if you are thinking of investing in the region. We can advise on the different types of personal or corporate accounts you could apply to in order to securely manage your income.

Do you want to open a bank account in Panama?

Schedule your first appointment with us to resolve your questions, completely free of charge.