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.
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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.
The requirements for applying to open an account in Panama will vary depending on the type of account you are applying for.
Requirements for applying for a personal bank 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:
Important notes:
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.
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