Opening Bank Accounts in Panama for Foreigners

Is it possible to open a bank account in Panama as a foreigner?

Yes, it is possible. However, Panamanian banks follow strict due diligence procedures to ensure compliance with anti-money laundering and anti-terrorism financing laws.

General Requirements for Opening a Bank Account

Personal Identification: A valid passport or, if you are a resident of Panama, a national ID card (cédula).
Proof of Address: A recent document verifying the applicant’s address, such as a utility bill, rental contract, or bank statement.
Bank References: Some banks may require a reference letter from a financial institution the applicant has previously worked with.
Proof of Funds: Information regarding the source of the funds to be deposited in the account. This may include tax returns, financial statements, or documents related to your economic activity.
Application Form: A due diligence form must be completed with the applicant’s personal information and economic activity.

Compliance with Financial Regulations

Panamanian banking institutions are regulated by the Superintendency of Banks of Panama (SBP). As part of their risk control policies, banks are required to comply with strict regulations to prevent financial crimes such as money laundering and terrorism financing. For this reason, the verification processes can be rigorous and may take several weeks before account approval.

Important Considerations

Each bank has its own policies: While the above requirements are general, banks may request additional documents depending on the applicant’s profile and economic activity.
Evaluation process: Opening a bank account in Panama can take anywhere from a few days to several weeks, depending on the institution and the documentation provided.
Personal and corporate accounts: While the process for opening both types of accounts is similar, corporate accounts may require extra documentation, such as articles of incorporation, board meeting minutes, and financial records.

Opening a bank account in Panama as a foreigner is entirely feasible, but it requires compliance with certain regulations and procedures established by the SBP. To streamline the process, it’s recommended to contact your bank of interest beforehand and ensure you have all necessary documents. Consulting with a lawyer or financial advisor specialized in Panamanian banking can further ease the account opening process.

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