How to Open Bank Account in Panama: A Guide for Investors
We Assist Investors to Open Bank Account (remotely)
For decades, Panama has been known as one of the world’s most attractive financial hubs to have bank account—offering stability, privacy, global banking access, and business-friendly environment. Today, whether you’re an expat, or a business owner, opening a Panama bank account is considered a smart financial move. Our attorneys at Panama Legal Center can assist international investors to open a bank account in Panama remotely. In this article, we break down everything you need to know—requirements, benefits, costs, timeline, and the process to successfully open a bank account.
Benefits of Having Bank Account in Panama?
Panama is more than a beautiful Central American country; with world-class infrastructure and the iconic Panama Canal—it has one of the strongest banking systems in Latin America. With strict solvency laws, and international banking standards, Panama attracts thousands of foreign investors from all over the world.
Here’s why opening a bank account in Panama is appealing:
✔ Financial Stability
Panama’s banks have some of the highest liquidity requirements in the world—often above 30%. This means your money is backed by strong financial reserves and protected from high-risk lending.
✔ USD Banking System
Panama uses the U.S. dollar as its official currency. This gives account holders:
- Protection from currency devaluation
- Easy & fast international transfers
✔ Privacy and Asset Protection
While Panama complies with international regulations, its banking privacy laws remain strong. For individuals who want to diversify savings or protect global income, a Panama bank account provides a layer of security.
✔ Modern Banking System
Most banks in Panama offer modern online banking, debit cards, credit cards, and loans.
✔ International Banking Freedom
Panama banks offer online banking via mobile apps and are connected to global networks like:
- SWIFT
- Visa & Mastercard
- International wire transfers
This makes it easier to send and receive money worldwide.
✔ Asset Diversification
Keeping funds in multiple countries reduces financial risk and Panama’s strong banking laws make it a safe place for bank accounts.
✔ Investment Opportunities
Some banks offer brokerage accounts, international credit cards, and wealth management services.
Can I Open a Bank Account in Panama?
If you’d like to open a bank account in Panama, for any reasons such as to obtain visa residency or doing international business, we can assist you to open a bank account for you. We have been assisting investors from all over the world, to open a bank account in Panama and that includes personal bank accounts as well as commercial accounts. Our attorneys know the requirements of the local banks in Panama, and we assist you with full documentation and referral. Investors are required to provide certain documents for bank due diligence which includes a copy of valid passport, bank reference letter and proof of income. Some Panama banks allow bank account opening remotely as well, while other banks require a personal interview.
We welcome investors to get in touch with us and benefit from our assistance. People who most benefit from having a bank account in Panama includes:
- Retired individuals relocating to Panama
- Foreign investors doing business abroad
- Digital nomads
- Entrepreneurs with international clients
- Individuals diversifying assets
Are Panama Banks Safe & Secure?
In today’s global financial landscape, having a bank account in Panama is more than a convenience. As global economies shift and digital business expands, offshore banking is no longer just for large corporations—Panama banking is a smart tool for individuals and corporations seeking control over their financial future. If you’re thinking about international banking, Panama stands out as one of the most reliable and forward-looking destinations.
Panama’s banking system is very safe and secure and provides the following features,
- High liquidity & financial stability
- Strict banking privacy regulations
- Modern & secured account technology
- Dollar-based banking
- Mobile app & online banking
Documents Required for Opening Bank Account
While requirements vary slightly from bank to bank, the general documents for opening a personal bank account are as follows.
✅ Valid passport
✅ Second ID (driver’s license or national ID)
✅ Proof of Panama residency
✅ Proof of income such as bank statements, business documents, tax returns, contracts)
✅ Bank reference letter
✅ Proof of domicile
✅ Source of funds
✅ Personal interview
Step-by-Step Process to Open Bank Account
✔ Step 1 — Choose the Type of Account
Decide whether you like to have a saving, checking or corporate account.
✔ Step 2 — Gather Required Documents
Prepare identification, proof of income, bank references, and address documents.
✔ Step 3 — Complete Bank Application
Fill out forms online or in person.
✔ Step 4 — Compliance Verification
The bank reviews your information and confirms the source of funds.
✔ Step 5 — Deposit Funds
Once approved, make the initial deposit to activate your account.
✔ Step 6 — Receive Debit Card & Access to Online Banking
Most banks provide Visa or Mastercard debit card and have online banking apps.
Types of Bank Accounts
Choosing the right account depends on your financial goals. The most common options include:
✔ Personal Saving & Checking Accounts
Ideal for individuals receiving payments, holding savings, or transferring funds internationally.
✔ Business Account
Great for companies, especially those operating internationally or digitally. Many online entrepreneurs use a Panama bank account to separate business and personal transactions.
How Long Does it Take to Receive Bank Account Approval?
Approval times vary, and it depends on type of account, personal profile and required documents however typically it may take up to,
- 1–3 days for Personal accounts:
- 1–4 weeks for Business accounts:
Popular Banks in Panama
EMAIL: customer@panamalegalcenter.com
WHATSAPP: +(507) 6404-0388