July 29, 2018
| On 1 year ago

How To Open A Bank Account In Panama

With increased regulations, banks are becoming more and more strict on opening banks for foreigners.

With increased regulations, banks are becoming more and more strict on opening banks for foreigners.

To open a bank account in Panama you will need a copy of your passport photo and information page, as well as a copy of your Panama immigration entry stamp page. You will also need at least one letter of reference from a bank and a reference letter from a professional (lawyer, accountant). These letters must be on the company or bank’s letterhead addressed to the Panama bank and signed by a manager or high authority. All documents must be recently dated (usually within three months). You will also need a second ID, such as a driver’s license.

Different banks may require more information; such as the source of funds you intend to deposit. Every bank has its own application forms. If you are in Panama on an immigration visa, you will need to provide copies of the immigration visa and immigration identity card (carnet). If a business account is being opened, most banks will require copies of your income tax returns from the previous two years. Plus, all documents must be translated into Spanish.