Panama is one of the top offshore banking destinations in Latin America, known for its strong privacy laws, dollarized economy, and robust financial sector.
To open a business bank account in Panama in 2026, the company must be a legally registered entity (typically a Panamanian corporation or foundation), and at least one account signatory must undergo in-person identity verification at the bank.
A Panama business bank account offers a gateway for foreign entrepreneurs and investors to operate internationally while benefiting from local and territorial tax rules.
This guide covers:
- How to open a business account in Panama
- What are the requirements for Panama business bank account?
- How long does it take for Panama business bank account to be processed?
- What are some of the popular business banks in Panama?
My contact details are hello@adamfayed.com and WhatsApp +44-7393-450-837 if you have any questions.
The information in this article is for general guidance only. It does not constitute financial, legal, or tax advice, and is not a recommendation or solicitation to invest. Some facts may have changed since the time of writing.
Can a Foreigner Open a Bank Account in Panama?
Yes, foreigners can open both personal and business bank accounts in Panama.
However, due diligence and documentation requirements are strict due to international compliance standards.
Most banks require a face-to-face meeting and a local law firm or introducer.
Why Do People Open Bank Accounts in Panama?
Common reasons include:
- Asset diversification outside home country jurisdictions, especially for wealth preservation
- Integration with Panama’s territorial tax system, which may exempt foreign-source income from local taxation
- Easy access to US dollars, as Panama uses the USD as its official currency, reducing forex risk
- Business confidentiality and legal privacy protections, including the use of nominee structures and bank secrecy policies (though these are subject to international compliance standards)
How to Open a Business Bank Account in Panama
Although requirements may vary slightly between banks, the general process includes the following:
- Form a Panama company – Most banks require an existing legal entity registered in Panama, typically a Sociedad Anónima (S.A.) or International Business Company (IBC).
- Choose a bank – Select a financial institution that suits your business needs. Some banks accommodate remote applications, especially if submitted through a licensed introducer, while others mandate an in-person visit.
- Prepare and submit documents, which usually include:
- Company bylaws and certificate of incorporation
- Passport copies of all directors, shareholders, and authorized signatories
- A clear description of business activities and a declaration of the source of funds
- Bank reference letters, personal or corporate, or recent financial statements to establish credibility
- Attend a bank interview – Most Panama banks will require at least one of the directors or signatories to attend an interview (either in person or via video call) for due diligence purposes.
What Documents Do I Need to Open a Bank Account in Panama?
To open a bank account in Panama, companies typically need incorporation papers, proof of business activity, and identification for all owners and signatories.
Below is a breakdown:
For the Company:
- Certificate of Incorporation – Official proof that the company is legally registered in Panama or abroad.
- Company Bylaws (Escritura Pública) – This outlines the company’s governance, structure, and legal powers.
- Shareholder and Director Registry – Names and identification of beneficial owners and controlling parties.
- Business License or Commercial Registration – Required if the company is already active in commerce or services.
- Proof of Economic Activity – Contracts, invoices, a business plan, or website details showing the nature and legitimacy of the company’s operations.
- Tax Identification Number – If available, especially for locally registered entities.
For the Signatories, Directors, and Beneficial Owners:
- Valid Passport Copies – Usually notarized or apostilled.
- Second Form of ID – Driver’s license, national ID, or similar.
- Proof of Residential Address – Utility bill or bank statement issued within the past 3 months.
- Bank Reference Letter – From your current bank confirming good standing (some banks require this from each signatory).
- Personal or Professional References – Sometimes requested, especially for new clients with no local presence.
- CV or Professional Background – To help establish source of funds and business legitimacy.
How Long Does It Take to Open a Bank Account in Panama for Business?
Opening a business bank account in Panama typically takes 2 to 6 weeks, depending on the bank, complexity of the structure, and the applicant’s risk profile.
Accounts involving high-risk jurisdictions or unclear source of funds may take longer.
How Much Money Do You Need to Open a Bank Account in Panama?
Most banks require an initial deposit of USD 1,000 to USD 5,000 to activate a corporate account.
For international clients or higher-risk profiles, the bank may impose minimum balance requirements that range from USD 2,500 to USD 50,000 or more, especially in premium or private banking setups.
Which Bank Is Best for Foreigners in Panama?
Several Panama banks are considered foreigner-friendly, including Banco General, Multibank, Credicorp Bank, and Towerbank.
Each offers varying levels of international support, English-language service, and digital banking access.
For instance, Banco General is known for its stability and user-friendly platforms; Multibank caters well to English-speaking clients; Credicorp offers flexible corporate solutions; and Towerbank has developed a reputation among crypto entrepreneurs.
Since onboarding requirements differ by bank, it’s advisable to consult a local legal or corporate advisor to streamline the application process.
Are Panama Banks Insured?
No, Panama does not offer government-backed deposit insurance.
While major institutions like Banco General and Banistmo are regulated under strict liquidity and capital requirements, deposits are not officially guaranteed.
Some banks may carry private protections, but these are not equivalent to a formal insurance program.
Is Panama Good for Banking?
Yes, Panama is widely considered a reliable and private banking jurisdiction.
It has a well-regulated financial sector, strong data protection laws, and convenient access to the global banking system.
However, compliance and transparency standards have increased, especially for foreign clients.
What to Watch Out for When Opening a Panama Bank Account
- Restricted clients or sectors: Some banks automatically reject applications linked to high-risk countries (as designated by FATF or the bank’s internal policy), or industries such as crypto, gambling, or politically exposed persons (PEPs). Even if your company is legally compliant, banks may decline based on internal risk tolerance.
- In-person presence is often required: Unlike other offshore jurisdictions, Panama banks typically require at least one company representative to visit the branch in person. Very few offer remote onboarding unless working through a trusted legal or corporate services intermediary.
- Regular compliance checks: After opening the account, expect periodic requests for updated documentation such as passport copies, proof of address, and financial statements. These reviews are part of the bank’s KYC (Know Your Customer) and AML (Anti-Money Laundering) obligations.
- Panama complies with international transparency standards: While Panama no longer has strict banking secrecy laws, it participates in the OECD’s Common Reporting Standard (CRS), which means account information of non-residents may be automatically shared with tax authorities in the account holder’s home country.
Conclusion
Opening a business bank account in Panama can offer strategic benefits such as access to the dollarized economy, territorial tax treatment, and robust banking infrastructure.
However, the process is document-intensive and often requires in-person verification.
Working with a local advisor or legal intermediary can significantly improve your chances of success and reduce processing time.
Always research each bank’s specific requirements before applying.
FAQs
Do Panama banks report to other countries?
Yes. Panama complies with the Common Reporting Standard (CRS) for automatic exchange of information with participating countries.
Can I open a Panama business bank account online?
Most Panama banks require an in-person interview to finalize a business account, though a few boutique or private banks may allow 100% remote openings via authorized intermediaries.
These cases often involve stricter requirements, such as higher deposits, notarized documents, or video interviews, and are typically limited to select client profiles.
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