Procedure guide · Living in Panama

Bank Reference Letter for Procedures in Panama

What the bank reference letter Panama's Immigration and banks ask for is, what «medium four figures» means, how long it is valid and how to legalize it.

Issued by: Your bank
Balance shown: «Medium four figures» or more
Usual validity: 30 days
Updated: October 3, 2026

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In short

A bank reference letter is a document in which your bank certifies that you are its customer, since when and with what balance level. In Panama, banks ask for it to open an account and the National Immigration Service asks for it as proof of solvency, for example in family reunification or naturalization, where a balance of «medium four figures» or more is required.

What will you need it for?

To open a bank account in Panama: Panamanian banks ask for a reference from your current bank.
As proof of solvency in Immigration procedures, such as family reunification or the naturalization letter.
In other procedures where you must prove your resources, such as renting a home.

What does «medium four figures» mean?

It is how Panamanian banks express a balance without giving the exact amount: «figures» indicates how many digits the average balance has (four, in the thousands) and «low», «medium» or «high» indicates where it falls in that range. Immigration requires at least medium four figures. If your bank does not use this wording, ask it to state the account's average balance.

What should the letter include?

Your full name, exactly as in your passport.
The type of account and how long you have banked there.
The average balance, expressed in figures («medium four figures» or more) or as an amount.
The signature of a bank officer and the bank's stamp.
The addressee, if the procedure requires it: for example, the National Immigration Service.

Required documents

Bank reference letter
Signed and stamped by the bank
Apostille or legalization
If issued by a bank in another country
Apostille or legalisation
Spanish translation
If it is not in Spanish, by an authorized public translator

Step by step

01
Request it from your bank
Say which procedure it is for and, if applicable, who it should be addressed to.
02
Check its content
That your name appears as in your passport, along with the length of the relationship and the average balance in figures.
03
Legalize it if it is foreign
With an apostille or consular legalization (see embassies and consulates), and have it translated if it is not in Spanish.
04
Submit it on time
It is usually required to be recent: for naturalization, Immigration gives it 30 days of validity.

Costs

Issuing the letter: Depends on your bank
Apostille and translation: If it is from a foreign bank

Frequently asked questions

Is a letter from a bank in my country valid?

To open an account in Panama, yes, and that is the norm. For Immigration procedures, it depends on the permit: some ask for a reference from a local bank. If it is foreign, it must be apostilled or legalized and translated.

Can I use the same letter for several procedures?

Only if it is still valid and not addressed to another entity. Since it is usually required to be recent, the practical approach is to request one for each procedure.

Is it the same as a bank statement?

No. A statement shows transactions; the letter is a certification signed by the bank about your relationship with it and your balance. Some procedures accept both, but the letter is what is requested as a reference.