Guide · Living in Panama
Opening a Bank Account in Panama as a Foreigner
Which documents Panamanian banks ask foreigners for, what due diligence involves and what to consider before opening an account.
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In short
A foreigner can open an account at a Panamanian bank, but banks apply strict due diligence: identity, references, address and source of funds. Prepare the documents in advance and expect many banks to require you to sign in person.
What documents do banks ask for?
- A valid passport and, often, a second ID document.
- A reference letter from your current bank.
- A professional or commercial reference.
- Recent proof of address.
- Proof of the source of your funds and your income.
- Tax forms from your country of residence, if required.
What should you consider before opening the account?
- Each bank sets its own requirements and may refuse an account without explanation.
- Having residency in Panama makes opening an account much easier.
- Panamanian banks report non-residents' account details to their countries of tax residency; US citizens are reported under FATCA.
- The economy is dollarized: accounts are generally in US dollars.
Frequently asked questions
Can I open the account without traveling to Panama?
Some banks allow it in specific cases, but most require at least one visit in person.
Are deposits insured?
Panama does not have a deposit insurance fund like those in other countries. Choose your bank carefully and diversify if the amount is large.
Do I need to be a resident of Panama to open an account?
Not always: some banks open accounts for non-residents, but each bank decides, and having residency makes it much easier.