Open a bank account in Panama: personal and corporate
We prepare your file to open a bank account in Panama, for you or your company. We organize the documents banks ask for and stay with you until the bank decides.
- Authority
- The bank you choose, supervised by the Superintendency of Banks
- How it is filed
- Mixed: some banks require an interview in person or by video
- Typical timeframe
- Variable: each bank sets its own review times
Who it is for
- Panamanian companiesNewly formed or existing, with local or foreign owners.
- Foreigners and investorsWho live, invest or own property in Panama and need a local account.
- Panama residentsWho need a personal account and do not know which documents to prepare.
Problems we solve
- The bank asked for documents you do not know how to obtain.
- A previous application was declined or left on hold.
- You are not sure how to prove the source of your funds.
- Your company is new and has no track record or financial statements.
- You live abroad and want to avoid unnecessary trips.
Why opening an account in Panama takes work
Banks in Panama must know each client in depth before opening an account. This is required by Law 23 of 2015 and by Rule 10-2015 (Acuerdo 10-2015) of the Superintendency of Banks.
Under Article 36 of Law 23 of 2015, if a client does not support the due diligence, the institution must not open the account. An incomplete file is the most common cause of delays.
Each bank also applies its own policies. The final decision always rests with the bank. Our job is to make sure your application arrives complete, clear and consistent.
Personal account and corporate account
For individuals, Rule 10-2015 asks for ID (national ID or valid passport), the tax ID of your country of residence, the source of funds and a financial profile backed by at least one document.
For a Panamanian company, the bank also asks for the articles of incorporation, the Public Registry certificate and the ID of directors, officers, attorneys-in-fact and signatories. It must also identify shareholders holding 10% or more.
What we do
We are not a bank and we do not promise approval. We help you submit an application the bank can assess without back and forth.
- We review your case and tell you which documents banks usually ask for with your profile.
- We organize the file: identity, references, source of funds and expected transactions.
- We write a cover letter explaining who you or your company are and how the account will be used.
- For a corporate account, we obtain the Public Registry certificates and coordinate the registered agent certification.
- We prepare you for the interview and help you answer any follow-up request from the bank.
Requirements
- National ID or valid passport of each account holder, signatory and beneficial owner. Official source
- Tax ID of your country of residence and a tax compliance statement. Official source
- Source of funds or wealth, in writing and reasonably supported. Official source
- Financial profile: employment letter, tax return, financial statements or other proof of income. Official source
- Transaction profile: the activity you expect per month or per year. Official source
- For companies: articles of incorporation, Public Registry certificate and ID of directors, officers and shareholders holding 10% or more. Official source
- Bank or business references: Rule 10-2015 does not require them, but many banks ask for them under their own policies.
Steps and timeframes
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We review your case
We handle itWe discuss how the account will be used, the source of funds and the account holders. You receive the document list.
1 to 2 business days
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You gather the documents
You handle itIf they come from abroad, we tell you which ones need an apostille or a translation.
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We build the file
We handle itWe check that everything is consistent and write the cover letter.
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Submission to the bank
You handle itThe application goes to the bank you choose. If the bank requires an interview, we prepare you for it.
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The bank reviews and decides
The authority handles itThe bank reviews the file and may ask for more information. We help you respond.
Variable, depending on the bank
Costs
| Item | Amount |
|---|---|
| Opening deposit and bank charges | Per each bank's policy |
| Apostilles and translations of foreign documents | Depends on the case |
| Tramita Todo fee | We will quote you |
We quote based on the type of account, the number of holders and how complex the source of funds is. Approval depends only on the bank.
What our service includes
- Profile review and document list.
- File preparation and review.
- Cover letter.
- Public Registry certificates, for corporate accounts.
- Interview preparation and support with the bank's follow-up requests.
What it does not include
- Account approval, which is the bank's decision.
- Minimum deposits and bank charges.
- Financial statements or tax returns.
Who handles your case
- Handling procedures before Panamanian authorities since 2008.
- Certified public accountants on our team.
- Our own office in Obarrio, Panama City.
- We also serve clients who live outside Panama.
Frequently asked questions
Can a foreigner open a bank account in Panama?
Yes, as long as the bank can complete its due diligence. Rule 10-2015 asks foreigners for a valid passport, the tax ID of their country, source of funds and a financial profile. Each bank decides whether it accepts non-resident clients.
Can I open a Panama bank account from abroad?
It depends on the bank. Some accept a video interview and documents sent by courier. Others require you to appear in person. We tell you your options before you book a trip.
How long does it take to open a bank account in Panama?
There is no fixed timeline. Each bank sets its own review times and may ask for more information. A complete file from the start is what shortens the wait the most.
Can you guarantee the bank will approve my account?
No. The decision belongs to the bank and nobody can guarantee it. What we do is submit a complete, consistent application and help you answer any request.
Can my new company open an account without financial statements?
Yes, but the bank will ask for other proof of the source of funds. It may come from the shareholders or from a contract that supports the business. We help you gather the documents that best explain your case.
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