If you want to relocate or invest in Panama, you may need to open a bank account. Banking in Panama requires one to prepare in advance. The process is much easier with thorough preparation, and with a good lawyer and a small investment, you can accomplish this quickly. Here is what you should do when you start banking in Panama:
Banking System in Panama
Many banks in Panama provide various services, including credit card accounts, investments, loans, savings and checking accounts, and more. When opening an account, the bank will request you to give your personal information, passport, or any other form of identification. You’re required to deposit money into the account before using it.
Banking in Panama is secure and safe, and you can access your money in several ways. These include using ATMs, going into a bank branch to make deposits or withdrawals, or using online banking services to pay bills or transfer money.
Requirements for Opening a Personal Bank Account When Relocating to Panama
The process of opening a bank account in Panama is easy. As a foreign resident, it would help to have a lawyer when opening an account to help with the process. Most banks need:
- Driver’s license
- Two bank reference letters
- A bank statement indicating that your account is in good standing
- One or two recommendation letters from banks in your own country
- A recommendation from a person in Panama
- Utility bill (Some banks may not need them, but it’s good to know before making an application)
Requirements for Opening a Company/Corporate Bank Account in Panama
To set up a business, you will need to open a corporate bank account in Panama. The process involves:
Working With a Resident in Panama
Consultants or law firms would be ideal options or partners to work with when opening a bank in Panama. While there are limited complexities involved in the bank opening process, you need to consider factors like cultural and language barriers. A local partner will give you the support you need throughout the process.
Identify a Bank in Panama That Matches Your Business Needs
Some banks offer more flexibility than others regarding opening investment accounts, international transfers, flexible payment methods, etc. Look for a bank that matches your business requirements. Hire a reputable law firm in Panama to help you identify a bank that can cater well to your needs.
You will need to provide proof of eligibility to open a corporate account. The requirements are straightforward, and you will need current documentation, including commercial and bank references, financial statements, and a valid passport.
You have to provide all documentation for the bank account opening process to be complete. The bank will notify you once all documentation is verified and approved.
Hire the Best Law Firm When Banking in Panama
Before you start banking in Panama, look for an experienced law firm specializing in global-oriented legal services for companies and individuals worldwide. A firm with a team of experienced lawyers in international operations and asset protection is the best to work with. Focus on a law firm dedicated to offering the support you need.