Steps to Follow
Panama is the largest international banking center in Latin America, with over 80 banks operating in the country. The dollarized economy eliminates currency risk, and the banking system represents over 10% of GDP. Since 2018, compliance requirements are stricter, but with proper documentation, both residents and non-residents can open accounts.
Choose Account Type
Personal vs. corporate. Checking vs. savings. Local vs. offshore (international license).
Gather Documents
Passport, bank references (2), proof of income/employment, proof of address, source of funds declaration.
In-Person Visit
Most banks require physical presence to open account. Some allow remote opening with apostilled documents.
Initial Deposit
Typically $1,000-$10,000 depending on bank. Some premium banks require $25,000+.
Activation
Approval process takes 1-4 weeks. You'll receive debit card and online banking access.
Useful Resources
Legal Disclaimer
Banking requirements change frequently. Contact your chosen bank directly for updated information.
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