Opening a bank account as a non-resident foreigner in Panamá

There are few banks that open accounts for non-resident foreigners. For instance, Canal Bank, Multibank, Credicorp Bank, Banco General, Banistmo, and Scotia Bank.

The requirements to open a bank account are as follows:

1. A copy of the signatory's passport, which the most recent entry/exit stamps (if any).
2. A copy of a second identification document (driver's license),
3. Evidence of your current address (utility bills),
4. Bank reference letter address to the bank that you will apply. Please, address the letter to Banco General, and it is better to have a second letter addressed to Banistmo. The letter should be on the financial institutions' letterhead and include a bank officer's signature and the contact information (address, telephone, fax, email). There is no specific format for these letters. Must be recent, within 30 days. Some banks may require bank statements for the last three months.
5. Evidence of your income (work reference letter, two-year tax returns). This document is necessary to prove that your revenues are coming from a legitimate source, regardless of the amount. This is an essential requirement.
6. Three personal, professional, or commercial reference letters. These reference letters can be from your attorneys, accountants, financial consultants, or any company(s) you have a business relationship with. We can provide one for you. The letters should be on the professional's (or company's) letterhead and should include the signature of the professional (or company representative), plus their contact information (address, telephone, email). There is no specific format for these reference letters. Must be recent, within 30 days.
7. Proof that you have a link to Panama, for instance, Proof of ownership of titled property, Panamanian ID, Letter from a lawyer that you are going through the immigration process, and Residential contract for over a year.
8. Bank Forms. (Bank Account Profile Form, Individual Form, FACTA Form, Banking Contract)

The documents should be apostilled, and some banks require Spanish translations.

Process: After you visit the bank, the bank will gather all the requirements documents and forms. The bank may take between 3 to 5 days to confirm and verify the reference letters submitted.

Initial Deposit: Once the bank verifies the veracity of your documents, the initial deposit can be made. The initial deposit for a foreigner can go from USD 250 to USD 5000, depending on the bank.

If the prospective customer is American, the bank may refuse to open the account thus because FATCA law states that foreign banks must report the income of Americans abroad. The FATCA requirement is laid out in Chapter 4 of the US Internal Revenue Code. Nevertheless, the following banks allow Americans to open an account: Banistmo, Banesco, BAC (if you are a Panamanian resident), Unibank, Scotia Bank, Citibank (if you have an account), and Banco Nacional.

Specific Bank Process:

To open an account with Credicorp Bank, you need to make an appointment at least a month before your visit. Credicorp Bank has several branches, but to open the account to foreigners, the bank has just one branch designated it. The bank references and the commercial reference letters should not be older than 30 days from the issuance. The same applies to the proof of your income.

Consider these when you are filling out all that paperwork.

1) Joint Account Wording: If you are opening a joint account, make sure to choose or, in other words, that the names on the account are listed as You or your partner, NOT you and your partner.

2) Beneficiary Forms & Wills: The client should also fill out a beneficiary form for your account to ensure no issues in case of death, divorce, or separation. Some banks may have a fee for those forms.

3) Savings vs. Checking: Many Panama banks charge fees on checking accounts but not on saving accounts.

Please keep in mind that the bank may refuse to open an account to a non-resident foreigner and that in several cases, the bank will take some time to review the paperwork; thus, the account might not be open immediately.