Realistic expectations first
Panama is a major banking centre, but opening a personal account as a foreigner takes patience and paperwork. Banks apply strict know-your-customer rules, so being organised makes all the difference.
What banks typically ask for
- Passport and, often, proof of legal status or residency.
- Reference letters — commonly a bank reference and sometimes a professional reference.
- Proof of income — pay slips, pension statements or tax returns.
- Proof of address and a completed application, usually with an in-person interview.
Residents vs. non-residents
Holding Panamanian residency and a cédula makes the process significantly smoother. Non-residents can sometimes open accounts, but options are narrower and scrutiny higher.
Tips that help
Work with a banker who handles expat clients, present a complete file the first time, and be honest about the source of your funds. A local attorney or your relocation advisor can often introduce you to the right bank. See our banking for residents guide for next steps.
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