How to open a bank account in Panama in 2022
How to open a bank account in Panama in 2022

The Republic of Panama has one of the world`s most stringent banking secrecy laws, ensuring the confidentiality of your financial affairs.

Non-residents have an opportunity to open a bank account in Panama on condition that they will provide additional documents.

In order to open an account in Panama, you will need to fulfill with these requirements:

  • 1-2 bank letters of recommendation;
  • A letter of recommendation from a qualified lawyer or auditor with a reputation and driver’s license or ID;
  • A copy of the passport and page with the entry stamp for Panama;
  • A copy of the Articles of Association and all documents related to the main company;
  • Financial statements signed by an accountant and/or a copy of the tax returns of the main company;
  • An initial deposit which will depend on the bank requirements.

It is worth noting that the letters of recommendation should be written on the bank letterhead addressed to the Panamanian Bank of your choice and signed by the manager or authorized body.

Also, if you want to open a Panamanian bank account, you need to know that all documents must be recently dated (normally within 3 months).

Important notes

When opening a corporate bank account in Panama, please note that banks may require additional information, for example, the source of funds that you intend to deposit. Each bank has its own requirements.

One of the main conditions is that you need to prepare the documents in Spanish.


Those, who want to open an account for a company with a Panamanian bank, can take advantage from the following bank services:

  • Savings and current accounts;
  • Loans;
  • Issuing of payment cards;
  • Time deposits (TDs);
  • ATMs;
  • Online banking.

Entrepreneurs, who seek to open a Panamanian corporate bank account and obtain a credit card, must take into account that Panama's banks will require 125% of the monthly maximum credit limit.

YB Case experts propose you qualified assistance in opening an account with Banco General, Global Bank Panama, Multibank or IUBank as the most reliable institutions.


In order to start an entrepreneurial activity in Panama, you will need to open an account for a Panamanian company.

To do this, contact YB Case specialists and ask for personal advice on a business organization process in Panama. Our competent team will also assist you collecting all the necessary documents and provide qualified assistance in opening an account in Panama.

In order to learn more, please call our office using the contacts listed on the site.

Service order form
The field must be filled
How can we contact you?*
Please enter a valid e-mail
Please enter a valid phone number
Your comment