Panamanian banks do open accounts for foreigners and non-residents — personal and corporate. What decides your file is due diligence, not nationality. We assemble it properly, pick the right bank for your profile, and tell you honestly when a case will not fly.
Most foreigners who are refused an account in Panama are not refused for who they are — they are refused for an incomplete file. Panamanian banks work under Law 23 of 2015: they must identify and reasonably verify the client, understand the nature of the business, keep records of the client and of the beneficial owner, and monitor the relationship continuously. A file that answers those questions before they are asked is a file that moves.
We practise as Panamanian attorneys, in English, and we act as your counsel — not as a broker who promises an approval the bank has not given. If your profile does not fit the banks we work with, we will tell you that instead of charging you to find out.
Deep insight into Panama's tax authority processes.
Master in Public Administration — law, economics and policy.
You always deal directly with the attorney handling your case.
Licensed attorney in the Republic of Panama.
“A Panama account is private, not invisible. Built that way, it holds up — at the bank, and at home.”
— Lic. José Manuel Góndola Escudero · Panama Bar No. 17,005Panama's anti-money-laundering framework is not a formality the bank can skip for a good client. Under Law 23 of 2015, as amended, banks must evaluate their risk (article 26), carry out adequate identification and reasonable verification proportionate to that risk (article 26-A), keep the due diligence records of the client and of the beneficial owner for at least five years after the relationship ends (article 29), understand the nature of the client's business and monitor the relationship over time (articles 38 and 39). The Banking Law adds the duty to maintain internal prevention policies and controls (article 112).
Read in plain terms, that is one question in four parts: who are you, where does the money come from, what will this account do, and does the activity match the numbers? Every document on the list below exists to answer one of them.
| What the bank asks | What it is really testing |
|---|---|
| Passport, second ID, proof of address | Identity and verifiability (art. 26-A) |
| Bank and professional reference letters | Track record with other institutions |
| Statements and source-of-funds evidence | Legitimate origin of the funds |
| Description of expected activity | Nature of the business (art. 38) |
| Corporate documents and beneficial owner | Who ultimately controls (art. 29) |
Requirements vary by bank and by profile; this is the structure behind them, not a checklist any single bank publishes.
High-risk profiles are not banned — they are held to more: more documentation, and records that must be refreshed at least once a year (article 29). Knowing in advance that your profile reads as high risk is the difference between preparing for it and being surprised by it.
Article 111 of the Banking Law is the real rule: banks disclose client information only with the client's consent, with four exceptions — a competent authority requiring it under the law; compliance with money-laundering and terrorist-financing prevention rules; risk rating agencies; and data processing firms, where the duty of confidentiality transfers to them by operation of law. Article 194 adds the client's own rights: clear information at no cost, confidentiality towards third parties, and the right to end the relationship at any time.
What that does not mean is invisibility. Panama exchanges account information internationally, and United States persons remain subject to FATCA and to their own reporting duties. We design accounts that are reportable — because an account you cannot declare is a liability, not an asset.
Prefiere leerlo en español: nuestra firma hermana publica la guía equivalente en Jurisconsultas Abogados.
Non-resident individual accounts: bank selection, file assembly and introduction.
Accounts for Panamanian corporations, SRLs and private foundations, with the beneficial-owner file the bank requires.
Entity and account handled as one project — the corporate documents the bank wants are the ones we are already issuing.
The part that sinks most applications, documented properly the first time.
Apostilles, certified copies and video interviews where the bank allows it.
A second read of what went wrong, and whether another bank fits better.
Nationality, residence, source of funds and what the account is for. We say up front how your file will read.
We match the profile to banks whose policies actually accept it, instead of applying everywhere at once.
Documents, apostilles, references and the source-of-funds narrative, built to answer compliance before it asks.
We present the file, handle the bank's questions and keep you informed — including if the answer is no.
Yes. Panamanian law does not reserve bank accounts for residents or citizens. What the law does require is due diligence: under Law 23 of 2015 the bank must identify and reasonably verify you, understand the nature of your business and keep those records. A non-resident file is simply a heavier file — more documents, more questions, not a closed door.
It depends on the bank, not on the law. Some banks will complete onboarding with apostilled documents, certified copies and a video interview; others still require one personal visit to sign. We tell you which approach your profile fits before you buy a ticket — and we never promise an account we cannot deliver.
Expect passport and a second ID, proof of address, two bank reference letters, a professional reference, recent bank statements, and documented proof of the source of your funds (employment, business, sale of an asset, inheritance). For a company account, add the corporate documents and the identity of the beneficial owner — Law 23 of 2015, article 29, requires records of both the client and the beneficial owner.
No, and be wary of anyone who says otherwise. The bank decides, under its own risk policies and the AML framework it answers for to the Superintendency of Banks. What we guarantee is a correctly assembled file, the right bank for your profile, and an honest answer when your case is unlikely to be approved.
Not as secrecy, yes as confidentiality. Article 111 of the Banking Law says banks only disclose client information with the client's consent — with four exceptions, including a competent authority acting under the law and AML/CFT compliance. Panama also exchanges information under CRS and FATCA. Your account is private, not invisible: report it at home.
No — individuals open personal accounts. But if you are setting up a Panamanian corporation or private foundation, doing both together is faster, because the corporate documents the bank wants are the same ones we are already producing. Many clients search for exactly that combination.
No. Residency is not a legal requirement for an account, though a residency process underway (or a Panamanian ID) usually makes a file easier and opens more banks to you. If you are weighing both, see our Panama residency options guide.
It varies by bank and by account type, and banks change it; we will not publish a number we cannot stand behind. We tell you the current ranges for the banks that fit your profile when we review your case.
Send us your situation — nationality, residence, source of funds and what the account is for. We review it as Panamanian counsel, tell you honestly how it reads, and quote in writing. No guaranteed approvals, from us or from anyone.