Personal
Bank Account

If you are unable to travel to Panama, you can also have your passport copy legalized at the Panamanian Embassy in your country of residence. After legalization, we must proceed in Panama to request certification of said legalization. 

Some institutions may accept documentation without apostille in certain cases, but the final requirements will always depend on each bank’s internal policy.

The client can request the Hague Apostille from the relevant ministry in their country. They must then send us the original document apostilled by the ministry. If they are able to travel to Panama, presenting their passport with the Panama entry stamp will suffice.

It must be presented by all foreigners and those related to the account. In this case, it is valid to present: the signer's identity card, driver's license, etc.  

It must be submitted by the account applicant. 

Two (2) most recent income tax returns, income certification prepared by a CPA, or Employment Letter, which must be submitted by the signatories and/or final beneficiaries.

This can be an energy, water, telephone, or other bill that shows the residential address. It must be presented by the applicant and signatory of the account. 

The bank requests to know exactly what the account holder does (the services or products you offer, the activity you carry out, physical location, customers, suppliers, relevant information, and/or website if you have one). 

These letters must contain the Bank's letterhead with its address and telephone number in order to be confirmed by the Bank.

It is not mandatory.   

To open a personal bank account in Panama, you must meet the requirements established by each bank and clearly specify the source of the funds that will be deposited into the account.

For Panamanian banks, it is very important to know the source of the funds that will be deposited into the account in the future.

In general, banks charge fees depending on the transaction or services contracted. For a better understanding, we recommend that you ask our banking expert for each bank's service fee schedule so that you can directly check the fees applicable to each service.  

The opening of a Personal Bank Account in Panama from abroad may be viable in certain cases, provided that the bank accepts the client’s profile, the documentation submitted and the required signing procedure. 

In this process, Panama Legal Lab can accompany the document preparation and coordination with the banking institution. The opening will always be subject to review, compliance and final approval by the bank.

Documentation requirements, apostille requirements and physical presence will depend on each bank’s internal policy and signing procedure.

All banks in Panama will ask you for your valid passport if you are a foreigner in order to open a savings account. No bank will open a personal bank account for you if you are a foreigner without a passport.

There are even banks in Panama that do not open accounts for foreigners without a residence permit in Panama.

Documentation requirements, apostille requirements and physical presence will depend on each bank’s internal policy and signing procedure 

Banks can offer different types of bank accounts: Personal Accounts (which can be Savings or Checking Accounts); Legal Accounts; Investment Accounts, among others.

The best bank to open a checking account always depends on the type of services you want to use.

Therefore, when you contact our banking expert, you should explain all your needs so that the advice and recommendation on which bank to choose is appropriate for creating your personal bank account.

Opening a personal bank account in Panama without being a resident may be viable in certain cases, depending on the bank, the client’s profile, the documentation provided, the source of funds and the internal compliance review. Each case must be analyzed individually.

The approximate time required to open personal bank accounts in Panamanian banks varies between banks. There is a significant difference in the time it takes to open a personal bank account or a corporate bank account.

The timeline for opening a Personal Bank Account in Panama may vary depending on the bank, the client’s profile, the documentation submitted, the compliance review and whether the institution requires the physical presence of the signatory.