FAQs About Banking in Panama as a Non-resident
Many foreign investors opt for Panama for their international banking needs because of its stability and well-crafted laws. The country offers excellent banking regulations along with a business-friendly environment. Here are some frequently asked questions when exploring banking in Panama as a non-resident:
Can a Foreigner Open a Bank Account in Panama?
Many Panama banks allow non-residents to open accounts. The applicant must have a valid reason for banking in Panama to create an account. Each bank has prerequisites for opening accounts, which foreign applicants must also fulfill.
What Do You Need To Open a Bank Account in Panama?
Offshore bank accounts in Panama have various requirements to open accounts. Depending on the account you are applying for, the banks may require proof such as international paperwork and certain credentials. Here are the requirements for opening personal and business bank accounts in Panama for non-residents:
● Identification documents
● Tax identification number
● Proof of income
● Source of funds
● Proof of address
● Bank reference letter
● Resume or CV
● Qualifying deposit
To open a business banking account, you may have to have documents like an incorporation certificate, tax identification number, financial statements, etc. Businesses must also provide a comprehensive description of their operations, a list of their clients and suppliers, and a projected transaction schedule.
How Long Does It Take To Open the Account?
Each bank will have a different time frame, but if you meet all the conditions, it could take two weeks to a month. After the bank interview, sign the application forms and send in the required supporting documentation. The bank compliance departments review the data and supporting documentation and then approve the account opening if everything is accurate.
What Panama Bank Account Types Are Available to a Non-resident?
Panama banks allow non-residents to open the following accounts:
● A current or settlement account for payments, cash management, and business activities carried out by non-resident entrepreneurs’ companies. Both individuals and legal entities can use the service.
● A savings account to hold and grow non-residential money. The interest rate is proportional to the deposit the non-resident client makes.
● A fixed-time deposit account to boost income. The size and length of the non-resident’s deposit determine a Panama bank’s accrual percentage.
Why Open an Account at a Panama Bank?
International bank accounts come with many advantages, including providing excellent asset protection. Panama offers cutting-edge technology and sophisticated, effective banking. Also, the official currency of Panama is the U.S. dollar, so there are no restrictions on foreign exchange.
Non-residents can create a bank account in their name or on behalf of a company. Stringent privacy laws govern Panama’s banking system, and they offer various ways to preserve your assets, such as through trusts, corporations, and private interest foundations. Government-sponsored incentives for foreign investment are also available in Panama. These are just a few of the numerous reasons to open a Panama bank account as a non-resident.
Must I Come to Panama To Open the Account?
Panama requires bankers to have a deep understanding of their clients. You can arrange to sign the bank application documents in person and have a quick interview with the bank in Panama. If you cannot visit Panama, the banks will email you an account application and set up a virtual meeting.
Seek Professional Help To Get Started Banking in Panama
If you are a non-resident wanting to open a bank account in Panama, seek the services of a professional law firm familiar with Panama’s laws and regulations. Given their familiarity with the procedures, a lawyer could help with account opening. They could assist with the follow-up after the client fulfills the requirements of the bank interview. Find a reliable Panama legal firm to guide you through the process.