Opening a Bank Account in Panama
Many of you have heard it is difficult to open a bank account in Panama. The is not necessarily true. There are some banks that do not open accounts for foreigners, or have sever restrictions, there are others that do not want to deal with US citizens. We have partnered with a bank in Panama, that is the easiest to open an account with, with only a few requirements.
For US citizens, Canadians, or most countries on the Friendly Nations List the requirements are”
- 2nd Photo ID
- Proof of Income (First 2 pages of the last 2 years of your personal tax return, or of receiving government pension, the original letter from your Social Security or Canada Pension)
- Band Reference Letter from your current bank
- Initial in person deposit of $1500 USD in Cash
- If a US Citizen, you will be required to sign a W9 at the bank
We have bank connections in Boquete, Coronado, and Panama City. The bank we use has branches and ATM’s though out the country. The process takes about two weeks, first with a visit to the bank with your documentation, then to receive your account after approval. In Boquete only, the initial documentation can be emailed to the bank 2 weeks before you arrive, and when you arrive, you visit the bank, bringing with you the original documentation and your initial deposit, and you will have your active account at that time.