In Panama, there are mainly two types of corporate bank accounts: accounts for Panamanian Legal Entities, meant for companies registered in Panama, and accounts for Foreign Legal Entities, designed for companies registered abroad but wanting to open an account in Panama. In recent years, especially following the Panama Papers scandal, the Panamanian banking regulatory framework has strengthened, particularly for accounts related to offshore companies. Some banks have chosen to limit account opening to companies whose shareholders do not reside in Panama. However, there are still banks that, following strict protocols, allow the opening of such accounts. Panama Contact Services is your preferred ally in navigating these regulations. We assist you throughout the administrative and regulatory process necessary for a company, whether Panamanian or foreign, to have a banking channel in this country.