Opening a first bank account in Panama is crucial, whether it’s for an individual or a legal entity. Panama Contact Service makes this intricate process easier by guiding you through every step until your account is opened and your products are available. We offer comprehensive support, encompassing understanding the process, liaising with banks, and managing administrative tasks.
Opening a corporate bank account in Panama
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.
Opening a personal business account in Panama
Similarly to corporate accounts, a foreigner can open a personal bank account in Panama, whether they are a resident in the country or not. Depending on your profile, we will accompany you to one of our partner banks to open your account. With a rich selection of about forty banks open to individuals, Panama offers a wide range of banking options, from the simplest retail bank with very few fees to private banks offering personalized assistance of international standard. For individuals undergoing an immigration process, opening a bank account is a mandatory step for settling in the country.