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. 

As of 2023, several banks accept copies of passports without an apostille. This is a real advantage for our clients.

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.  

Yes, it is possible to open a personal bank account in Panama from abroad. The first thing we recommend is to hire an agent who already has established contacts with banks and knows the documentation and processes required so that the bank can expedite your application.

In this regard, Panama Legal Lab can be your trusted partner to start the process. A personal bank account can be opened as long as you send the documentation requested by the bank.

In this case, it is essential that we have your apostilled passport. This apostille is necessary to apply for the account without traveling to Panama. Please note that certain banks require the physical presence of the signatory.

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.

Panama Legal Lab collaborates with banks that do allow foreigners without a residence permit in Panama to open personal bank accounts.  

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 bank account for an individual: in this case, if you are the signatory of a personal bank account and are not a resident of Panama, we would like to inform you that the banks we work with will not require you to present a residence permit in Panama. There are some that do not allow foreigners without a residence permit to open savings accounts.

It all depends on the bank, and we know which ones to go to depending on our client's situation.

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.

Taking these variables into consideration, personal bank accounts can take approximately thirty (30) days to set up. Bear in mind that, in terms of opening time, it makes a difference if the signatory or signatories travel to Panama in person. Visiting the bank can greatly speed up the process of opening a bank account, which can be done in approximately 10 days.