Opening a bank account in Panama: what banks ask for
Foreigners and foreign-owned companies can use Panama's banks, but the bank decides whether to open an account, and it has to know exactly who you are and where your money comes from. Here is a plain-language look at what banks generally ask for, written October 30, 2026.
Why banks ask so many questions
Panama's banks are supervised by the Superintendency of Banks (Superintendencia de Bancos), which publishes customer due diligence guidance for them. Banks must identify and verify each customer, understand the purpose of the account, and rate the customer's risk. If a customer will not cooperate with the checks, the bank is not allowed to open the account. Each bank also sets its own rules on top of the minimum, so requirements and timing differ from one bank to the next.
If you are opening a personal account
Identification
For a foreign individual, the Superintendency's guide describes a copy of the passport showing the main data page and the page with the entry stamp. Residents with a Panamanian residence card can use that card's ID.
Language
Documents should be in Spanish or translated by a certified public translator. Documents issued abroad generally need to be apostilled or legalized.
Source of funds and purpose
Expect to explain where your money comes from, what the account will be used for, and about how much will move through it. Banks keep this as a financial profile, and they ask for supporting documents.
Bank references
The guide mentions bank references for the customer, so ask your current bank for a letter early.
If you are opening a company account
Company documents
For a Panamanian corporation, banks generally ask for the articles of incorporation, any amendments and a certification from the Public Registry (Registro Público). A foreign company is usually asked for documents such as a certificate of good standing and a certificate of incumbency.
Who really owns it
Banks must look through the company to the people who own or control it, the “beneficial owners”. In the Superintendency's guide, banks identify shareholders holding 10% or more. Those people go through the same identity and source-of-funds questions as an individual customer.
Registered agent and registry
Panamanian companies must have a resident agent, who also has to identify and verify the company's beneficial owners. These details are kept in a private, single registry run by the Superintendency of Non-Financial Subjects. It is not open to the public.
Practical tips
- Gather documents before you travel, and ask each bank for its own current checklist.
- Get foreign documents apostilled and translated to avoid second trips.
- Be ready to explain the purpose of the account in simple, honest terms, with paperwork to back it up.
- Allow time. Review times vary, and a bank may ask for more information.
- Ask a licensed Panama attorney or accountant about company structure and tax questions before you open anything.
Where we fit in
Talk it through first
A discovery call helps you sort out what you want to set up in Panama and in what order, so you arrive at the bank with the right questions and papers. We cannot open an account for you or promise that a bank will accept you, and we are not a law firm.
This article is general information, not legal, tax or investment advice. Requirements, fees and bank policies change, so confirm current details with the bank, the relevant authority and a licensed Panama attorney before you act. Sources: Superintendencia de Bancos de Panamá, due diligence guide; Panama authorities, Beneficial Owners Guide for Panama (December 2025).