As an international financial center, Panama has a complex network of banking services comprised by almost 150 banks.
Banks operating in Panama organize their services in personal, commercial and private banking. Similarly, bank accounts are classified in checking, savings and fixed term deposits.
Currently, banks are requesting corporations the following documents for opening an account:
- Articles of incorporation and amendments registered at the Public Registry
- Minute of the Corporation’s Board of Directors signed by the president and the secretary authorizing the opening of a bank account. The names of the authorized signatories of the account and the manner in which they will sign shall also be included in such Minute.
- Two copies of the dignitaries and signatories’ national identification card or passport, and a second identification of dignitaries and signatories (driver’s license or Social Security card)
- Commercial or banking reference letters of the company
- Foreigners must submit two (2) updated banking reference letters and passport copies
- Credit references
- Deposit the minimum amount of $1,000.00 USD.
Due to a significant increase in applications and newly implemented security regulations, banks simplify the process of opening an account if the applicant is also applying for residence in Panama. In this sense, it is also usual for Banks to request a reference letter from the applicant’s attorneys.
How can we assist you?
Bufete Illueca | Lawyers in Panama maintains a broad network and professional relationships with important banks in Panama, which allows us to advice in the process of opening a bank account in Panama. We are also in full capacity to provide the corresponding advice on tax matters.
It is important to note that the relationship and the corresponding responsibility generated by the bank account contracts is between the client and the Bank.
For further information on our services, kindly contact our team at info@illueca.com.
