Panama is considered on of the most important financial centers of the
world. Panama is gifted with the presence of many international banks as well as local banks. This, together with our special legislation referent to banking secrecy, legal and economic security, make
Panama an attractive place in which to open offshore accounts, therefore reducing the amount of taxes paid by your business.

DEL VALLE & DEL VALLE will assist you in everything related to the process
of opening a bank account, ensuring a fast and safe process. In most banks
in Panama you may open an account with a minimum of US$1,000.00.

Most Banks require the following information and documents:

Corporate Bank Accounts:

1. Each signatory of the bank account must come to Panama for a personal interview with one of the officers from the bank.

2. Two bank reference letters for each signatory of the account.

3. Two commercial reference letters for each signatory of the account.

4. Two personal reference letters for each signatory of the account.

5. Complete copy of the passport for each of the directors. They must be authenticated by a Panamanian Consulate or with apostille. (This is only required if the board of directors is composed of foreigners and will not be present in Panama when opening the account).

Note: In case the directors are foreigners, each director must fulfill points 2, 3 and 4.

6. Initial Deposit: It can be made by cash or through wire transfer.

Note: The documents and requirements can vary, depending on the bank that you choose to open the account.