How to Open a Bank Account in Panama?

When looking to open a bank account in Panama, several factors come into play. Panama’s banking system is renowned for its robustness, attracting businessmen, investors, and entrepreneurs.

Whether you’re forming a company for doing business in Panama or outside of Panama, the country offers a variety of options to open a bank account not only for companies but also personal accounts.

Why chooses Panama as your banking destination?

The country’s financial stability, friendly banking regulations, and favorable tax system make it an excellent choice to open a bank account.

Moreover, the process, while straightforward, requires proper knowledge of factors such as the appropriate banking department depending on how the company will be established, whether the signatory is a resident or not in Panama, the financial profile of the account, among other factors. This is where Delvalle & Delvalle attorneys in Panama can advise you, as it is a law firm with over 17 years of experience working with banks in Panama.

“At Delvalle & Delvalle, specialists in bank account openings, we will analyze your profile and recommend the bank that best fits your need”.

Navigating through Panama’s financial institutions demands an understanding of their diverse account services, financial products, and customer service quality. Whether you’re opting for savings accounts, current accounts, or fixed deposits, exploring the interest rates, currency options, and bank charges is imperative.

Additionally, understanding Panama’s tax regulations, money laundering laws, and financial compliance standards is crucial for a hassle-free banking journey. A reliable legal advisor like Delvalle & Delvalle specializing in Panamanian law can offer valuable insights and assist you in navigating the legalities and banking norms of the country effectively. 

Can I open a Panamanian bank account online?

While some banks in Panama offer online applications, most banks require that the application or request be completed through bank forms that must be hand-signed by the account signatories.

“The good news is that all the banks we work with allow the process to be done remotely, meaning the account signatories are not required to travel to Panama, making the process less costly and complicated. If the bank requires an interview, it will be conducted remotely in a digital manner.

The client is more than welcome to visit in person during the process or after the account in open. This allows to meet us, as well as bank representatives.

What are the requirements to open an account in Panama?

Most banks require a passport, proof of address, business plan and bank reference letters. Some might also request an interview with the signatory of the account, which can be done remotely. Also, financial support (personal income tax return or depending on the purpose) to ensure compliance with their due diligence procedures.

Why Do International Corporations Choose Panama for Business Banking?

Panama uses the American dollar as its currency, which is the only currency in circulation. However, accounts can also be opened in other currencies such as the Euro, British Pound, and Canadian Dollar. This is one of the many reasons why international corporations establish subsidiaries here. They benefit from the country’s strategic location, currency, and trade networks.

Regarding tax incentives, Panamanian law states that any commercial operation carried out outside the national territory is exempt from profit tax. Similarly, interest is also exempt.

Why choose Delvalle & Delvalle attorneys as your legal advisors in Panama?

• At Delvalle & Delvalle attorneys, we have over 17 years of experience in corporate law, specifically in establishing public limited companies, private interest foundations, and limited liability companies. We specialize in serving as a liaison between companies and banks in Panama.
• We have advised hundreds of foreign clients over these 17 years, always with positive outcomes and the highest ethical and moral standards.
• We ensure a pre-approval from the bank before the client proceeds with any payment or completes any documentation, ensuring the client feels safe and satisfied.
• We continuously monitor the progress of your bank account application daily, always keeping the client well-informed.
• We have excellent relationships with the best banks in Panama.

In conclusion, whether you’re looking to diversify and protect your assets, seeking financial privacy, or planning to relocate your business, choosing to open an account in Panama is a smart option. At Delvalle & Delvalle, we are ready to serve you.