Corporate Bank Account in Panama
Opening a corporate bank account in Panama can be a challenge for foreigners. Learn about the requirements, process, and how we help you get it done.
Regional Banking Center
Panama is the financial hub of Latin America, with one of the most robust banking centers in the region.
- ◆Over 70 international banks operating in the country
- ◆Correspondent banking with top-tier global banks
- ◆USD as native currency — no currency risk
- ◆Modern digital banking platforms and efficient international transfers
Why It Is Difficult for Foreigners
Despite being a world-class financial center, opening a corporate account in Panama as a foreigner is significantly more difficult than it seems.
- ◆Strict compliance post-Panama Papers — reinforced regulations
- ◆Exhaustive due diligence on ultimate beneficial owners and source of funds
- ◆Many banks do not accept new companies without local track record
- ◆The process can take 2–4 months without proper connections
Typical Requirements
Each bank has its own requirements, but these are the common documents and conditions for opening a corporate account:
- ◆Apostilled documents of the company (articles of incorporation, registration, minutes)
- ◆2–3 bank references from existing financial institutions
- ◆Business plan detailing the commercial activity
- ◆Financial statements audited or certified
- ◆Passports of directors and shareholders (notarized copies)
- ◆Proof of commercial activity (contracts, invoices, correspondence)
- ◆Initial deposit: $5,000–$25,000 depending on the bank
How We Simplify the Process
With our support, the process is reduced from months to 3–6 weeks. Here is how we do it:
- ◆Direct relationships with banking officers at major banks
- ◆Document pre-screening to avoid rejections and delays
- ◆Accompaniment to in-person meetings with the bank
- ◆Negotiation of favorable terms (rates, fees, limits)
- ◆Compliance objection resolution when they arise
Major Banks
Banistmo
Bancolombia Group
BAC Credomatic
Grupo Aval
Bladex
Latin American Foreign Trade Bank
Global Bank
Leading local bank
Banco General
Panama's largest bank
Multibank
Specialized corporate banking
Ready to land?
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