A step-by-step guide to opening a bank account in Panama remotely or in person

Are you considering moving to Panama or simply looking to manage your finances abroad? Either way, opening a bank account in Panama remotely can be a strategic move. In this article, I’ll guide you through the steps and requirements for opening a bank account in Panama without needing to be physically present.

My name is Alexander Meyer, and with over five years of experience living and building businesses in Panama, I’m here to help you navigate this process.

Step 1: Choosing the Right Bank

It’s important to know that many banks in Panama do require your physical presence to open an account. These banks, especially those with local licenses, typically need you to visit their branch to sign the necessary documents in person. In some cases, they may also require you to provide an entry stamp to confirm your arrival in Panama. These are simply regulations tied to the bank's licensing.

However, there are banks with an international department or private banking services that allow you to open accounts remotely. These institutions have specific licenses or policies that enable them to conduct remote openings through virtual interviews, typically via Zoom. Keep in mind that, since the bank won’t meet you in person, they’ll perform enhanced due diligence, which can extend the process compared to visiting Panama in person.

Documents and Requirements: To successfully open a bank account remotely, you’ll need the following:

Passport Copy – Ensure your passport is valid and clearly scanned.

Utility Bill – A recent utility bill to verify your residential address.

Proof of Income – You’ll need to provide evidence of your income, such as your most recent tax return, a job verification letter, or other relevant financial documentation that explains the source of your funds. Whether you’re investing in Panama, purchasing property, or seeking asset protection, banks need to understand your financial background.

Tax ID – The bank may request your tax identification number and details on where you pay taxes.

Resume (CV) – Some banks may ask for a professional resume or details about your business and career history to get a better understanding of your profile.

Next Steps:

Once you submit all the required documents, the bank will review your application. They may ask for additional clarification or documents if needed. Once everything is approved, you’ll receive your account credentials, including online banking access. Many banks also offer a debit card (Mastercard or Visa) that can be shipped to your address via DHL or FedEx.

If you’re interested in more advanced options, you can open the account in the name of a private foundation for asset protection or a corporation if you’re investing in property. This can provide additional benefits depending on your financial goals.

Important Considerations:

Be aware that some international banks may charge higher fees compared to traditional local banks, so it’s important to ask about the tariffs before you decide which bank to open an account with.

If you're a US citizen, you will need to sign a W-9 form for tax reporting. Non-US citizens will be required to complete a CRS form, which asks for your tax ID and residential address.

Crypto-Friendly Banking Option:

For those interested in cryptocurrency, Panama offers a crypto-friendly bank called Tower Bank, where you can open a bank account remotely and transfer USDT, converting it into USD if needed.

If you’re looking for more detailed information or need assistance with opening a bank account in Panama, feel free to book a consultation through the link provided in my bio. Don’t forget to like, share, and subscribe to stay updated on financial opportunities in Panama.