Open a bank account in Panama: step by step

Panama has been a synonym for international financial structures for decades. The Panama Papers changed nothing fundamental about that: they damaged structures built on concealment. Whoever uses Panama for legitimate purposes finds a market today that is more transparent and stable than ever.

Panama has been a CRS member since 2018. That is the first important note: whoever believes a Panama account works automatically as a tax-avoidance instrument is mistaken. But whoever sees Panama for what it is, a stable USD centre with solid banking secrecy, favourable terms and uncomplicated opening, finds one of the most practical offshore banking centres in the world.

Why Panama?

The USD standard. Panama's national currency, the balboa, is pegged 1:1 to the US dollar, and the dollar is legal tender and the de facto circulating currency. No exchange risk against the dollar, no capital controls, full USD convertibility.

Banking secrecy. Panama has statutory banking secrecy that reaches beyond the CRS. Internal data not subject to CRS reporting remains protected.

No minimum at selected institutions. Some banks require minimums from USD 1,000: far less than Singapore or Switzerland.

Remote opening possible. Not at every institution, but several of our banking partners allow a fully remote opening without a trip to Panama City.

Who can open an account in Panama?

Non-residents are fundamentally welcome. Some banks prefer clients with a traceable connection to Panama, for instance a company formed there or property in the country; others accept international clients with no local link.

One important point: Panama is known for subjecting certain nationalities and professions to heightened review. Clients from countries on the FATF grey list, or from high-risk sectors (crypto, arms, gambling), have a harder road.

What is needed?

A passport; proof of address (no older than 3 months); a tax identification number; proof of income source (payslips, tax assessment, company documents); at some institutions, a bank reference or CV. All documents must be consistent: address, phone number and TIN from the same country.

How does the opening run?

1. Enquiry and profiling: we review your situation and identify the suitable institution.
2. Document preparation: we check all documents for completeness and consistency.
3. Submission: we submit in your name, with a personal introduction to our bank contact.
4. KYC process: the bank runs its own review, for remote openings often via video call.
5. Activation: typically 2 to 6 weeks after complete submission.

What do I get?

Online-banking access; a USD account with debit card; the option of multi-currency accounts (USD, EUR, GBP); at some institutions, fixed-deposit accounts with attractive rates.

The honest verdict

Panama is no insider tip any more, but it is a stable, pragmatic offshore banking centre with real substance. For anyone seeking USD accounts, remote opening and working banking secrecy, Panama is one of the most practical options in our portfolio. Comparable regional alternatives are Belize, St Lucia and, for clients with a South America connection, Uruguay.