🇵🇦 Opening a Bank Account in Panama
Honest assessment of business banking for foreign founders in Panama.
Panama banking has become significantly more difficult since the 2016 Panama Papers revelations. International correspondent banks (particularly US banks) scrutinise Panama entities closely, and local banks have tightened due diligence requirements substantially. Opening a corporate account for a newly formed Panama SA typically requires an in-person visit, detailed business plans, source-of-funds documentation, and evidence of genuine business activity. Companies without demonstrable local substance or operational history face high rejection rates. Applying to multiple banks simultaneously is advisable. Banistmo, Banco General, and Global Bank are among the larger local options; some smaller private banks may be more accommodating for international structures.
Tips for Success
- Have all company formation documents ready before applying — trade licence, articles of association, certificate of incorporation.
- Prepare a clear business plan or description of your business activities, even if the bank doesn't explicitly ask for one.
- Consider digital/neo-banks as your first account — they typically have faster onboarding for new companies.
- Apply to multiple banks simultaneously rather than sequentially — rejection at one doesn't affect others.
This content is educational and does not constitute legal or tax advice. Always consult a qualified professional for your specific situation. Data last verified March 2026.