Panamanian banking isn't a fast onboarding process. It never has been. In 2026 it's slower still.

The mythology that "you can open a Panamanian account in an afternoon" hasn't been true since the mid-2010s. Post-FATF grey-list cycles, post-CRS, post-Panama Papers, banks have gotten far more careful about who they let in.

That doesn't mean it doesn't work. It means the process takes real time, requires real documentation, and isn't a fit for everyone. Budget accordingly, and the rest of this is a straightforward matter of preparation.

Who Can Open an Account

As a general rule: residents of stable countries with clean documentation, willing to demonstrate source of funds, are welcome.

Sanctioned countries and residents of countries on international grey lists have very limited access. Some passports, Iranian, Syrian and North Korean among others, will be declined by nearly all Panamanian banks.

US citizens face additional friction under FATCA. Some Panamanian banks decline US persons entirely rather than deal with the reporting overhead; others accept them but ask for more documentation.

Everyone else, Canadians, Australians, Brits, Europeans, most Latin Americans, most Asians, is generally welcome, but expect the process to be thorough.

What You Need

• Passport, plus a second form of ID

• Proof of address (a utility bill less than three months old, matching your ID address)

• A bank reference from your existing bank, on their letterhead, addressed to the receiving Panamanian bank

• Two professional or personal reference letters

• Proof of source of funds — recent tax returns, employment records, sale-of-business documentation, or investment portfolio statements. The bank wants to see that your money came from somewhere identifiable.

• For funding above USD 250,000, expect more extensive due diligence

• A Panamanian entity (SA or foundation) opening an account needs all of the above for its beneficial owner, plus the entity's constitutional documents

Which Bank, and How Long It Takes

Panamanian banking is fragmented: dozens of banks, ranging from local retail to international private banks with a Panama office. Not every bank accepts every applicant — expect to approach two or three before finding the right fit.

• Personal expat account
  Banks that typically work: Banco General, Banistmo (Bancolombia-owned), Multibank
  Typical timeline: 2–8 weeks from complete documentation
  Minimum: Varies by bank

• Private banking relationship
  Banks that typically work: BancoNacional Wealth, Global Bank, plus several Swiss and Andorran names still operating in Panama
  Typical timeline: 2–4 months, sometimes longer
  Minimum: Typically USD 500,000+ in assets

• SA or foundation account
  Banks that typically work: Depends on intended use — some banks specialise in holding structures, others prefer operating businesses
  Typical timeline: 4–12 weeks
  Minimum: Varies by bank

What About Remote Onboarding

Most Panamanian banks still require at least one in-person meeting. A handful of larger banks accept fully remote onboarding for lower-risk profiles, but expect additional friction and slower approval.

If you're serious about it, plan a Panama trip specifically for banking. Combine it with the paperwork side of setting up an SA or foundation if you're doing that too — one trip, two tasks.

What's Reported to Whom

Everything. Panamanian banks report account balances, income and holdings under CRS to your country of tax residence, automatically, every year.

The idea that a Panamanian account is somehow private or off the radar is out of date. Structuring works because it's legitimate, not because it's hidden. See our CRS article for the full picture of what gets reported and where it goes.

Practical Tips

• Date your bank reference letter recently — old letters get rejected

• Have your tax returns from the last two years ready, translated into English or Spanish if they aren't already

• Present your source-of-funds story simply: "I sold my business in 2019, invested the proceeds in stocks, now I'm retiring." Banks want a story that makes sense on its face

• Don't over-explain. Answer the question asked, provide the document requested — volunteered extra detail tends to generate more questions, not fewer

• Don't lie. Every fact you give is verifiable and gets cross-referenced

Getting Your Account Open

If you're setting up a Panamanian structure or planning residency and need the banking side to actually work, book a scoping call. Tell us your nationality, your source of funds, and roughly how much you're moving — we'll point you to the bank most likely to say yes on the first pass, instead of the third.

General information as of 2026, not personal financial or legal advice. Bank policies, KYC requirements and CRS rules change without much notice; confirm current requirements with the bank directly before you travel to open anything.