If you are a non-resident foreigner with or without an existing company in Panama, Legal Solutions Panama can support you in the process of opening a bank account. The company works with the opening of corporate or personal accounts. If you are interested in knowing in detail how you can obtain a bank account in Panama, read on and learn about the requirements and benefits that exist for those who have their money in the country.
Corporate bank account
Opening a corporate bank account in Panama has similar, but not identical, requirements for both foreign and Panamanian legal entities. It is important to review all the specific requirements for this type of account.
The advantages of having a corporate bank account in Panama are diverse. First, you can request the opening of the account without the need to be present in the country. In addition, you have the option of choosing among different local banks that have correspondents in the United States.
Another advantage is that you can forget about cumbersome banking transactions and can receive and send money internationally. Finally, a considerable benefit is that no commissions are applied to transactions made through the corporate bank account as long as it is between Panamanian bank accounts. Although it is worth mentioning that the cost per international transfer depends on each bank and is not usually high but fixed, that is, a fixed cost regardless of the amount of the transfer.
What makes Legal Solutions Panama the first choice for opening a corporate account?
If you are a foreigner and have a company in Panama, you do not need to travel to the country to open a corporate bank account. Legal Solutions will take care of all the paperwork and within 35 to 40 days you will have access to your online banking.
If your business is international in scope, Panamanian banks will provide you with expansion opportunities by facilitating contacts with local partners for the development of your company.
In times of crisis and economic instability, protecting your accounts is a wise decision to avoid being frozen. You will be able to make international transfers without restrictions, which will provide you with flexibility and financial security.
Personal bank account
Opening a personal bank account in Panama can take approximately three weeks if done remotely, but is reduced to one week if you physically travel to the country. This option offers security and freedom in the operations of your personal bank account. In addition, there are fewer restrictions on managing your money, giving you more flexibility and control over your finances.
You do not need to have a residence permit in Panama, although if you do, the process is faster. Not all Panamanian banks allow non-resident foreigners to open savings accounts. However, Legal Solutions Panama, has the necessary experience to manage the opening of savings accounts in several banks with national license and correspondent banking in the United States.
To open a savings account in Panama, the following documents are required:
- Apostilled passport of the signatories.
- Apostilled copy of the valid passport of the signatory.
- Copy of a second identification.
- Bank reference letter.
- Documentation that supports the income.
- Utility receipt.
- Presentation of the curriculum vitae.
- Two original bank reference letters from each signatory of the account. In case of being a resident in Panama, must present proof of Residence Permit.
