Maximum ease to open your personal bank account
Panama is the ideal country to open your personal bank account and protect your assets from garnishments, confiscations, and financial and political instability that occur in certain countriesWith our support, you will have the maximum ease of opening your personal bank account. The opening takes a month if you do it remotely and is reduced to a week if you travel to Panama.If you are looking for security and freedom when carrying out operations in your personal bank account, Panama is your best bet, and we are your allies to help you throughout the process.Panama offers another important advantage on a personal bank account: you don't have as many restrictions on managing your money. Without a doubt, in this country, it is much easier to move your money and make the transfers you want.
How do we manage the opening of your savings account?
The opening of Personal Bank Accounts to foreigners in Panamanian banks is possible. It is not mandatory that you have a Residence Permit in Panama. If you have this Permit, the process is much faster.
Not all Panamanian banks allow the opening of Savings Bank Accounts to non-resident foreigners. However, at Legal Solutions Panama, we have the necessary relationships and experience to be able to manage the opening of your your Savings Bank Account in several nationally licensed banks with correspondents in the United States.
If you want to protect your savings with Legal Solutions Panama, your procedure is safe; our track record speaks for us.
The important thing is that the client feels safe when carrying out the process, and our track record speaks for us.
Your savings will be safe; we guarantee quality and efficiency when carrying out the procedure.
If you contract the management of opening a Savings Bank Account in Panama , you are not obligated to travel to Panama. However, if you travel to sign the forms, it considerably shortens the opening process times, and, in some cases, you can have the bank account open within five (5) days (after signing). For this, we must have in our possession all the requirements requested by the bank.
The opening amounts of the Savings Bank Account vary depending on the bank. Some banks establish a minimum opening amount of US$1,000.00, others of US$5,000.00, some of US$10,000.00, and others of more than US$50,000.00.
Our bank agents can provide you with all the information you need.
You can contact them at bancos@legalsolutionspanama.com
Cost of Opening a Savings Bank Account in Panama
The total cost of opening the Savings Bank Account in Panama comprises expenses and legal fees.
The total cost of opening the bank account is US$ 900.00 (nine hundred American dollars) + 7% ITBMS tax.
Banks with which Legal Solutions Panama collaborates to open Savings Bank Accounts in Panama
In Panama, there is a diverse international banking center. That is, we find banks that focus on the natural person, known as consumer banks. There are also investment and commercial banks, among others. . At Legal Solutions Panama we collaborate with the following banks in Panama:
- Banesco Panama.
- Capital Bank.
- Channel Bank.
- Aliado Bank.
- Credicorp Bank.
- Bac Credomatic.
- M&M bank.
- Mercantile Bank of Panama.
- Banisi Panamá.
Request more information on how to open a corporate bank account in Panama
Consult a lawyerFAQ about Opening a Personal Bank Account in Panama (FAQs)
Apostilled passport of the signatories
The Hague apostille of the current passport copy of the signer
The client can request, in his country, the Apostille of The Hague before the corresponding Ministry. Then you must send us the original apostilled by the Ministry.
In case you can travel to Panama, presenting the passport with the entry stamp to Panama would be enough.
Copy of second identification
It must be presented by all foreigners and related to the account; in this case, it is valid to present: the identity card of the signatory, driver's license, etc.
Bank reference letter
Income support
Two (2) last income statements, income certification prepared by a CPA, or Work Letter, must be presented by signatories and/or final beneficiaries.
Utility receipt (bill)
It can be an energy, water, telephone, or other receipt that shows the residential address; the applicant and signatory of the account must present it.
Presentation of curriculum vitae (cv)
Original of two (2) bank reference letters from each of the signatories on the account
If you have a Panama resident card, you must present it.
What is needed to open a personal bank account in Panama?
To open a Personal Bank Account in Panama it is necessary to comply with the requirements established by each bank and clearly specify where the funds that will be deposited into the account come from.
For Panamanian banks, knowing the origin of the funds that will be deposited in the future account is very important.
Which bank does not charge commissions for opening a savings bank account?
How to open a personal bank account in Panama from abroad?
Yes, opening a Personal Bank Account in Panama from abroad is possible. We first recommend hiring a manager who has already established contacts with the banks and knows the documentation and processes so that the bank can expeditiously process your request.
Legal Solutions Panama can be your trusted partner to start the process. The Personal Bank Account can be opened if you send the documentation the bank requests.
In this case, we must have your passport apostilled. This apostille is necessary to be able to request the opening without traveling to Panama. Consider that certain banks require the physical presence of the signatory.
Which bank allows me to open a personal bank account with a passport?
If you are a foreigner, all banks in Panama will request your current passport to open a savings bank account. No bank will open a personal bank account for you as a foreigner without a passport.
Some banks in Panama do not open accounts for foreigners without a residence permit in Panama.
Legal Solution Panama collaborates with banks that allow the opening of Personal Bank Accounts to foreigners without a Residence Permit in Panama.
What are the types of bank accounts that exist in Panama?
Which is the best bank to open a personal account?
The best bank to open a checking account always depends on the type of services you want to contract with it.
Therefore, when you contact our banking expert, you must explain all your needs so that the advice and recommendation of the bank to choose is the right one for your Personal Bank Account.
How to open a personal bank account in Panama without being a resident?
The banks with which we collaborate will not require you to present a residence permit in Panama to open a bank account for a natural person if you are the signatory of a Personal Bank Account and you are not a resident of Panama. Some do not allow foreigners to open savings bank accounts without a residence permit.
It all depends on the bank, and we know which ones to go to depending on our client's case.
How long does it take to open a personal bank account in Panama?
The approximate time to open Personal Bank Accounts in Panamanian banks usually varies between banks. There is a big difference in the time it takes to open a Personal Bank Account or a Corporate Bank Account.
Considering these variants Personal Bank Accounts can take approximately thirty (30) days to create.Consider that the opening time is influenced by whether or not the signatory or signatories personally travel to Panama.The visit to the bank can greatly speed up the process of opening the bank account, being able to open it in approximately 10 days.