Banking in Panama allows you to diversify investments and provides asset protection. You can make this account under your name or that of a corporate entity. Mata & Pitti, a Panama-based law firm, can assist you in preparing documents to open a bank account. Here are three tips for opening a bank account in Panama:
1. Work With a Lawyer
Working with a lawyer simplifies the process of opening a bank account in Panama; they assist you in communicating with the bank and navigating corporate documents. Lawyers can provide banking referrals for international clients, helping you find a reputable institution that meets your needs. The firm reviews your personal or corporate financial goals to help you find an appropriate account type. During the initial consultation, the team can review the benefits of banking in Panama and options for asset protection; these options include trusts and private interest foundations. There are also a variety of government-sponsored investment opportunities available; this allows you to diversify your portfolio.
2. Prepare References and Documents
For corporate applicants, banks in Panama require reliable references to show that your business is legitimate and reputable. This helps demonstrate that your company is not participating in fraud. Most banks need two personal bank references as part of the application process; options include references from your business’s clients, accountants, or lawyers.
You will be required to provide documents that prove your identity and source of income; this includes a copy of your passport, a second form of ID, and proof of incoming funds documentation. Prepare copies of recent bank statements for submission. You should also write a letter that includes details surrounding your personal or business income, including assets and funds. Make sure this letter contains relevant contact information. Mata & Pitti will assist you during the application process by electronically submitting the required documents and paperwork to the bank.
3. Be Prepared to Travel
As part of the new process, you should plan for a short trip to Panama to adhere to local banking regulations. Some banks may require an in-person interview with applicants to review their company’s financial status or to complete paperwork. The applicant’s signature is required for a new account. This trip may only require one or two business days. Schedule the appropriate days, and make travel and financial arrangements as needed.
If travel is not an option, talk to your lawyer about arranging a virtual meeting with the bank. This helps fulfill the bank’s requirements. The meeting gives you the opportunity to review your business’s transactions and operations with the bank representative.
Learn About Banking in Panama
Opening a bank account in Panama takes between two and four weeks. After the documents are signed, the bank analyzes them and decides whether to approve the account. If you plan to become a resident in Panama, we can help find the appropriate investment opportunities for the Qualified Investor visa. Our other legal services include trademark registration and due diligence requirements. Contact Mata & Pitti to learn more about banking in Panama.