Legal precision.
A clear, digital process.
Bank account support for individuals,
entrepreneurs and companies in Panama.
Less complexity.
Digital efficiency.
Transparent fees.
Our digital document process keeps preparation efficient and fees clear. You receive a written scope of work and a transparent breakdown of costs before instructing us.
Legal reviews and bank introductions are supervised by Karen Dorcy, a licensed attorney in Panama (Idoneidad No. 10179). We prepare your application and coordinate the bank appointment or available remote process. Account approval remains the bank’s decision.
FOR
RESIDENTS
$400
/one-off
For individuals with Panamanian residence.
Compliance review: We assess your income, address and residence documents against the bank’s requirements.
Bank selection: A shortlist of up to three institutions suited to your profile and intended account use.
Application file: Structured documentation, consistency checks and translation coordination where needed.
Appointment support: Coordination with the bank following its initial assessment, in English or Spanish.
FOR
NON-RESIDENTS
$600
/one-off
For applicants living outside Panama, including investors.
Eligibility review: We identify whether a bank will consider your profile without Panamanian residence.
Source of funds: Clear evidence of how your funds were earned, including digital assets where relevant.
Bank pre-check: Early clarification of compliance questions before a full application or travel.
Onboarding coordination: Preparation for an in-person or remote process where the bank permits it.
FOR
CORPORATE & WEALTH
$800
/starting fee
For companies, foundations and complex private wealth structures.
Structure review: Preparation tailored to the entity, its ownership and its commercial purpose.
Beneficial ownership: Documentation of owners, controllers, signatories and tax classifications.
Bank coordination: Clarification of the account’s purpose and anticipated activity with the bank.
Specialist requirements: Assessment of suitable institutions for corporate or private banking needs.
Clear scope. The following costs are separate from our fee.
minimum deposits
notarial fees
services
third-party fees
Fees are in US dollars, plus applicable tax. They cover the legal and application support described in your written engagement. Bank charges, opening deposits and third-party expenses are separate. External services are charged without a markup; their scope and payment arrangements are confirmed in your quotation.
A considered choice.
Banks in Panama.
Find the right fit.
14 institutions. Scroll horizontally to compare all columns.
| Institution & focus | Licence / status | Account focus | Non-residents | What to confirm | Bank information |
|---|---|---|---|---|---|
| TowerbankPersonal, business & digital assets | General licence | Personal / business | Confirm directly; individual assessment | Country and product eligibility; remote verification; source of digital assets | Official information ↗ |
| BanistmoPersonal & business banking | General licence | Personal / business | Confirm directly; individual assessment | Residence or local connection; account use; current fees | Official information ↗ |
| Global BankPersonal & business banking | General licence | Personal / business | Confirm directly; individual assessment | Income evidence; local activity; product and appointment requirements | Official information ↗ |
| BACPersonal & corporate banking | General licence | Personal / business | Confirm directly; individual assessment | Current BAC onboarding and channels following the Multibank integration | Official information ↗ |
| MMG BankPrivate & corporate banking | General licence | Private / corporate | Confirm directly; individual assessment | Client segment; ownership structure; relationship and funding requirements | Official information ↗ |
| Banco GeneralPersonal & business banking | General licence | Personal / business | Confirm directly; individual assessment | Panama connection if no E-cédula; current income evidence | Official information ↗ |
| BanescoPersonal & business banking | General licence | Personal / business | Confirm directly; individual assessment | Applicant residence; transaction profile; current product conditions | Official information ↗ |
| Davivienda PanamáPersonal & business banking | General licence | Personal / business | Confirm directly; individual assessment | Current legal entity, product and service channels, including former Scotiabank operations | Official information ↗ |
| Banco AliadoPersonal & business banking | General licence | Personal / business | Confirm directly; individual assessment | Local or commercial connection; expected transactions; account terms | Official information ↗ |
| Mercantil BancoPersonal & business banking | General licence | Personal / business | Confirm directly; individual assessment | Residence and income evidence; cross-border use; available products | Official information ↗ |
| Banco Nacional de PanamáState-owned bank | State-owned bank | Personal / business | Confirm directly; individual assessment | Applicable customer segment; local documentation; access and fees | Official information ↗ |
| Caja de AhorrosState-owned bank | State-owned bank | Personal / business | Confirm directly; individual assessment | Residence and identification; product eligibility; local service needs | Official information ↗ |
| GNB Sudameris BankInternational-licence institution | International licence | International banking | Discuss international eligibility | Licence scope, eligible clients and cross-border business; not a substitute for a domestic retail account | Official information ↗ |
| Canal BankPersonal & business banking | General licence | Personal / business | Confirm directly; individual assessment | Current eligibility; local activity; documentation and fees | Official information ↗ |
This is a comparison framework, not a ranking or a statement that a bank will accept your application. Non-resident and US-person eligibility must be checked individually. CRS and FATCA are reporting frameworks, not approval labels. Minimum deposits, fees and available services depend on the product and profile.
Institutional information checked 20 October 2026. Scotiabank’s Panama operations are reflected under Davivienda; BAC confirms its integration with Multibank. Licence listings can lag corporate changes. SBP general licences · SBP international licences · Scotiabank transaction.
The right bank depends on your residence, tax status, source of funds and intended transactions. Use the comparison as a starting point for a tailored assessment, then confirm the current product terms directly with the institution.
Start with a clear plan.
Your Panama bank account.
Three clear steps.
01.
Profile review
Share an outline of your residence, income and intended account use. We assess the practical requirements before you commission documents or arrange travel.
02.
KYC & preparation
We organise your identification, source-of-funds evidence and ownership records, and clarify the bank’s requirements before submission.
03.
Bank application
The bank reviews the application and decides whether to open the account. We coordinate the next steps, including an appointment or remote verification where available. Funding and online access follow the bank’s instructions.
Request your account information pack.
Request the account-opening information pack and discuss your circumstances in an introductory call of around 15 minutes. We will explain the preparation, likely requirements and proposed scope before you decide to proceed.
Your first step
Tell us whether you need a personal or business account, where you live and how you intend to use it. We will explain the next steps and arrange secure document sharing if you proceed.
Prefer to speak first? Book a consultation →
Please do not send passports, account statements or other sensitive records with your initial enquiry.
Good to know.
GUIDE
Opening a bank account in Panama
GUIDE – COMPLIANCE, CRS & FATCA
- Legal support: Karen Dorcy, attorney in Panama, Idoneidad No. 10179.
At a glance
- Keep evidence: Your transactions should remain consistent with your declared activity and supported by records.
- Tax transparency: CRS and FATCA obligations are separate from immigration status and account approval.
- Assess the bank: Liquidity and supervision reduce risks; they do not insure your deposit.
FATF, CRS & FATCA
Panama was removed from FATF increased monitoring in October 2023. The European Commission also delisted Panama from its AML high-risk country list in its 2025 update. These developments concern the country’s AML framework; they do not guarantee acceptance by a bank or replace an individual compliance assessment. FATF source · European Commission source.
Under CRS, reportable financial account information is exchanged through Panama’s tax authority with relevant partner jurisdictions. The assessment generally concerns tax residence, rather than nationality alone; entity accounts may also require information on controlling persons. US-related accounts follow a separate FATCA framework. A Panamanian account does not remove reporting duties in the US, UK, Canada or another country. Panama DGI · FATCA guidance · US reporting requirements.
“Your bank account is the financial foundation of your life in Panama. Do not entrust its opening, or your personal information, to intermediaries.”
Karen Dorcy
Attorney in Panama (Idoneidad No. 10179)
Banking stability & deposit risk
Panama has no conventional central bank acting as a lender of last resort and no general deposit insurance scheme comparable to the FDIC, CDIC or FSCS. Capital and liquidity requirements help manage banking risk, but they are not a guarantee that a depositor will recover their money.
Assess the individual bank’s licence, financial statements, capital, liquidity, credit quality and contractual terms. A strong system-wide indicator does not establish the safety of a particular deposit. Credit ratings also need an agency, date and scale: a national-scale rating cannot be read as an equivalent international rating. SBP explanation · Published ratings and dates.
Ongoing compliance & account restrictions
Compliance continues after the account is opened. The bank may ask you to refresh your address, tax information, ownership records or evidence of income, and to explain transactions that differ from the activity declared at onboarding.
Supporting a transfer: Keep contracts, invoices, sale documents and the payment trail for significant or unusual transactions. The bank can request further evidence or hold a transaction while it reviews it. There is no single US$10,000 threshold that automatically determines how every bank handles every transfer.
Respond to document requests promptly and tell the bank about material changes. Restrictions or closure depend on the circumstances, the bank’s terms and applicable rules. Agree the supporting evidence before an unusual transfer where possible. SBP due-diligence rules.
CHECKLIST – ACCOUNT-OPENING DOCUMENTS
Your checklist.
Documents for your bank application
Requirements depend on the bank, product, residence and risk profile. The checklist below is a preparation guide. Confirm the bank’s current instructions on originals, certified copies, remote verification, document age and language before ordering translations or apostilles.
Identity
A valid passport, plus any additional identification or residence evidence requested by the bank.
View document details
Passport: Supply the pages and copies requested, including entry stamps where relevant. The bank determines any remaining-validity requirement and whether it must inspect the original.
Additional identification: A national identity card, driving licence or residence document may be requested. Confirm which documents the bank accepts for your circumstances.
Residential address
A recent document showing your actual residential address.
View document details
Address evidence: A utility bill or another document accepted by the bank. Check its permitted age and ensure the name and address match your application.
Check first: Mobile phone bills, electronic statements and documents issued in someone else’s name may require additional evidence or may not be accepted.
Source of funds
Evidence of your income, accumulated wealth and the specific funds to be deposited.
View document details
Bank references: If requested, obtain a reference from your existing bank in the format and with the addressee required by the receiving institution.
Income and wealth: Depending on your activity, this may include payslips, tax returns, accounts, pension statements, sale agreements or inheritance records.
Transaction trail: Statements from the sending account should support the origin and movement of funds. Digital-asset proceeds may require exchange records, wallet history and additional analysis.
Document format & language
Confirm the receiving bank’s requirements before paying for document formalities:
View format requirements
- Language: Ask whether the bank accepts the original language and whether it requires a certified translation. English documents are not automatically accepted for every purpose.
- Authentication: Originals, certified copies, notarisation or apostilles may be required for particular records. There is no universal apostille requirement for every document in every bank application.
- Freshness: Confirm the permitted age of each record. Bank references, address evidence and company certificates can have different requirements.
Within the agreed engagement, we review and organise your documents and coordinate translations or authentication where needed. Companies and foundations also require entity records, ownership and control information, authorised signatories and evidence of their activities.
FAQ – Bank accounts in Panama
Expect identification, residential address information, tax self-certifications and evidence of income and source of funds. Companies and foundations need entity and beneficial-ownership records as well. The exact checklist depends on the bank, product and applicant.
We arrange a secure, encrypted data room for client documents at no additional charge. Use the agreed upload process for passports and financial records. The initial enquiry should contain only an outline of your requirements.
Some institutions offer remote verification for eligible applicants and products. Others require an appointment in Panama or a documented local connection. Non-resident status alone does not establish eligibility for remote opening. Confirm the process before booking travel.
Timing depends on the bank’s assessment, the ownership structure and the completeness of the evidence. Additional questions can extend the review. We discuss the practical sequence after assessing your profile; we do not promise approval within a fixed number of days.
Some institutions, including Towerbank, publish services for digital-asset users. Acceptance still depends on the product, residence, transaction history and source-of-funds checks. Confirm acceptance before transferring funds and retain exchange statements, wallet records and the transaction trail.
The receiving bank decides which languages, copies and authentication it accepts. We check the requirements before commissioning external work. Where a translation or apostille is necessary, its cost is separate from our package fee and is explained in advance.
Bank charges and minimum deposits are separate, as are external translations, notarial services, apostilles and official fees where applicable. Your written quotation explains our scope, applicable tax and any identified third-party expenses. A bank deposit is your account balance, rather than our fee.
There is no single minimum for all banks or for every resident, non-resident or corporate applicant. Opening deposits, ongoing balance requirements and monthly charges vary by product and profile. We confirm the relevant terms with the selected bank before you commit funds.
First we review your profile and intended account use. We then organise the evidence and clarify requirements with the bank. The bank makes its own decision and specifies any personal attendance, verification and funding steps. Our written engagement defines the support included; approval is not guaranteed.
Fischer & Cie. Private Office provides legal coordination, compliance preparation and application support. We do not sell financial products or provide investment advice through this service. The financial institution makes its own onboarding and product decisions. Diese Seite auf Deutsch.