Panama is one of the most popular destinations for offshore banking and company establishment in the world. However, it has become increasingly hard to open an account with Panama banks in the past couple of years as there is an extensive list of required documents and a long line of prospective customers. Moreover, people often get turned down by Panama banks as they apply to the wrong banks, use the wrong approach or contact the wrong banker. All that might turn a straightforward process of opening a bank account in Panama into a tedious journey.
We at Offshore Pro Group provide support in opening a bank account in Panama and make the procedure safe and efficient. You will tell us all the details of your case, and we will choose the right Panama bank and the right account for you. You need to have an offshore banking strategy to meet your financial goals, which will determine the choice of a specific Panama bank and account type to deliver the desired benefits, and this is something you can discuss with our experts.
Moreover, we can arrange for all paperwork to be done from abroad! If you were previously interested in how to open a Panama bank account online, you probably know that financial institutions in Panama mainly require a personal presence in the country when processing documents. However, there are banks in Panama that are ready to open an offshore account online. We have long-term cooperation with several of them, so we can offer our clients an opportunity to open an offshore Panama bank account online.
Moreover, we can arrange for all paperwork to be done from abroad! If you were previously interested in how to open a Panama bank account online, you probably know that financial institutions in Panama mainly require a personal presence in the country when processing documents. However, there are banks in Panama that are ready to open an offshore account online. We have long-term cooperation with several of them, so we can offer our clients an opportunity to open an offshore Panama bank account online.
Why Open an Account in Panama?
Here are a few reasons for the popularity of Panama banks all over the world:
- Banks in Panama are stable, conservative and well-managed
- Strong and diversified economy – the safest one in Central America
- Bank sphere regulation in Panama is strong, but not overbearing
- Panama banks are regulated by some of the world’s most stringent bank secrecy laws that were even criticized internationally at one time
- In the past 100 years, not a single bank bankruptcy took place in Panama, so it is a very safe place for banking
- Obtaining a banking license in Panama is quite a long and painstaking process, so the banking standards are very high and secure, especially after the Panama Papers incident
- Banks in Panama keep away from any risky practices
All these aspects make Panama banks solid and respectable institutions you can entrust your money to.
Free selection
of personal bank accounts abroad for
persons depositing €5000+. Expert services
based on 7+ years of experience in banking.
of personal bank accounts abroad for persons depositing €5000+. Expert services based on 7+ years of experience in banking.
What Types of Accounts Can I Open with a bank in Panama?
The main product in Panama banks for individuals is a current account:
- the minimum deposit required to open a Panama personal bank account is USD 3,000 for an international account (minimum balance)
- internet banking services for anyone wishing to open a bank account in Panama
- a possibility of settlement with cheques within Panama
- a possibility to open VISA debit cards that service settlement accounts in Panama
- a possibility to use an overdraft
The second most popular financial product in Panama banks is a savings account:
- to open a savings account, you need to deposit USD 3,000 (minimum allowable account balance)
- the savings account allows the client to receive interest rates (dividends) from the total amount of the balance sheet
- the savings account can be used for payments/transfers
- Panama banks offer customers an opportunity to open VISA debit payment cards to use the funds on the savings account more conveniently
| The amount of balance on the international savings account in US dollars | Interest rate |
| 0-499 | 0.000 % |
| 500.00-5,000.00 | 0.025 % |
| 5,000.01-25,000.00 | 0.050% |
| 25,000.01-100,000.00 | 0.100 % |
| 100,000.01-500,000.00 | 0.200 % |
| 500,000.01-1,000,000.00 | 0.100 % |
| From 1,000,000.01 and more | 0.050% |
Panama banks also offer to open a fixed-term deposit:
- the minimum amount required to open a fixed-term deposit in Panama is USD 10,000
- Panama banks offer various terms for which a deposit can be opened
- if you have a deposit, it is easier to obtain a loan in Panama (the account can be used for repayment)
- the customer has the right to open a credit card with a bank in Panama
- interest is accrued by Panama banks on a monthly, quarterly, year-end, or contractual term basis
| Deposit period | Deposit up to USD 100,000.00 | Deposit from USD 100,001.00 |
| Open for 30 days | 0.2000% | 0.2500% |
| Open for 2 months | 0.5000% | 0.5000% |
| Open for 3 months | 0.7500% | 1.0000% |
| Open for 6 months | 1.1250% | 1.5000% |
| Open for 9 months | 1.2500% | 1.6630% |
| Open for 12 months | 1.3125% | 1.7200% |
| Open for 18 months | 1.3625% | 1.8080% |
| Open for 24 months | 1.4125% | 1.8710% |
Crediting in Panama Banks
The Panama banks grant international clients the right to obtain a secured loan or a medium-term loan. The secured loan is granted by Panama banks if you have a savings account or a fixed-term deposit, which will provide monetary collateral:
- the amount of the loan granted by Panama banks depends to a large extent on the balance of accounts
- it is granted for a period of up to one year
- early repayment is allowed, as well as drawing up a contract for a shorter period
The medium-term loan is issued by Panama banks for a period of two to five years and can be used by the client to realize business plans.
Credit/Debit Cards in Panama Banks
Panama banks also offer the convenient Visa Platinum or MasterCard Platinum credit cards for the use of individuals that give the following opportunities:
- easy to use in any jurisdiction (more than 750 thousand ATMs)
- a possibility of long-term lending by Panama banks with a minimum payment of 2% on debt balances
- insurance for the period of travel (USD 500,000)
- car rental insurance in any rental point of the American continent against fraud/theft, travel accidents – USD 15,000, calling a doctor – USD 20,000, repatriation – USD 20,000
- internet banking, round-the-clock service
VISA Infinite or MasterCard Infinite – Panama bank cards with a higher level of service:
- annual interest rate – 10.25% per annum
- a possibility to open additional cards in Panama banks free of charge
- the owner is insured against accidents, fraud, flight delays/cancellations, loss/delay of baggage, and receives medical compensation and car rental insurance
- the provided concierge service ensures free access to the VIP lounges at international airports and grants the right to discounts if you stay in 5-star hotels
- Priority Pass membership
- seasonal discounts on various types of goods
- cumulative points program
When you pay for flights, the bank’s Visa Gold debit card automatically provides the customer with an insurance amount of USD 250,000. The card also provides car rental insurance in the United States and Canada against accidents and fraud.
How to Open a Personal Panama Bank Account
You do not need to visit Panama in person to become a customer of a bank in Panama. Instead, you just need to provide us with scanned copies of the required documents that allow us to open an account with a bank in Panama and pay for our services (EUR 2,999) by card, Pay Pal, Western Union, WebMoney, or bank transaction.
The documents required to open a bank account in Panama online:
- completed, printed, and signed copies of applications for opening an account with the Bank of Panama
- a notarized (or apostilled) copy of the passport or other identification document that contains the pages with the signature and photo.
If the notary refuses to certify a copy of the foreign passport, order an English translation from a sworn translator and stitch it with a copy of the original, and then certify it with the notary!
- proof of residential address (copies of utility bills/bank statements (credit cards) that confirm the actual residential address). Eligible documents should be no older than 3 months, translated into Spanish/English, and certified by a notary
- description of activities (business owner, employee, capital owner) and work certificate
- description of the source of funds – 2 latest financial statements (contracts for business owners, salaries for employees, bank statements on accrued interest for capital owners/rentiers)
- a bank letter of reference
- a personal recommendation from someone in Panama
You will have access to your Panama bank account online, including the ability to transfer money and receive statements and reports. The minimum amount required to open a bank account in Panama is USD 1,000 for USD accounts and EUR 3,000 for EUR accounts. All Banks provide services in English or Spanish.
Panama bank account opening time is 5-7 business days (except for Russians and Cubans). If you have any questions about opening an offshore bank account online, please email us at info@offshore-pro.info and we will contact you immediately.
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