Panama Offshore Accounts: International Banking with Confidence

When it comes to secure, flexible, and internationally respected offshore banking, few jurisdictions match the credibility and privacy of Panama. Known for its solid financial system, strategic location, and investor-friendly policies, Panama continues to be a leading destination for global entrepreneurs, asset managers, expats, and international businesses looking to open reliable offshore bank accounts.

If you're planning to open a bank account in Panama, this guide will walk you through the entire process. We’ll explore the types of Panama offshore accounts, the legal framework, who qualifies, and how to open a Panama bank account for foreigners, including your options for initiating the process online.

Why Choose Panama for Offshore Banking?

While Panama maintains a robust banking sector, most services geared towards offshore corporate accounts are facilitated through regional partner banks, particularly in Asia (Singapore, Malaysia), rather than traditional banks located in Panama itself. Unlike many so-called tax havens, Panama has modern financial laws that comply with international anti-money laundering (AML) standards while still offering competitive banking privacy and service flexibility.

Key benefits of Panama offshore bank accounts:

• Stability and confidentiality under Panamanian law
• Multi-currency accounts (USD, EUR, GBP, and more)
• Access to international wire transfers, investment platforms, and debit/credit cards
• No exchange controls — Panama uses the U.S. dollar as its primary currency
• Favorable regulations for non-resident account holders

Choose the Right Panama for Offshore Banking

Who Can Open a Panama Offshore Bank Account?

Opening a Panama offshore bank account is open to:

• Individuals (residents and non-residents)
• Corporations (including IBCs and offshore entities)
• Foundations and trusts
• Expats and digital nomads
• International traders and investors

Even if you're not a Panamanian citizen or resident, you can still open a Panama bank account for foreigners by meeting the documentation and compliance requirements. While the process has become more stringent post-global transparency reforms, it remains accessible with proper support.

Types of Panama Offshore Accounts

Before opening an account, it's important to understand the main categories available to individuals and entities.

1. Personal Offshore Accounts

Ideal for:

• Expats living in Panama
• Digital nomads and remote workers
• Wealth preservation and estate planning

These accounts typically offer:

• Debit and credit cards
• Online banking
• Multi-currency access
• Investment options

2. Corporate Offshore Accounts

Used by:

• International trading companies
• E-commerce businesses
• Investment holding firms
• Offshore service providers

Most companies that open offshore bank accounts in Panama do so using a Panama IBC (International Business Corporation) or a foreign-registered entity.

3. Foundation and Trust Accounts

Used for asset protection and estate planning, these accounts are structured under Panama’s Private Interest Foundation laws.

3 Types of Panama Offshore Accounts You Should Know

Open a Bank Account in Panama: Step-by-Step Process

Whether you're an individual or a business, the following steps apply when opening a Panama offshore bank account in 2025:

Step 1: Choose the Right Bank

Panama has over 80 licensed banks, including:

• Local Panamanian banks
• International branches (from the U.S., Europe, and Latin America)
• Niche private banks for high-net-worth individuals

Some of the most respected banks include:

• Banistmo
• BAC International Bank
• Credicorp Bank
• Multibank
• MMG Bank (private banking)

Each institution has different account types, services, fees, and documentation requirements. Work with a qualified consultant or service provider to select a bank that suits your profile.

Step 2: Prepare the Required Documentation

Banks are now required to follow KYC (Know Your Customer) and AML (Anti-Money Laundering) policies. Documents generally include:

For individuals:

• Valid passport (notarized copy)
• Second ID (driver’s license, national ID)
• Proof of address (utility bill or bank statement)
• Bank reference letter
• Professional or employer reference
• Source of funds documentation (e.g., payslips, contracts, investment portfolio)

For companies:

• Certificate of Incorporation
• Articles of Association
• Board resolution authorizing account opening
• Shareholder and director ID documents
• Company business plan or activity summary
• Proof of source of funds

All documents not in Spanish must be translated and, in some cases, apostilled or notarized.

Step 3: Submit Application and Attend Interview (if required)

Some banks require a physical presence for account opening, while others may allow you to open a bank account in Panama online via remote onboarding.

While Panama no longer offers full anonymity in banking, certain private banks do facilitate remote applications through video verification and digital document submission, especially for corporate clients or high-net-worth individuals.

Note: Not all Panamanian banks offer remote account opening; success often depends on working with specific regional partner banks in Asia.

Steps to apply when opening a Panama offshore bank account

Can You Open a Bank Account in Panama Online?

The answer is yes, but with conditions.

In recent years, select private and commercial banks in Panama have implemented remote onboarding systems that allow international clients to start the account opening process online. However, you may still need to:

• Attend a virtual interview
• Submit certified and translated documents
• Authorize a registered intermediary or service provider to file on your behalf

This semi-online process is ideal for busy entrepreneurs, traders, or expats who cannot travel immediately to Panama but want to establish banking relationships in advance.

Panama Bank Account for Foreigners: What to Expect

As a foreigner opening a bank account in Panama, here are a few key points to keep in mind:

Currency

Panama uses the U.S. dollar, which simplifies international transactions and reduces foreign exchange risk.

Minimum Deposit

Typical qualifying deposits for offshore Panama-related bank accounts start at USD 5,000–25,000, while private banking tiers may require CHF 250,000+, depending on the bank and client profile.

Account Maintenance Fees

• Many accounts have low to moderate monthly fees (from $10 to $25)
• Fee waivers may be offered based on balance or transaction volume

Banking Services

• Online banking (bilingual platforms)
• Debit/credit cards (VISA, Mastercard)
• SWIFT codes for international wire transfers
• Investment and savings products (fixed-term deposits, mutual funds)

Panama Bank Account for Foreigners

Benefits of Opening a Panama Offshore Bank Account

Here are the primary reasons why thousands of international clients choose to open a bank account in Panama:

1. Legal Tax Efficiency

Panama doesn’t tax foreign-earned income. When combined with an offshore company, your profits may be tax-neutral, depending on your home jurisdiction’s laws.

2. Asset Protection

Panama's robust legal system and privacy protections provide an excellent framework for shielding wealth from litigation, creditors, or geopolitical risk.

3. Currency Diversification

Holding multiple currencies in one account is possible, allowing you to protect against currency devaluation in your home country.

4. Confidentiality

While Panama adheres to international AML protocols, client privacy remains a cornerstone of its banking system.

5. Political and Economic Stability

Panama's democratic government, low inflation, and consistent economic growth make it a secure place to store capital.

Risks and Compliance Considerations

While Panama is a legitimate and well-regulated banking jurisdiction, account holders must:

• Avoid using Panama accounts for illegal activity
• Understand FATCA and CRS reporting requirements (if you're a U.S. or EU citizen)
• Declare offshore assets in your home country if legally required
• Keep documentation updated to avoid account freezing or closure

Failure to comply with these global reporting obligations can result in penalties or legal trouble in your country of residence.

Final Thoughts: Is Panama Right for Your Offshore Banking Needs?

Panama continues to position itself as a strategic offshore banking destination for individuals and businesses seeking international financial flexibility, asset protection, and multi-currency banking. With a well-regulated banking system, U.S. dollar-based economy, and favorable treatment for foreign-source income, Panama offers a balanced mix of confidentiality, accessibility, and legal compliance.

Whether you're an entrepreneur, investor, expat, or corporate entity, opening Panama offshore accounts can be a powerful step toward global financial diversification. While the onboarding process requires thorough documentation and adherence to international compliance standards such as KYC, AML, FATCA, or CRS, it remains accessible with professional guidance.

At Offshore Company Corp, we provide end-to-end support for offshore bank account opening in Panama, from bank selection and document preparation to remote onboarding and legal advisory. If you're ready to unlock the benefits of Panama's offshore banking framework, contact our experts today to begin with confidence.