Panama bank accounts can support genuine international business and personal needs, but their value depends on eligibility, payment routes and compliance costs. A foreign passport or an offshore company does not, by itself, secure approval. This guide explains the rules, published bank conditions and practical questions to settle before applying.
Legal and banking sources checked on 18 September 2026. By Gustavo Scriffignano.
Panama bank accounts: the legal framework in 2026
Panama’s Superintendency of Banks (SBP) supervises the banking sector. Its official explanation of Agreement 1-2026 stresses customer due diligence, enhanced checks and transaction monitoring. Account opening is a compliance assessment, not a purchase of secrecy.
The current framework has changed. Agreement 1-2026 was published in the Official Gazette of 23 January 2026. Article 52 provides for commencement six months after publication; Article 54 repeals Agreement 10-2015 and its amendments. Therefore, a September 2026 guide should not present the old agreement as the operative rule.
Articles 18–19 address individuals and legal entities, including foreign entities. Banks must identify clients, understand ownership and assess the source and expected use of funds. The new agreement uses a risk-based approach; it does not oblige a particular bank to accept every compliant applicant.
Can foreigners and non-residents open a current account?
Foreign nationality and non-residence are different questions. A bank may serve foreign customers while requiring residence, a local connection or a particular commercial profile for the product requested. Before commissioning translations or travelling, obtain confirmation that the bank considers your actual residence, nationality, business activity and payment countries.
For example, Banco General’s current-account page asks new foreign customers for a valid passport or permanent-residence card issued by the Electoral Tribunal, a connection with Panama and evidence of income. These are that bank’s published conditions. They are not proof that all non-residents qualify, nor a universal statutory residence requirement.
Similarly, Global Bank’s private-banking current-account requirements include an interview and additional references for foreign customers. Its list refers to passports, banking references, a reference from a Panamanian law firm and proof of the origin of funds. Confirm which requirements apply to your case and whether the bank currently accepts applications from your country.
Personal and corporate accounts serve different purposes
Choose an account that matches who owns the money and who issues the invoices. A company’s trading receipts should not be presented as its director’s personal savings. Likewise, incorporation in Panama does not establish that a company’s business model will pass a bank’s review. Foreign companies require a separate eligibility assessment.
Global Bank’s corporate current-account page lists constitutional documents, a current registry certificate, corporate resolutions, signatory information and online-banking documentation. Its published checklist also reserves the possibility of further legal documents. Ask how it treats foreign registry equivalents, recently formed companies and ownership chains.
Preparing the file: identity, ownership and funds
A useful application tells a consistent story. Names, addresses, company records, tax information and projected transactions should agree. Organise a preliminary file around these questions, then adapt it to the bank’s written checklist:
- Who is applying? Gather valid identity documents, address evidence, tax-residence details and contact information.
- Who owns and controls the company? Prepare its registry documents, ownership chart, relevant shareholder records and authority for signatories.
- Where does the money come from? Assemble suitable evidence, such as salary records, accounts, tax returns, sale contracts or invoices linked to the relevant funds.
- What will the account do? Explain expected balances, monthly volumes, currencies, counterparties and payment countries.
This is a practical preparation list, not an exhaustive legal checklist. Agree document dates, certification, apostilles and translation requirements before paying for them. A beneficial-owner chart must lead to the real people concerned; an intermediary or corporate layer should not obscure the ownership explanation.
Remote opening and online banking are different
Accessing an approved account online does not mean that initial opening is available from abroad. Confirm interview arrangements, original-document requirements, identification methods and whether any signatory must attend personally.
Article 14 of Agreement 1-2026 addresses digital onboarding and inferential geolocation. Article 53 gives banks until 30 June 2027 to adapt to Article 14. That transition is not an entitlement to remote account opening.
Product restrictions also matter. Global TAP’s savings-account FAQ limits eligibility to adults living in Panama who are Panamanian or foreign holders of a cédula E. This app-based savings product should not be advertised as a current-account solution for any overseas applicant.
What do Panama bank accounts cost?
An opening deposit is money placed in your account, not the same thing as a bank fee. Published examples checked on 18 September 2026 illustrate the distinction:
| Published product | Opening amount | Important qualification |
|---|---|---|
| Banco General: Esencial current account | US$50 | US$50 monthly minimum balance |
| Banco General: Regular current account | US$300 | US$300 minimum balance |
| Global Bank: personal current account | US$300 | Published opening minimum; eligibility still applies |
| Global Bank: corporate current account | US$500 | Published opening minimum; corporate review still applies |
Sources: Banco General, Global Bank personal and Global Bank corporate. These figures are not a quote for an international or non-resident relationship.
International transfers can change the economics
Banco General’s transfer tariff, updated 28 August 2026, lists US$37.45 for an incoming international transfer. An outgoing transfer through online banking is listed at 1% of the amount, with a US$26.75 minimum and US$64.20 maximum, including SWIFT. Branch instructions have different limits. Correspondent and beneficiary-bank charges may also apply.
For illustration, ten incoming transfers at that published standard fee total US$374.50, before other applicable costs. This calculation assumes no negotiated pricing or exemption. Request a written schedule covering account maintenance, minimum-balance penalties, cards, foreign exchange, transfers, compliance-related document work and closure. Compare the annual total with your expected activity.
When is a Panamanian account useful—and when is it not?
As a practical assessment, a local account may help a business with genuine Panamanian customers, suppliers or operating expenses. It can also support an individual’s real local financial needs. The benefit should come from a useful payment relationship, not from an assumption of automatic tax savings.
For a small overseas business with no local connection and many low-value international payments, fees and administration may outweigh the benefit. Ask which currencies, destinations and transaction types the bank supports. Also assess the bank’s financial strength, applicable depositor protections, dispute arrangements and access to funds before concentrating substantial cash there. A foreign account remains an exposure to its bank and legal system.
Tax residence, CRS and reporting duties
Opening an account does not move your tax residence. Nor should you infer the tax treatment of salary, business receipts, dividends or investment returns merely from the location where money arrives. Obtain a country-specific assessment of the underlying income and the account holder.
Panama’s DGI publishes the CRS legal framework, including Law 51 of 2016 and updated 2026 instruments. Its CRS/FATCA guidance explains financial-account due diligence. Applicants should expect tax-residence self-certification and relevant taxpayer-identification information. Reportability depends on the applicable rules, account classification and jurisdictions; confidentiality does not mean anonymity from tax authorities.
Before funding the account, ask your residence-country adviser about foreign-account disclosure, taxation of income, asset-related taxes and company or beneficial-owner reporting. Keep statements and transaction evidence. Any thresholds, exemptions and filing dates must be checked for your jurisdiction and tax year; there is no single worldwide exemption for a Panamanian account.
How Bertaggia International Law Firm can assist
The Studio can assess the proposed banking arrangement within your wider business and personal circumstances. Gustavo Scriffignano handles banking and operational coordination. Avv. Daniele Bertaggia, founder and head of the Studio, oversees the legal aspects. The secretariat, coordinated by Justyna Pisyak, assists with appointments and document coordination.
Our work can include assessing eligibility, organising the application file, comparing published conditions and requested quotations, and coordinating with appropriate local professionals when needed. We can also help connect the banking plan with company formation and international tax advice. The bank alone decides whether to open or maintain the relationship. We do not guarantee approval, timing or anonymity.
For an initial assessment, describe whether you need a personal or corporate account, your country of residence, the business activity and the expected payment countries. Please arrange a secure document channel before sending passports or confidential financial records.
Explore our foreign bank account advisory service and the Foreign Bank Accounts collection.
This article provides general information as at 18 September 2026. Bank conditions may change. Individual legal and tax advice requires a review of the relevant facts and jurisdictions.