Looking to retire or move to Panama permanently? Then this page is for you. Below is all the information that you need to know about setting up a bank account in Panama. For the rest of your plans see the other Panama Living pages here.

Before you consider the applying for a bank account in Panama, you need to be sure of the type of account that is right for you. If you have not already done so, you need to review the options that are available to you. These can be found on the banking information page.

Once you have decided on the type of account that you would like to open, you need to know the process through which this is done, and the documents that you will need. Below is a list of the documents that you will need in order to open your account, and a step by step guide to the application process.

Documents

The documents that are needed may vary from bank to bank, however, below is a list of the documents that are most likely to be required to open your personal bank account.

• A photocopy of each signatory's Passport. This photocopy should be clear and include all of the following: photo and personal details page with clear signature and passport number and copies of most recent entry and exit stamps.
• Two financial reference letters. These letters can be issued by any bank, credit union or brokerage firm that has dealt with the applicant in the past. The letters should be on the companies official letterhead, and be signed by an official of the firm, with clear contact details. (address, telephone, email and fax)
• Two professional or commercial reference letters. These letters can be issued by anyone that you have a purely business relationship with, including accountants, financial consultants etc. Again they should be on official letterheads with the relevant contact information.
• Original signed account applications. The originals must be supplied, no copies will be accepted.

Additional documents may be required by specific banks. Any additional documents will be specified by the applicants bank of choice.

Application Procedure

Below is a step by step guide to setting up a bank account in Panama. The procedure will not be identical for every bank, and therefore the following procedure is only a rough guide so that the applicant knows what to expect.

• Firstly an application form will need to be filled in and returned to the bank, this can be done in the bank, or more conveniently it can be done online.
• Once the application has been received and approved, payment must be made to the bank. This can be done in a number of ways including Bank wire transfer, Western union money transfer, USD Check, or USD International Money Order.
• Once payment has been received and cleared by the bank, the account application forms will be sent to the applicants to be formally signed. This must then be returned with the required documentation (detailed above).
• Account is finalized, all documentation is verified and the account number should be processed and delivered within 7-10 working days of documentation receipt.
• You are now free to use your new Panamanian bank account. All information on banking procedures will be provided by your bank.

If you require more information about the types of bank accounts available, please click here.

For more information about setting up an account, please visit our discussion forum .

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