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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