Yes. Several sources say non-residents (foreigners) can open accounts in Panama.
The Superintendency of Banks of Panama (SBP) is also working to streamline and digitalize the account-opening process, which can help remote customers.
But it’s not completely “walk in and open with a click.” There are significant KYC (Know Your Customer) requirements, due diligence, and proof of source of funds.
According to some legal-advisor sources, using a local law firm or intermediary (in Panama) is common to facilitate remote openings: they can coordinate the video interview, help with notarization or apostille, and submit documents.
📋 What Documents Are Usually Required
Common documentation (for non-residents) includes:
Valid passport (often required)
Proof of address (from your country): utility bill, bank statement, etc.
Proof of income or employment: contract, tax return, payslips, etc.
Bank reference letter(s) from your current/other bank(s)
Personal or professional reference letters (some banks ask for these)
Source of funds (i.e. where the money is coming from) documentation
Translations/apostilles: If your documents are not in Spanish or are from another country, you may need to get them translated and apostilled.
Possibly a video-call interview for KYC.
💵 Minimum Deposit / Cost
According to recent data for 2025, non-resident accounts might require a minimum deposit in the range of US$500 to US$1,000, depending on the bank.
There are additional “administrative” costs: translation, legalization / apostille of documents, notarization, etc.
If you use a law firm or a service to help you open the account, that also adds cost.
🏦 Which Banks in Panama Accept Non-Resident (Foreign) Clients
Some of the banks more commonly mentioned for non-residents:
The Kingdom Bank: Known to allow 100% online account opening for non-residents.
Scotiabank Panama: Mentioned by sources as one that may open accounts for non-residents.
Multibank: Another bank that shows up in guides for foreigners.
Banco General: Mentioned, though some non-residents report more difficulty, especially if their income is foreign.
Banistmo: Also mentioned in some guides for non-residents.
⚠️ Risks and Things to Watch Out For
Due Diligence Is Strict: As with many jurisdictions, Panama takes AML (anti-money laundering) rules seriously. Expect banks to scrutinize your source of funds.
FATCA / CRS: If you’re a U.S. citizen or from a country with reporting standards, your Panamanian bank will likely report to tax authorities as required.
Account Activity Limits: Some offshore account offerings may limit how much you can transfer or operate remotely, depending on your status (non-resident) and the bank’s policies.
Not All Banks Offer Full Remote Opening: Even if remote account opening is “possible,” some banks may still require a physical visit, depending on their risk profile and client type.
Time: The process can take several days to a few weeks, depending on how quickly you gather documents, whether they need translation/apostille, and the bank’s compliance review.
✅ My Recommendation (Based on 2025)
Work with a Local Professional
Hire a Panamanian lawyer or a firm that specializes in helping foreigners open bank accounts. They will know exactly which banks are more “open” to non-residents and can help with document preparation, notarization, apostilles, and even remote interviews.
Prepare Documentation Well
Passport + another ID
Proof of address
Proof of income / source of funds
Bank reference letters
Any translations or apostilles needed
Pick the Right Bank
If you want a fully remote process, consider The Kingdom Bank, since they are explicitly mentioned as offering 100% online account opening for non-residents.
But also reach out to more established banks (Multibank, Scotiabank, etc.) to compare minimums, fees, and how open they are to non-residents.
Be Ready for Compliance Questions
Expect pretty strict scrutiny banks will ask for the source of funds, KYC, possibly references this is normal in Panama and many other jurisdictions now.
If you would like a list of Banks that could help you just let me know
My email : [email protected]
Anne Marie
