Documents to open a bank account in Panama as a foreigner

Published on October 8, 2026

In short: Checked on October 8, 2026. A foreigner opening a personal account in Panama presents, at a minimum, a valid passport (or a cédula E or permanent resident card, if already a resident), a tax identification number, and a document showing where income comes from. That is what Agreement 1-2026 of the Superintendency of Banks sets. Each bank adds its own items: bank or personal references, forms and, in some cases, a link to Panama. Apostille and official translation depend on where each document was issued and on what the bank asks for.

Contents of this checklist

What banks ask for, in brief
What the rule requires
Checklist by profile
What each bank publishes
Apostille and translation
Step-by-step checklist
What varies and what to confirm
Frequently asked questions
Sources

What banks ask for, in brief

The documents fall into four groups: identity (a passport or residence document), tax identification (the tax number of the country where the client pays taxes), proof of income or source of funds, and the bank’s own forms and references. Radar’s main guide to the general framework for opening an account as a foreigner covers the regulatory background; this checklist focuses on the file itself, meaning which papers are worth having ready before asking for an appointment.

The rule sets a common floor for every bank with a general license. Above that floor, each institution decides what else to ask for based on its risk policy, the type of account and the client’s profile. That is why two people with the same passport can receive different lists.

Key fact: For a foreigner, the accepted identity document is the passport, which must be valid when presented, and the client must also provide the tax identification number of the country where they are a taxpayer, under Agreement 1-2026 of the Superintendency of Banks.

What the rule requires

The Superintendency of Banks Agreement 1-2026, approved on January 16, 2026, governs bank due diligence. For a foreign individual it provides the following (articles 16 and 18):

Identity: a copy of the passport page with photograph, signature and personal details, and of the page with the entry stamp. The entry-stamp page is not required for clients the bank recruited during visits abroad, through agents of group entities, or through international-license banks.
Other identity document: the official ID of the home country with photo, personal details and signature may be used in three cases: when the bank verifies it with the issuing authority after evaluation by the Superintendency, when the client was recruited abroad, and when an international-license bank opens the account.
Residents: people who already hold residency identify themselves with the Electoral Tribunal cédula or the permanent resident card of the National Migration Service.
Tax identification: the tax number of each country where the client pays taxes.
Client data: name, date of birth, profession or trade, nationality, country of birth, country of domicile, address and contact details.
Proof of income: the bank must hold one or more of these documents: an employment letter, a social security record, a sworn income tax return or a pay slip.
Consistency: the financial profile has to match the activity the person declares.

The text does not list bank references, proof of address or an apostille as client requirements. Those points are set by each bank, which is required to verify the information it receives.

Checklist by profile: resident, non-resident and visitor

The table summarizes what an individual presents depending on immigration status. It combines what the rule says with what the banks reviewed publish, and flags what each bank must confirm.

Profile	Identification	Income and source of funds	What to confirm with the bank
Resident (cédula E or permanent resident card)	Electoral Tribunal cédula or permanent resident card, plus tax identification number.	One or more of: employment letter, social security record, sworn income tax return or pay slip.	Whether a simplified account fits, which is limited to resident individuals when the balance stays at or below B/.5,000 (article 15).
Non-resident	Valid passport with the entry-stamp page (except in cases of recruitment abroad), plus tax identification number.	The same financial-profile documents; depending on the bank, references and a statement of the source of funds.	Whether the bank opens accounts for non-residents, whether it asks for a link to Panama, references and an interview, and through which channel the process starts.
Visitor or tourist	Valid passport with a recent entry stamp.	Same as the non-resident.	Whether the bank accepts visitors with no residency or prior link. The rule does not set a separate list for this profile.

What each bank publishes

The official pages of the banks reviewed on October 8, 2026 agree on identification and differ on references and links to Panama. Only what each bank publishes about its own requirements is included.

Bank	Identity	References	Income and other items
Banco General	Valid passport or a permanent residence card from the Electoral Tribunal for new foreign clients (checking account).	Not listed on the page.	Income documentation and a link to Panama. On its savings page, the link is requested only from people without a cédula E, and for balances below B/.5,000 a signed sworn income statement is enough.
Global Bank	Passport and, for foreigners, a valid migration card (savings account).	Bank reference letter and personal reference letters.	Completing and signing the bank’s paperwork.
Banesco Panamá	Valid ID, cédula or passport (international account, aimed at clients without residency).	Bank or commercial references.	Proof of income, proof of the source of funds, the bank’s form and being of legal age. An in-person interview may be requested depending on the profile.

The other general-license banks do not publish an equivalent list for non-resident foreigners on their websites, so they are not included here. The firm Legal Solutions Panamá, which handles account openings, states on its bank account opening page that banks usually ask for valid identification, support for the economic activity and justification of the source of funds, and that the process can start remotely although, depending on the bank, a visit may be required at a later stage.

Apostille and official translation

Agreement 1-2026 does not mention the apostille. When a bank asks for one on a document issued outside Panama, the general rules for foreign documents apply, as described by the Authentication and Legalization Department of the Ministry of Foreign Affairs in a presentation on document legalization (in Spanish):

Issuing country is in the Hague Convention: the document carries the apostille of that country’s authority. Panama is a party, in force since August 4, 1991 according to the HCCH status table, which also lists the United States, Canada (since January 11, 2024), Colombia, Venezuela, Spain and Mexico.
Issuing country is not a party: consular legalization is needed, meaning certification at the Panamanian consulate in the country of origin and, where there is no apostille, recognition at the Ministry in Panama.
Document in another language: the same presentation lists official translation into Spanish when the document is not in that language. Articles 877 and 878 of the Judicial Code govern foreign documents and their translation.

The Ministry also makes clear that documents issued in Panama are apostilled at its Authentication and Legalization Department, a procedure described on Panamá Digital. Foreign documents are apostilled in the country of issue, not in Panama.

Which documents in a bank file get apostilled or translated is decided by each bank or opening channel. Before spending on formalities, it helps to ask which documents it requires apostilled, whether translation should come before or after the apostille, and whether it accepts digital copies.

Step-by-step checklist

This order organizes the work so that one missing document does not force others to be redone.

Define the profile: resident, non-resident or visitor, and the account type (savings, checking, or a simplified account for residents).
Choose the bank and ask for its current list in writing, naming the account type. The list on the website can differ from the one a bank officer gives.
Check the passport: it must be valid, with copies of the photograph, signature and personal-details pages and, where applicable, of the entry-stamp page.
Gather the tax identification number of every country where taxes are paid.
Prepare proof of income: an employment letter, social security record, sworn income tax return or pay slips, consistent with the declared profession.
Document the source of the funds to be deposited, with support that explains where they came from.
Request the references the bank asks for: bank, commercial or personal, with contact details of the issuer.
Sort out apostille and translation for the documents the bank points to, according to the country of issue.
Complete the bank’s forms and confirm whether a signature or interview in person is required.

What varies by bank and what to confirm before deciding

Several points change from one bank to another and have no single official answer:

References: the three banks publish different requirements. Global Bank mentions a bank reference and personal ones; Banesco, bank or commercial; Banco General does not list them on the pages reviewed.
Proof of address: the rule asks for the address and country of domicile as client data, and for digital openings it requires verifying the declared location (article 14, with an adaptation period until June 30, 2027). None of the three pages lists a utility bill as a document.
Second ID: the Agreement does not require it; a bank may ask for one.
Physical presence: there is no published official statistic on which banks allow a fully remote opening.
Response time: there is no published official statistic either; the timelines in circulation are estimates from law firms. For other procedures, Radar’s article on immigration processing times separates regulated deadlines from estimates.

Anyone also processing residency can review the residency routes compared, because the identity document presented changes once residency is granted (a cédula E or card instead of a passport). If the account will belong to a company, other requirements apply, such as those in setting up a company in Panama and the identification of beneficial owners.

For those who prefer to delegate the process, Radar’s ranking of firms that handle account opening from abroad compares options, and the guide to verifying a lawyer’s credentials explains what to check before hiring.

Legal Solutions Panamá, a firm based in Panama City, assists foreigners with opening personal and corporate accounts, and offers an initial consultation to assess each case.

See bank accounts at Legal Solutions Panamá

Frequently asked questions

What documents are needed to open a bank account in Panama as a foreigner?

A valid passport or, for residents, a cédula E or permanent resident card, plus the tax identification number and a document supporting income. That is the baseline in Agreement 1-2026; each bank adds references, forms and other support.

What are the requirements to open a bank account in Panama?

Valid identification, a tax number, proof of income or source of funds and the bank’s forms. The banks reviewed add, depending on the case, a migration card, references or a link to Panama, so it helps to ask for the chosen bank’s current list.

Are bank references needed to open an account in Panama?

It depends on the bank. Global Bank publishes a bank reference letter and personal references, and Banesco bank or commercial references; Agreement 1-2026 does not list them as a client requirement.

Is an apostille needed to open a bank account in Panama?

The banking rule does not mention it, but a bank may ask for one on documents issued abroad. If the issuing country is a party to the Hague Convention, the apostille is obtained there; if not, consular legalization applies. Each bank defines what must be apostilled.

What do banks ask a non-resident for?

A passport with the entry stamp, a tax number and support for income and source of funds, plus the bank’s references and forms. Banesco publishes an international account aimed at clients without residency; other banks decide case by case.

Sources

All sources were checked on October 8, 2026. Official sources are in Spanish. The information is general and does not replace the advice of a qualified lawyer for the specific case.

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Documents to Open a Bank Account in Panama as a Foreigner: Checklist by Profile