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Last verified: 19 October 2026. Each fact links to its official source.
Contents of this guide
Yes, with conditions: the market
Due diligence for Panamanian banks is set by Agreement 1 of 2026 of the Superintendency of Banks, approved on 16 January 2026. For a foreign client, the suitable identity document is the passport and the rule does not require residence for an ordinary account (article 18). The simplified opening is reserved for residents (article 15). The limits for non-residents are in the piece on a bank account without residency.
The Agreement does not distinguish by nationality: it lists nationality, with country of domicile, among the geography variables each bank uses to rate risk (article 13). A Mexican gets the same regulatory treatment as any foreigner, and the outcome depends on the profile.
Panama’s banks draw a lot of money from the region: the banking activity report for April 2026 records a 13.3 % year-on-year rise in external deposits, with Colombia and Costa Rica as top origins; Mexico is not among the first five. According to the Apostille Convention status table, Mexico, Panama, Belize, Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua are all parties.
Documents: what the rule asks for
Article 18 of the Agreement sets the minimum profile of an individual and article 19 that of a legal entity. The table summarises the rule; each bank may add its own requirements on its official page. The detail by profile is in Radar’s document checklist.
| Document | What it is for | What a bank usually asks for, per the rule |
|---|---|---|
| Valid passport | Identify the foreigner. | Copy of the page with photo, signature and personal data and, as a rule, the entry-stamp page; the stamp is waived for clients recruited abroad and for clients of international-license banks. |
| Official ID from the home country | Alternative to the passport. | Only if the bank verifies it with the issuing body (after evaluation by the Superintendency), the client was recruited abroad, or the bank holds an international license. |
| Tax number | Keep tax residence up to date. | The number from each country where the client is a taxpayer. |
| Proof of income | Build the financial profile. | One or more of an employment letter, social security record, sworn income tax statement or payment receipt; the bank decides which it accepts from an overseas client. |
| Company incorporation | Prove existence and good standing. | Articles of incorporation or the home-country equivalent, and documents showing good standing (art. 19). |
| Signatories and beneficial owner | Know who controls the account. | ID of the president or representative, secretary, signatories and attorneys, and of anyone holding 10 % or more of the shares or voting rights. |
Apostille and translation from Mexico
The Agreement does not list apostille or translation as a client requirement. They arise when the bank accepts a foreign public document as proof, such as a company’s articles. Panama acceded to the Convention on 30 October 1990 and Mexico on 1 December 1994 (in force from 1991 and 1995), per the HCCH table. The presentation by the Authentication and Legalisation Department of Panama’s Foreign Ministry says a foreign document arrives apostilled from its country of origin, if it is a party to the Convention, or certified by a Panamanian consulate, and is officially translated if not in Spanish.
In Mexico the apostille comes from the authority matching the document: per the HCCH profile, the Dirección de Coordinación Política con los Poderes de la Unión of the Secretaría de Gobernación for federal documents, and the authority of each of the 32 entities for state ones. The Ministry of Foreign Affairs is not listed as an authority in that register. The usual steps:
- Confirm with the bank which documents it needs and in what form.
- Identify the origin of the document, federal or state, which decides the authority.
- Obtain the original issued by the authority or notary.
- Submit it to the apostille authority. The certificate authenticates the origin of the document, not its content.
- Translate if needed. A document in Spanish needs no translation; one in another language does, by a translator from the Foreign Ministry’s list.
- Send it to the bank through the channel it indicates.
Source of funds and client profile
The Agreement separates two concepts. Origin and destination of funds is geographic: the jurisdiction from which most of the money is received and to which it is sent. Source of funds is the support for where it comes from, which can rest on information the bank gathers, public sources or client documents (article 18). Both feed the financial and transactional profile, which compares expected income with the frequency and size of actual movements.
The bank pays special attention to transactions above ten thousand balboas (article 9) and refreshes data every 12, 24 or 48 months depending on risk (article 30). Panama and Mexico both appear among the signatories of the OECD agreement on automatic exchange of financial information (list as of 13 March 2025).
Personal or company account
An individual presents their own profile. A company, Mexican or Panamanian, presents its own and that of those who control it: under article 19 it shows its formation with documents equivalent to the articles of incorporation, and the bank identifies officers, signatories and the beneficial owner. For the financial profile, one of these supports is enough: signed financial statements, a sworn income tax statement or other documents showing income.
Simplified due diligence does not apply to foreign legal entities or to those with nominee directors or officers from a resident agent (article 17). If the bank cannot identify the beneficial owner, it does not open the relationship. Requirements for a Panamanian company are developed in the piece on a bank account for an offshore company and in those on the beneficial owner and incorporating a company without travelling.
Remote opening, rejections and what to ask
Article 14 regulates digital opening: the bank must build in inferential geolocation of the applicant, which estimates location from signals such as IP address, VPN, proxies, time zone and the device’s regional settings, to verify the declared address. Article 53 gives until 30 June 2027 to adapt, so practice varies between banks.
A bank can reject an application with complete paperwork; the reasons and what to do are in the piece on the rejection of foreigners’ accounts. There is also a comparison of firms that handle the opening. Useful questions the rule does not settle:
- Whether it accepts clients without residence, from Mexico.
- Whether opening is fully remote or needs a visit or interview.
- Which foreign documents must be apostilled.
- What proof of income it accepts from an overseas client.
Legal Solutions Panamá offers on its website an online management service for individuals and companies in Mexico that want to open an account in Panama, with a free initial consultation to review the case.
Myths and facts
- Myth: residence is required. Fact: for a foreigner the rule asks for a passport; residence opens the simplified account.
- Myth: the Agreement requires everything to be apostilled. Fact: it does not mention apostille; the bank asks for it, document by document.
- Myth: the rule makes it harder for Mexicans. Fact: it sets no nationality-based rules; it assesses each client’s risk profile.
- Myth: opening an account is a right. Fact: it is a contractual relationship the bank accepts or rejects.
- Myth: every Mexican document needs translation. Fact: only those not in Spanish.
Frequently asked questions
Can a Mexican open a bank account in Panama without residency?
Yes, under Agreement 1 of 2026, which treats the passport as the suitable identity document for a foreigner and does not require residence for an ordinary account. Each bank decides whether to accept the client.
Can the account be opened remotely?
It depends on the bank. The Agreement regulates digital opening with geolocation of the applicant and an adaptation deadline of 30 June 2027; if the bank asks for a visit or interview, it states so in its process.
Do the documents need an apostille?
The Agreement does not require it, but a bank may ask for foreign public documents, such as a company’s articles, to be apostilled. In Mexico, the federal apostille comes from Gobernación and the state one from each entity.
What is source of funds?
It is the jurisdiction the money comes from and goes to and, separately, the support for where it comes from. The bank uses it for the financial profile and compares it with real movements.
Does the Mexican tax number have to be provided?
Yes, the Agreement requires foreigners to give the tax identification number of every country where they are taxpayers. This guide is informational and does not replace the advice of a qualified lawyer in Panama.
Related articles
- Opening a bank account in Panama as a foreigner
- Documents to open a bank account as a foreigner
- Why a Panama bank rejects a foreigner’s account
- Apostille and official translation of documents for Panama
Sources
All sources were checked on 19 October 2026. Official Panamanian sources are in Spanish.
- Superintendency of Banks, Agreement 1 of 16 January 2026.
- HCCH, status table of the Apostille Convention.
- HCCH, competent authorities of Mexico and of Panama.
- Panama Foreign Ministry, document legalisation procedure.
- Ministry of Foreign Affairs and authorised public translators.
- OECD, signatories of the automatic exchange agreement.
- Superintendency of Banks, Banking Activity Report, April 2026.
- Superintendency of Banks, general-license banks.
- Legal Solutions Panamá, service for accounts from Mexico.
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