Economy

In short: 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. Checked on October 8, 2026. Contents of this checklist What banks…

In short: A bank in Panama can decline a foreigner's account when its risk assessment is not satisfied, and Agreement 1 of 2026 of the Superintendency of Banks lists what the bank reviews: source of funds, financial profile, valid identification, tax residence, country links and the risk of the activity. Being a foreigner or a non-resident does not appear by itself as a high-risk cause in that rule. After a refusal, the usual route is to fix the file and apply again; where a complaint applies, the Superintendency publishes the procedure. Sources checked on October 8, 2026. Contents of this…

In short: Updated October 28, 2026. As of this date, IFARHU has not published an official date or schedule for the third PASE-U payment of 2026. The second payment has started: according to La Estrella de Panamá on October 20, citing IFARHU director general Carlos Godoy, it began that week in Herrera, Los Santos and Veraguas (La Estrella and TVN add Coclé), with B/.15.2 million for 136,989 students, and no day announced for the rest of the country. The first payment ran from July 7 to October 9, according to the official calendar. The program pays B/.90 per payment in…

In short: Updated on October 5, 2026. The next 120 a los 65 payment is the fourth and last of the year: November 16 to 27, 2026 through the Tarjeta Clave Social card, and November 30 to December 4 in hard-to-reach areas, according to the annual calendar of Panama's Ministry of Social Development (MIDES). The program pays B/.120.00 a month to Panamanians aged 65 or older who have no retirement benefit or pension and live in poverty or vulnerability. Enrollment is free and open all year at MIDES offices. Contents of this guide When 120 a los 65 pays Payments…

In short: In Panama, an employer can dismiss a worker on an open-ended contract only for a just cause provided by law and following the formalities of the Labor Code (articles 211 to 214). The dismissal must be notified in writing, with the date and the specific causes. The 30-day notice, or its payment, is required by article 212 only when certain workers are dismissed without cause, such as those with under two years of service. Updated in October 2026 using the text that includes reforms up to Law 44 of 1995. Contents of this guide The general rule and…

In short: living in Panama costs very different amounts depending on where. The basic food basket is 366 balboas a month in Panama City and 342 in the rest of the urban country, according to the Finance Ministry as of March 2026, but housing multiplies that gap: a two-bedroom apartment runs about 1,000 dollars in San Francisco or Costa del Este and 500 in David. Cumulative inflation to August 2026 was 2.1%, after a 2025 with slightly falling prices. The average salary is 756 dollars and only Colón, Panama and Panamá Oeste exceed it. This guide gathers official and market…

In short: A new car in Panama loses value from the day it leaves the dealership, but there is no single official figure: the country has no public database of resale prices. As a general industry estimate, not a Panamanian measurement, a vehicle loses between 15% and 20% of its value in the first year and reaches the fifth with around half of its original price. The real pace depends on age, mileage, service history, remaining warranty, the supply of used units of the same model and confidence in workshops and parts. This guide explains how depreciation is measured, what…

In short: buying a car at the Panama Motor Show 2026 suits anyone who arrives with the model decided and the paperwork ready, because more than 40 brands and more than 20 banks compete under one roof and fair conditions are usually the best of the year. It does not suit anyone who needs to test the car or compare calmly: there is almost never a test drive at the venue and closing pressure is high. The fact that changes the decision is that promotions do not end on 11 October: distributors themselves acknowledge they stay in the branches for…

In short: opening a bank account in Panama as a foreigner is legal and increasingly regulated: Agreement 1-2026 of the Superintendency of Banks, in force since July 2026, sets what a bank must ask a foreigner for, a passport with entry stamp, the tax identification number of their country and proof of income, and requires geolocating anyone who opens remotely. What the rule does not set, a bank reference letter and a minimum deposit, each bank decides: from 50 dollars in accounts for residents to 1,000 in international accounts for non-residents. The system is large and open: 49.865 billion dollars…

In short: the Panama Canal delivered 2.965 billion balboas to the National Treasury in fiscal year 2025, a record, and directly accounts for around 3% of GDP, 7.7% when indirect effects are included, according to the IDB. The 2023-2024 drought cut transits by 20% and the State still collected more, because the Canal Authority raised tolls and auctioned slots. With the transport sector growing 14.5% in 2025, the most of any sector, the question Panama avoids is what would happen if the volume stopped coming back: through another drought, a Mexican corridor or a political dispute with the United States.…

In short: the residency-by-investment map changed in two years. Spain closed its golden visa in April 2025, Portugal removed the real estate route in 2023 and in May 2026 raised the citizenship wait to ten years, Uruguay lifted its tax holiday threshold to about two million dollars, and Paraguay launched in April 2026 an investor pass with permanent residency from 70,000 dollars. Panama, with 300,000 dollars in a new property and permanent residency in 30 days since September 2026, sits in the middle on money and at the top on speed. This comparison puts eight countries in one table: minimum…

In short: Panama exported goods worth 980 million balboas in 2025, its best figure since 2010, and 1,293 million including value-added exports from special regimes. The three main products are frozen shrimp, palm oil and bananas. The United States is the top buyer, followed by Taiwan, the Colón Free Zone and the Netherlands. It is an economy that lives on services, but whose goods exports are growing and diversifying. How much Panama exports According to the National Institute of Statistics and Census (INEC) and the Ministry of Commerce and Industries (MICI), registered goods exports totalled 980.1 million balboas in 2025,…