What the rule requires
| Requirement | What Agreement 1-2026 says |
|---|---|
| Foreigner’s identity | “The appropriate identity document shall be the passport”, with a copy of the data page and of “the page bearing the country entry stamp”; if the client was acquired abroad or by an international-licence bank, the entry stamp is not required |
| Residents | E cédula from the Electoral Tribunal or permanent resident card from Immigration |
| Tax residency | “Foreign clients must also present the tax identification number of the country or countries where they are taxpayers” |
| Financial profile | One or more of: employment letter, social security record, sworn tax return or payslip |
| Foreign legal entity | Articles of incorporation or equivalent, registration certificate, tax number from its country and beneficial owner with 10% or more of shares or effective control |
| Remote opening | The bank must use “inferential geolocation of the applicant” to detect openings from high-risk jurisdictions or inconsistent with the information given; adaptation deadline 30 June 2027 |
| Simplified account | Only for natural persons “national or foreign resident in Panama”, with monthly turnover up to 5,000 balboas; a non-resident does not qualify |
| High risk | Politically exposed persons, clients with large cash amounts and capital from countries deemed non-cooperative by the FATF; the rule does not classify non-residents as high risk per se |
The agreement repealed Agreement 10-2015 and took effect six months after its promulgation on 16 January 2026. It rests on Law 23 of 2015 on money laundering prevention and on the Banking Law, Decree Law 9 of 1998 amended in 2008, which distinguishes general-licence banks, operating inside and outside Panama, from international-licence banks, which only carry out operations with effect abroad. There are 40 general-licence and 13 international-licence banks.
What each bank requires
| Bank | Foreigners | Opening deposit | Source |
|---|---|---|---|
| Banco General | Valid passport or E cédula, bank reference letter, proof of income and a link to Panama if there is no E cédula; online opening available | Savings with no minimum; current account 50 or 300 dollars by type | Bank website and Telemetro guide |
| Global Bank | Passport, immigration card if foreign, bank reference and personal references | 50 dollars; the simplified account only with a cédula, including E, up to a 5,000 balance | Bank website |
| Banesco | International account for non-residents with passport, bank or commercial references and proof of income; opening can begin from abroad with an in-person interview in specific cases | 250 dollars simplified; 1,000 for international savings and current | Bank blog, April 2026 |
| Other banks | Conditions for non-residents are not on their websites; circulating figures come from third parties | No verifiable data |
The practical difference is between resident and non-resident. With an E cédula or resident card, opening resembles a Panamanian’s: identification, proof of income and, at several banks, a reference. Without residency, the bank also asks for a link to Panama, a property, a business or a contract, and applies its own risk matrix, which is where most applications stall. A firm that accompanies international clients’ openings, such as Legal Solutions Panamá, explains on its service page which documents should be brought apostilled from the country of origin before the first appointment.
What the client should know about information exchange
Panama reports foreigners’ accounts to their countries. With the United States the FATCA agreement signed in 2016 and Law 47 of 2016 apply; with the rest of the world, the OECD common reporting standard, adopted by Law 51 of 2016 with exchanges since 2018. In December 2025 Panama also signed the OECD crypto-asset agreement. That is why Agreement 1-2026 requires the bank to record the tax number of the country of residence: a non-resident’s account is reported to their tax administration if that jurisdiction participates in the exchange.
Why it has become easier, and more demanding
Panama left the Financial Action Task Force grey list on 27 October 2023 and the European Union’s high-risk third countries list on 5 August 2025. It has remained on the EU’s tax list of non-cooperative jurisdictions since 2020; the council of finance ministers was to decide its exit on 9 October 2026 after the economic substance law, and foreign minister Javier Martínez-Acha said on 29 September that “we are optimistic that we could soon give good news”. On taking office in September 2024, superintendent Milton Ayón Wong set as a priority “facilitating the opening of bank accounts, a process currently perceived as complicated both for Panamanians and for international clients”, and in June 2025, presenting the pilot opening plan with six banks, said that “the goal has been clear: to facilitate access to banking services, promote financial inclusion and strengthen confidence in our financial system, without compromising the security or the international standards Panama has managed to meet”.
| System indicator | Figure | Source and date |
|---|---|---|
| International Banking Centre assets | 168.724 billion dollars, +6.9% | Superintendency of Banks, July 2026 |
| Total deposits | 121.459 billion dollars | Superintendency of Banks, July 2026 |
| External deposits | 49.865 billion, +13.3%, 41.3% of the total | Superintendency of Banks, April 2026 |
| Non-resident individuals’ deposits | 39.162 billion, +12.8%; 68% in term deposits | Superintendency of Banks, April 2026 |
| Legal liquidity | 58.5%, against a 30% minimum | Superintendency of Banks, July 2026 |
| User complaints in 2025 | 735 cases, 110 formal complaints; 159 about savings accounts | Superintendency annual report |
What nobody has answered yet
- How many foreigners’ applications are rejected? The Superintendency publishes no rejection rate; the pilot plan found “differences in the interpretation of compliance criteria” between banks.
- How long does an opening take? No official source quantifies it; firms’ estimates range from two to eight weeks depending on the profile.
- Which banks open fully remotely? The rule allows it with geolocation, but each bank decides, and most do not publish it.
Frequently asked questions
Can a foreigner open a bank account in Panama without being a resident?
Yes. The rule requires a passport with entry stamp, the tax number of their country and proof of income; each bank adds references and a minimum deposit, and applies its risk matrix. The low-amount simplified account is reserved for residents.
What is the minimum deposit?
Each bank sets it: no minimum or 50 dollars in savings accounts for residents; 250 to 1,000 dollars in international accounts for non-residents at the banks that publish them.
Can the account be opened from abroad?
The rule allows it if the bank geolocates the applicant. Some banks allow the process to start remotely with an in-person interview in specific cases; others require presence.
Does Panama report foreigners’ accounts to their countries?
Yes. With the United States under FATCA since 2016 and with the other participating jurisdictions under the OECD common reporting standard since 2018.
Related articles
- Opening a bank account in Panama from abroad
- How to open a company in Panama
- The ten most expensive legal mistakes foreigners make in Panama
Sources
- Superintendency of Banks of Panama, Agreement 1-2026.
- Ministry of Economy and Finance, Law 23 of 2015.
- Superintendency of Banks of Panama, Banking Activity Report, April 2026.
- Superintendency of Banks of Panama, general-licence banks.
- Banco General, current account.
- Global Bank, savings account.
- Banesco Panamá, international account for individuals.
- Directorate General of Revenue, common reporting standard.
- Directorate General of Revenue, FATCA.
- Ministry of Economy and Finance, exit from the FATF grey list.
- La Estrella, foreign minister’s statements on the EU tax list.
- ECO TV, superintendent Milton Ayón Wong’s priorities.
- La Estrella, user complaints and account-opening pilot plan.
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