Thread: Panama Bank Account Opening

If i went for a holiday to Panama from the UK would i be able to make a bank account while I'm there? What documents would i need? I'm guessing i would need a Utility Bill, Passport and driving license since I'm from the UK this would be a UK driving license, Passport and Utility bill would i still be able to open bank account in Panama?

If i was renting a house in Panama could i use the house I'm renting's Utility bill if i ask the owner of the house?

I really don't know what to do, if someone guide me and tell me what to do i would appreciate it.

Contact an attorney, do it through him. It may even be a requirement to use an attorney if you are not a citizen/perm resident?

Originally Posted by Monkey

If i went for a holiday to Panama from the UK would i be able to make a bank account while I'm there? What documents would i need? I'm guessing i would need a Utility Bill, Passport and driving license since I'm from the UK this would be a UK driving license, Passport and Utility bill would i still be able to open bank account in Panama?

If i was renting a house in Panama could i use the house I'm renting's Utility bill if i ask the owner of the house?

I really don't know what to do, if someone guide me and tell me what to do i would appreciate it.

All banks have different rules. I opened up a bank account at Scotia Bank and it was rather simple. You need passport, drivers license, two bank reference letter from England, statement of account. Contact the individual banks for their requirements. You do not need an attorney for this. It may take a couple of weeks for your bank account to be approved. Holidays the banks are closed.

A personal reference letter from a lawyer or accountant will not hurt either. (UK lawyer or Panama lawyer). Plus a reference letter from any random Panama person (that has a bank account somewhere).

Unfortunately it takes quite a long time to open an account these days. A short vacation usually won't be enough. It might be better if you stay for a longer time, or come twice, a couple of weeks apart.

From my experience and from what I've heard, a utility bill is usually not required if you visit the bank in person, but you could bring a copy of the rental contract just to show them that you mean business.

It's always good to be referred by "someone", if possible by a current account holder who has an account in good standing. Using a lawyer to make the introduction might be a good idea. However, it depends on the lawyer.

Finally, don't be discouraged and don't give up! It can be pretty exhausting getting an account opened. These days, new accounts are approved or declined by "committees" (to disperse responsibility in case a client turns out to be a bad guy) and with some banks these committees meet only once a week. Revisions to your account application are often required. For example, some banks require that you have a local P.O. box to deliver paper statements to, but they tell you about this requirement only after your application has passed through the committee's desk a couple of times.

Good luck!

Originally Posted by jwr2001

All banks have different rules. I opened up a bank account at Scotia Bank and it was rather simple. You need passport, drivers license, two bank reference letter from England, statement of account. Contact the individual banks for their requirements. You do not need an attorney for this. It may take a couple of weeks for your bank account to be approved. Holidays the banks are closed.

I heard that Scotiabank has no online banking, is that true?

Thanks for your help Werther, i sure will keep trying till i get a bank account in Panama .

In case anyone wants to know why...

I remember when it used to be dead easy to open a bank account just about anywhere in the world - all you needed was a passport or some other valid ID. I have a friend in the banking industry in Hong Kong - he told me that all these new complex regulations resulted from US pressure after 9/11. Basically, they want new account applicants to prove that they're not terrorists.

At least in Hong Kong (not sure about Panama), along with ID you need a utility bill or some other proof of residence, OR if you're not a resident you need somebody who has had an account at that bank for at least one year to sign a form vouching that they know you. Just how this prevents terrorism, I'll leave it to others to decide.

I just went through the process of opening an account in Panama. I do not have the final ok yet but they really made me jump through some hoops and provide ALLOT of documentation. I think a big factor is that I am still only 39 and compared to many people from the US opening bank accounts that makes me just a kid. I had to provide the following documentation for Global Bank:

1. Passport - They made a copy of each page.
2. Personal reference letter- From a local Panamanian (did I mention how great my girlfriend is?)
3. Copies of my personal reference's ID card, paycheck stub.
4. Professional reference letter- From my attorney.
5. Income Tax from last year.
6. A letter from my previous employer stating that I was an employee.
7. Two reference letters from two different bank accounts in the USA (must be less than 6 months old)
8. Proof of how I obtained the $10K I put in there (This money had been put into escrow with my attorney. He had given me a check and the escrow documentation)
9. Proof of the sale of my condo back in Florida in August.
10. A letter stating what my intentions were for income while residing in the country of Panama.
11. A DNA sample in case I die and they need to clone me to sign some more forms. (just kidding)

The person at the bank will contact every single reference given and the bank account will not be allowed until it is confirmed. I now have a 2-3 week wait to find out if it is allowed.

When opening bank accounts in Panama, they often need ID's and valid reference documents (from your existing bank(s), 3 official reference letters, and tax declaration receipts, etc…). Each bank does things differently. If you know someone already at a specific bank, then that person’s letter is quite valuable.

Well, I am considering an offshore account. In the UK it is much easier to set up than an account in Panama appears to be. And it can be denominated in dollars. With online access and 24 hour banking it may be a good alternative for someone who does not want a heap of red tape.

If you don't have the need don't bother although there are some benefits that can be had with an offshore account.

Global Bank has decided that I am on the level and has approved my bank account. I knew the DNA sample would work.

I'm not sure everyone here is telling you the straight answer. Frankly you don't even need to come here if you use a law firm (like ours) that has connections at the bank to get the account open without you being present. If you factor in the cost of a plane ticket to come down here using a law firm seems rather cheap in the end.

No matter what you do it takes at least 5 days to get your account approved (and that's if they like you). It takes longer to get your bank card and online account access. Unless you want to spend your whole trip babysitting this account set up I suggest using a law firm... of course I am biased because I work for one but that's my 2 cents.

I further suggest you register a bearer share corporation and get the bank account in the corporation's name if privacy is a concern for you.

Originally Posted by werther

I heard that Scotiabank has no online banking, is that true?

yes that is true alright. the Scotiabank here is a seperate entity to the one in Canada.

http://www.scotiabank.com/pa/cda/index/0,,LIDes,00.html

that's their homepage in Panama.. .if you can find an account login anywhere there I will happily eat some crow.

You are correct Panamaoffshorelegal, setting up the corporation as a bearer-share corp with it's associated bank account is the easy one that my attorney has already done. Setting up a personal is obviously more involved, dont you agree? Many good legal firms can do exactly what you mentioned your firm offers.

Originally Posted by werther

I heard that Scotiabank has no online banking, is that true?

Originally Posted by MRWOOHOO

You are correct Panamaoffshorelegal, setting up the corporation as a bearer-share corp with it's associated bank account is the easy one that my attorney has already done. Setting up a personal is obviously more involved, dont you agree? Many good legal firms can do exactly what you mentioned your firm offers.

One caveat, you need to go through the corporation registration process before you can get a corporate bank account. This process does not apply for a personal account.

But once you have a corporation set up, assuming you used a reputable law firm, their stamp of approval and connections can make getting a corporate bank account much easier.

When someone just walks into the bank and wants a personal bank account it's up to them to prove they are good people... if they go through the corporation set up the lawyer is acting like a sponsor in a way because they must perform due diligence for all clients they do work for.

Originally Posted by MRWOOHOO

...Many good legal firms can do exactly what you mentioned your firm offers.

Ha ha ha... I think everybody in Panama is either a lawyer, banker or real estate agent.

Yes, for sure there are other firms here that can do the work and I encourage anyone to shop around and get recommendations.

Not all firms were created equal, and not all lawyers have the same connections in Panama.

For outsiders who don't know Panama, having this network of connections is crucial to getting what you want in a timely fashion.

Not to mention, if you want to get a bank account set up without visiting Panama not every law firm can offer that service.

But many can