How to Open an Offshore Bank Account in Panama?11 min read

How to Open an Offshore Bank Account in Panama?11 min read

Reading Time: 5 minutes

Panama is one of the leading offshore bank account centers now. An offshore account offers valuable protection from  senseless lawsuits while adding another level of privacy for personal assets.

Each year, opening an offshore bank account in Panama becomes increasingly easy thanks to online banking services.

Panama is a globally accepted offshore banking jurisdiction with a reputable regulator, known for providing high-class online banking and offshore accounts with great client support via online channels. Panamanian online banks specialize in serving foreign clients and offer top-tier service with offshore accounts and superior client care and  suitable center for global investors.

How to Set Up an Offshore Bank Account in Panama?

Setting up an offshore bank account in Panama is such a practical process now. Banks generally require some documents when applying to offshore accounts. These may involve proof of address and source of funds. This second requirement often pertains to businesses accepting payments by using these accounts.

Typically, the requirements for opening an offshore account can be more stringent than for personal accounts. Aside from submitting basic documents as above, such as Articles of Incorporation and copies of each officer or board member passport or national ID document. Some banks may additionally request resolutions or bylaws as asked documents for a proper and faster process attorneys with professional references at specific banks can greatly aid this process.

Establishing an offshore bank account in Panama for non-residents can be practical. To launch with, start with an account that does not require personal visits before traveling there as your business grows and opening its primary offshore account. Furthermore, structuring it as a reliable foundation could add further privacy and protection.

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offshore bank account

Can a Foreigner Open a Bank Account in Panama?

Foreigners can launch offshore accounts either without physically visiting or engaging an agent who will assist with opening one. Either way requires two national ID documents like a passport and National ID as well as utility bills/TV/Internet bills bearing investor’s name, professional references from current employers and proof of income proving annually. For instance work contracts, tax declarations or income statements can all assist opening offshore  accounts in Panama.

Panama provides foreign non-residents with many benefits, including opening offshore accounts without needing a visa or residency in Panama. This country’s national fiat currency, the balboa, is pegged at 1:1 against the US dollar. Panama accelerates an expansive selection of banks.

Local laws protect the private property of foreigners on a similar footing with Panamanian citizens. Furthermore, Panamanian banks do not participate in digital information exchange circuits with countries like Italy, making it challenging for foreign authorities to have access to Panamanian accounts.

Creating an offshore bank account in Panama is more than just opening a traditional bank account. It’s a new type of investment towards international diversification and an increased economic ecosystem. By owning an offshore account, you gain access to Panama’s great economical ecosystem while protecting both financial security and wealth protection rather than your home country.

Is Panama Good for Offshore Banking?

Panama has long been popular for its offshore banking center status. However, unlike many European or North American banks, Panama doesn’t require extra paperwork as part of due diligence measures and is suitable with international tax standards.

Panama has signed onto the Foreign Account Tax Compliance Act (FATCA) and therefore requires foreign citizens who establish an offshore bank account in Panama to submit certain data when applying.

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Panama takes bank privacy so seriously and has a longstanding tradition of safeguarding its offshore banking industry, making it one of the world’s leading offshore banking locations. Being situated at the center of Latin America makes Panama a great center to route funds through for deals in this part of the continent. Panama’s profitable tax rates and double taxation treaties make tax planning practical by helping minimize or avoid them completely.

Panama also offers extra financial services, including the ability of managing merchant accounts and investment projects for businesses handling e-commerce that need to accept online payments. While opening such accounts with an online banking service is possible, many clients prefer utilizing payment processors for larger reputation.

Which Country is the Easiest to Open an Offshore Account?

Panama’s economy is one of the suitable and easy-going centers in Latin America. Accelerating low taxes and a high per capita GDP figure, as well as being a free trade ecosystem and providing advantagous hub opportunities. Panama also enjoys close ties with the strong countries  as a significant financial center.

The Kingdom Bank offers superior online banking capabilities and has experience working with international clients, often accepting non-residents. We also provide high interest rates on USD deposits at The Kingdom Bank.

With its advantageous tax rates and free trading ecosystem, Panama can be listed among the easiest centers to open offshore accounts now.

offshore bank account

How to Open an Offshore Bank Account in Panama Online?

Opening an offshore bank account in Panama involves submitting some requirements. The most important ones include proof of identity (passport + ID), address, and history of funds, which can involve commercial reference letters, business contracts or income tax declarations.

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Opening an offshore bank account in Panama does require some paperwork, but the process shouldn’t be as complex as you may think thanks to online banking services.  No-residents can open accounts easily as Panama is FATCA compliant and is an FATCA-compliant country.

With The Kingdom Bank, all processes to open offshore bank accounts in Panama can be easier and faster than others. To open your offshore account remotely, you can contact us now.

How to Open an Offshore Bank Account in Panama City?

Panama is a popular international financial center known for its effective banking laws, stable economy and low inflation rate. It serves as an established business center and home of the Panama Canal which is important for global trade dealings.

Opening an offshore account in Panama City can be done, though the process may take time due to extensive documentation requirements from traditional banks. However, with reliable online banking services such The Kingdom Bank, you can be free from the challenging application process. Panama is part of FATCA and CRS reporting regulations, which requires foreigners to meet proof of identity, residency and source of funds before opening an offshore bank account there. 

Opening an offshore bank account in Panama typically takes around two weeks for foreign citizens in traditional banks. However, in The Kingdom Bank you can complete your opening offshore account in Panama within just minutes.  

You will require some paperwork of national ID (passport and ID), income tax declarations, some reference letters etc.

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