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Think Safe Consulting
Panama Bank Services
We realize that the type of Panama bank account you select is essential for achieving your objectives, so we have provided a variety of banking advising to choose from, as a non immigrant you can open a Panama bank account remotely.
Personal bank account
Corporate bank account
Term Deposit or Certificate of Deposit
Loan for retirees
Commercial Line of credit
Personal loan with mortgage guarantee terms
Personal Bank Accounts
Documentation Requirements: (Banker-Documents)
For set up of Panama Personal Bank Accounts, we require that the client provide us with the following documentation:
A. Photocopy of passport for each signatory. The photocopy of the passport most recent entry/exit stamps.
B. Two (2) Financial Reference Letters. The financial reference letters can be from any banks, brokerage firms, or credit unions.
C. Two (2) Professional or Commercial Reference Letters. These reference letters can be from your attorneys, accountants, financial consultants, or any company(s) that you have a business relationship with.
D. Signed Panama Personal Bank Account Applications. You must sign the Panama bank account applications.
Time frames for setting up a Panama Personal Bank Account with Panama banks can take from 2 to 4 business days.
Our primary correspondent Panamanian banks offer secured credit cards (Visa or MasterCard). Our company charges a processing fee of US$100 for assisting in setting up of secured credit cards.
Secured credit cards require that the client place a security deposit in an amount equal to 125% of the credit limit chosen for their credit card. The security deposit is frozen in the corporate bank account (or CD/time deposit) until the card is closed.
Annual fees for credit cards start at US$50 or more according to the type of credit card chosen. Silver, Gold, Platinum, and Airline miles credit cards are available for earning airline flight miles for credit card usage.
Most banks in Panama offer time deposits (certificates of deposits, or “CD’s”), which are referred to as “Plazo Fijo”, in Spanish. Each Panama banks rates vary according to their Panama banking regulations, business practices, etc. Under Panamanian law, the minimum amount for a time deposit at a Panamanian bank is US$10,000.
Panama Corporate Bank Accounts
Documentation Requirements: (Banker-Documents):
For set up of Corporate Panama Offshore Bank Accounts, the following documentation is required by the Panama bank:
A. Photocopy of passport for each signatory. The photocopy of the passport must include the photo of the person, the personal details (passport number, etc.), the signature, and photocopies of ALL pages including entry/exit stamped pages. The photocopy should be clear and legible and it should be NOTARIZED.
B. Two Financial Reference Letters. The financial reference letter can be from any bank, brokerage firm, or credit union. The letter should be an original on the financial institution's letterhead, it should be addressed to the bank you are planning to process the bank account at.
C. One Commercial or Professional Reference Letter. The commercial or professional reference letter can be from any company or professional that you have a commercial business or professional relationship with.
D. Company Profile Letter. The company profile letter should be on your company letterhead, signed by the signatory(s) on the account, with complete contact information.
E. Proof of Address. The Panama bank requires that you provide a photocopy of a recent utility bill (such as an electric power bill, water bill, cable tv bill, internet service bill, phone bill, etc.) showing your personal name and physical address (P.O. Box is not accepted).
F. Signed Account Applications.
Time frames for setting up a Panama Corporate Bank Account with Panama banks can take from 20 to 30 business days.