Open an offshore bank account remotely in Panama

Panama is one of the most recognized financial centers in the world and we can now offer the opening of a remote offshore bank account

The law firm Caporaso & Partners has established strong relationships with several of the best banks operating in the country and can help you open personal bank accounts online.

The requirements to open an offshore bank account in Panama have changed and is now a more complicated process. Therefore, it is essential that you have the support of professionals with experience in these matters.

You also have the option of doing it yourself. However, it is very likely that you will lose valuable time without fulfilling your objective. Caporaso & Partners offers you a personalized service and will mainly guide you to identify the most favorable bank that fits your needs.

Open a remote offshore bank account successfully

As a rule, most banks ask for the same documentation when opening an offshore bank account in Panama. The documentation you will have to submit is extensive and diverse, but we can help you with this as well.

The bank will ask you for two bank reference letters. This is to establish that you have a good banking and business reputation. In addition, you will have to submit a commercial reference letter, prepared by one of your customers or suppliers. A reference letter from a law firm may also work. Some documents may be omitted when opening your bank account.

All banks follow due diligence processes. Therefore, you will need to present a certified copy of your passport, as well as another identity document, for example, your driver’s license. In addition, you will need to provide proof of your address, such as a copy of an electricity, telephone or Internet bill in your name and showing your address.

The bank will also require information about the origin of the funds to be deposited. For this purpose, you can show financial statements, invoices, contracts, work letters or income tax returns. The bank may request additional documents to clarify any doubts that may have arisen during the due diligence.

The cost of opening remotely or in presence bank account in Panama is 1200 USD and generally takes a few days.

Frequently Asked Questions

1. Is it mandatory to hire the services of a law firm to open a bank account in Panama?

Negative. You can personally apply to any bank to open a personal or corporate account without the need for a lawyer to introduce or accompany you.

2. What is the difference between opening the account myself or hiring the services of your firm?

By using the bank account opening introduction service, the bank account opening process will undoubtedly be much more personal, friendly and faster.

Our firm has established relationships with the best banks in the country; after a detailed analysis of the client and the documents they can provide, we introduce them to the bank that best suits their needs.

As long as you comply with all the requirements demanded by the bank (due diligence is done by the bank) you will not have to worry about your account opening request being denied, as we will make sure that the documentation is complete and correct. We will also take care of sending you all the bank documentation by courier.

What is included in the introduction service for opening a bank account?

• At the beginning of the relationship, even before the incorporation of the legal entity, we will analyze the profile of the account and evaluate if the activity is accepted by the banks in Panama or if another jurisdiction is the right one for you. According to your monthly management profile, your activity and your nationality we will recommend the bank that best suits your needs. We will ensure prior to your trip that you are able to provide all the documentation required by the bank to avoid any inconvenience.
• If your profile is pre-approved, we will proceed to set a travel date and arrange a meeting in our offices and with the Bank.
• Once the signatory is in Panama, we will have a meeting in our offices before the interview with the bank. During this meeting we make a thorough review of the documentation provided by the client, we discuss the strategy to apply to the Bank depending on the profile and activity of the client, in order to present the application to the bank in a clear and attractive way for the approval/ Supply and signing of bank forms.
• Pre-arranged meeting with an executive of the referred Bank. A member of our firm will accompany him/her and will remain until the meeting is over.
• Formal submission of your application to the Bank, as long as the documentation is complete (Delvalle & Delvalle will issue a reference letter to the referred Bank).
• Handling of the formalities.
• We follow up with the office in charge, so that the process is more expeditious, until the account is approved.
• We make the initial deposit (only if applicable).
• Courier delivery of bank securities (access to online banking, pins, cards).

4. Is it necessary to travel to Panama to open a bank account in a Panamanian bank? Who is required to travel?

According to the new policy established by the Superintendencia Bancaria de Panama, most banks require the account signatory(s) to travel to Panama for a personal interview with the Bank of their choice.

Our firm also works with certain banks in the Caribbean where the procedure can be done remotely.

5. How long is the processing time and procedure to open a bank account in Panama?

– After the client’s interview with the bank, the bank may require additional documentation from the client, which should be sent by the client by email or courier if necessary. Caporaso & Partners cannot submit a formal application to the bank until all required documents are completed.

– Once the client has provided all the documents, Caporaso & Partnerswill proceed to prepare the formal application to the bank. This step takes between 4 -5 working days after the interview as long as no documentation is missing. When the formal application is submitted to the bank, the client will receive an email notifying them of this.

– Once the application is received by the bank, it goes through a compliance process that can take 2-3 weeks depending on the complexity of the account and profile. At this stage, the bank may require additional information that the customer will have to respond to by email.

– Once the account is approved, the bank will send an email with a copy to Caporaso & Partners with the account number and instructions to make the initial deposit.

6. How long does it take to open a bank account if the procedure is carried out remotely?

Some of the banks we work with in the Caribbean (outside of Panama) can open the account within eight (8) to ten (10) business days.

7. Is there any disadvantage in opening a bank account in a Panamanian bank if my company is also Panamanian? Would the bank account then cease to be offshore?

Not at all. Opening a bank account in Panama in the name of a Panamanian corporation is the perfect combination; firstly because of the margin of confidentiality that Panamanian corporations offer and secondly because of the margin of legal and economic security that most banks in Panama enjoy.

The account would still be offshore because although the bank is located in the same place where the corporation was incorporated, the activities that produce the profit to be deposited in such account would be carried out abroad.

8. What benefits or privileges do I obtain if the directors are Panamanian when incorporating the company through which the bank account will be opened?

Banks in Panama have fewer requirements for the accounts of corporations whose directors are Panamanian nationals. If the directors are foreigners, not only must they submit copies of apostilled passports (if they do not attend the personal interview with the signatory), but they must also bring letters of reference. For this reason, many clients opt for the service of nominee directors at the time of incorporation, not only to protect their identity, but also to facilitate the account opening process.

9. Do you share with your clients the names of the national and international banks your firm works with?

Yes. Unlike other law firms in Panama, who do not discuss with the client the names of the banks they work with, we provide the list of banks we work with when our clients request our introduction services, so that the client can choose with our advice, the one that best suits their needs.

10. Is it possible to open bank accounts in Euros in the national and international banks your company works with?

Yes, all the banks we work with open accounts in Dollars, Euros and even in other currencies.

11. What is the minimum amount of money required to open a checking account in the name of a corporation?

Depending on the bank, it can be between US$5,000.00 to US$20,000.00.