Is it easy to open a bank account in Panama?
Banks will exercise special care when opening bank accounts, both for local and foreign nationals and implementing a strict know-your-client policy. Therefore, even if you open an account through a Panamanian or foreign corporation, you will be required to provide to the bank information and documents of the beneficial owner of the corporation (or private interest foundation), as well as information and documents on any signatories in the account. Therefore, if you require a bank account in Panama due to your choice of visa or due to your permanently living in Panama or for any other valid reason, there are requirements, which vary from bank to bank, which will need to be fulfilled before opening the account. Also, you will need to physically come to Panama and meet with the bankers in order for the account to be opened. Due to worldwide money laundering prevention measures, since 1995, Panama created a Financial Analysis Unit, which supervises and investigates suspicious transactions
