Panama Offshore Banking FAQ – 20 Must-Know Answers For Smart International Investors

by World Offshore Banks

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Panama has earned its place as a top offshore banking destination thanks to its strong financial privacy laws, use of the U.S. dollar, and a well-established banking sector that attracts global entrepreneurs, retirees, and investors.

But how does it actually work in real life? This guide answers 20 real-world questions about opening and managing offshore bank accounts in Panama.


1. Why is Panama considered a top offshore banking jurisdiction?
Because of its territorial tax system, stable government, U.S. dollar-based economy, and strong financial privacy protections.

2. Can non-residents open bank accounts in Panama?
Yes. Many banks in Panama allow non-residents to open accounts, although the due diligence process can be strict.

3. What types of offshore accounts are available in Panama?
Personal, corporate, and foundation-linked accounts are available. Multi-currency options are also offered by some banks.

4. What documents are typically required to open a Panamanian bank account?
Passport, second ID (like driverʼs license), proof of income or source of funds, bank reference letter, and utility bill showing address.

5. Can I open a Panama bank account online?
In most cases, no. While some private banks may offer remote onboarding, most require at least one in-person visit.

6. Are Panama banks safe?
Yes. Panamaʼs top banks are regulated by the Superintendencia de Bancos and maintain high liquidity requirements.


7. How private are Panama bank accounts?
Panama has strong financial secrecy laws, though it complies with global transparency efforts like CRS (Common Reporting Standard).

8. Is there deposit insurance in Panama?
No government-backed deposit insurance, but reputable banks often carry strong balance sheets and conservative practices.

9. Whatʼs the minimum deposit to open an account?
Typically between $1,000 and $5,000 depending on the bank and account type.

10. Can I use a Panama bank account for crypto-related business?
Some banks are crypto-friendly, especially those that cater to fintech or international clients, but this is bank- specific.

11. Are Panama bank accounts good for holding multiple currencies?
Yes. Some banks allow USD, EUR, and even Swiss Franc or GBP accounts.

12. Can I link my Panamanian account to PayPal or Wise?
Not easily. Integration with major fintech platforms is limited and may require creative structuring or intermediaries.


13. Are there any Panama banks that specialize in expat or offshore clients?
Yes. Banco General, Credicorp Bank, Banistmo, and Global Bank have dedicated international client services.

14. Do I need a Panamanian lawyer to open an account?
Not always, but having a local intermediary or lawyer can speed up the process and reduce rejections.

15. What are typical fees and charges?
Monthly maintenance fees range from $5–$25. Wire transfers may cost $25–$50.

16. Can Panama bank accounts be linked to offshore corporations or foundations?
Yes. In fact, many are structured this way to maximize privacy and estate planning benefits.

17. Are there taxes on interest earned in Panama accounts?
No local tax on interest earned from deposits held in Panamanian banks.

18. Will my home country know I have a Panama account?
Possibly. Panama is a CRS participant, so information may be shared depending on your residency.

19. Can I get a debit card linked to my Panama bank account?
Yes. Most banks issue Visa or MasterCard debit cards for both local and international use.

20. What happens if I want to close the account?
You can close it at any time, but you may be required to provide documentation and settle any pending fees.

A Strategic Jurisdiction.
Panama remains a trusted name in offshore banking, especially for those who value a mix of financial privacy, international access, and a dollarized economy.

Itʼs not the easiest to access remotely, but for those willing to put in the work—or hire a professional—it remains a strategic jurisdiction.

Explore our full Exclusive Offshore Banking Evaluation Tool to find out if Panama is the right fit for you.