Thanks to its great economic and political stability, Panama is one of those countries that are attractive for expatriates looking to live or invest there; and therefore, the first step is to open a bank account.
However, many questions arise: What do I need to open a bank account as an expatriate in Panama? What facilities do banks provide? Is a lot of paperwork required?...
We will try to answer all of this in this note on our blog; so read on.
Why open a bank account in Panama?
We could say that Panama is a financial center of the world, oriented to international clients. This has made the country's banking system facilitate the process of opening bank accounts for foreigners and expatriates.
Some of the reasons why it is convenient to open a bank account in Panama, being an expatriate are:
What are the requirements to open a bank account in Panama as an expatriate?
Any person with expatriate status who has decided to live and work in Panama should know that there are a series of requirements to open a bank account, which may vary depending on the bank in which they wish to work.
However, what is a reality is that the process of opening a bank account in Panama is quite simple, and takes from one to 30 days.
The requirements that are generally requested in all banks are the following:
The minimum amount to open a bank account in Panama is between $3,000 and $10,000 dollars.
In addition, in some cases apostilled documents are required.
As you can see, there are many advantages to opening a bank account in Panama as an expatriate. Dare to take this first step!
And if you have more questions, remember that you can also contact us.
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