Panama is a fully dollarised economy with a substantial banking sector that has evolved significantly under modern AML / CRS / FATCA frameworks. By 2026 the realistic banking picture for residents and structures is:
Personal banking for residents
Genuine Panamanian residents - those with appropriate residency status and actually living in Panama - access personal banking at the major banks (Banco General, BAC, Banistmo, Banesco, Multibank, Global Bank, and others) with:
- Passport / ID
- Panamanian residency documentation
- Proof of Panamanian address
- Source-of-funds documentation
- Reference letters
- CRS declarations
Accounts are typically held in USD by default. Some banks offer accounts in other major currencies.
Personal banking for non-residents
Non-resident accounts at Panamanian banks are accessible but selective. Banks vary in their appetite; documentation requirements are higher than for residents. The historic image of "easy Panama accounts for non-residents" is no longer the reality.
Corporate / structure banking
For Panamanian corporate structures (S.A., S.R.L., private interest foundations, etc.), corporate banking requires:
- Full corporate documentation
- UBO documentation with tax residencies of all UBOs
- Source of opening capital
- Activity description and business rationale
- KYC on directors, signatories, and significant parties
Clean cases with real substance and clear documentation open. Sensitive sectors, complex chains, or unclear source of funds face longer onboarding or refusal.
What complicates things
- UBOs in jurisdictions on enhanced-scrutiny lists
- Substance gaps for structures
- Source-of-funds histories with gaps
- Sensitive sector exposure
- Cases relying on the historic offshore reputation
US-related banking
With Panama's full dollarisation and the long bilateral relationship with the US, Panamanian banks are particularly attuned to US-related compliance:
- FATCA reporting applies for US-person account-holders
- US tax obligations of US persons continue regardless of Panamanian residence
- US-source income flowing through Panamanian accounts has its own characterisation
CRS
Panama is a CRS participating jurisdiction. Account information is reported to declared tax residences. Plan with this assumption.
What we tell movers and structures
- For residents: standard professional banking with clean documentation; USD-denominated by default.
- For non-resident accounts: expect selectivity and documentation requirements.
- For corporate / structure banking: substance and clear documentation are deciding.
- Be honest about tax residence; the modern framework assumes transparency.
- Use multi-bank arrangements strategically rather than concentrating in one.
Panamanian banking in 2026 is professional and broadly accessible to the right profiles. The historic "no-questions offshore" image is decades past.