Before you start

Residency card or, for non-residents, a stronger documentary package
Passport and a second form of ID
Bank reference letter from your existing bank
Professional reference letter
Documented proof of income source — contracts, tax returns, payslips

Step-by-step

1
Assemble the reference package before you approach a bank
A letter from your existing bank confirming the relationship and its conduct, plus a professional reference. These take weeks to obtain from abroad, so start early.
OnlineWho: You
2
Document your source of funds thoroughly
This is the crux. Banks want to see where your money comes from — employment contracts, audited accounts, tax returns. Vague or unevidenced income is the most common reason for refusal.
OnlineWho: You
3
Choose a bank and request an appointment
Banco General and Banistmo are the largest domestic options. Some banks are more receptive to foreigners than others, and your immigration lawyer will usually know which.
In personWho: You
4
Attend the interview
Expect to explain your work, your income and your reasons for being in Panama in person. This is normal practice, not suspicion of you specifically.
In personWho: You
5
Wait for compliance approval
Approval commonly takes weeks and is not guaranteed. Keep your existing overseas account open throughout.
In personWho: YouCommonly 2–6 weeks

Documents you’ll need

Passport and second photo ID
Residency card
Bank reference letter
Professional reference letter
Proof of source of funds
Proof of Panamanian address
Initial deposit

Things most newcomers don’t know

The bank account is harder than the visa, and that inverts most people's expectations.

Residency is a defined process with a lawyer running it. Banking is a discretionary compliance decision that can simply be declined. Plan the account as the critical path, not as an afterthought once you've landed.

Source: community-reported, near-universal experience in Panama

Source-of-funds documentation is the whole game.

Banks are not testing whether you have money — they are testing whether you can prove where it came from. Contracts, tax returns and audited statements are what unlock an account; a healthy balance alone does not.

Source: Panamanian banking due diligence practice

Get reference letters before you leave your home country.

A letter from your existing bank on letterhead is straightforward to request in person and awkward to obtain from another continent. Same for a professional reference. This is a five-minute task at home and a multi-week one from Panama.

Source: community-reported

Your immigration lawyer usually knows which banks are currently receptive.

Bank appetite for foreign clients shifts. Counsel handling residency applications sees the outcomes across many clients and can point you at an institution likely to say yes, which is worth more than comparing published account terms.

Source: community-reported, standard practice

Common mistakes to avoid

Treating the bank account as a formality after the residency is granted.
Arriving without bank and professional reference letters from home.
Being unable to evidence the source of your funds.
Closing your overseas account before the Panamanian one is approved.

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.

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