OPENNING A BANK ACCOUNT IN PANAMA

FROM LEGAL FORUMS

1-

You do not need to pay anyone ONE PENNY to open a bank account for
> you
> > in Panama, and indeed,

nobody but YOU can open a bank account for
> you.
> > Your face and signature are required IN PERSON and anybody that
> tells
> > you otherwise is full of crap and trying to unecessarily separate
> you
> > from your money.
> >
> > If you are not a Panamanian citizen you will need various
> documents.

> > Most importantly a letter of recommendation from two home country
> > banks (or one bank with multiple accounts).

You will need a copy of
> > your passport.

If the account will be in the name of a corporation
> > you will need your corporation chartering documents and the "poder"
> > that says you can open the account and the directors must sign the
> > application.

You will have to fill out forms and complete a "know
> > your customer" form that asks a bunch of personal questions about
> your
> > money, where it comes from and what you will be doing with it in
> > Panama.

Some banks will open an account for you right away when you
> > come in with all the required documents, others will not and will
> make
> > you sign up and wait three or so weeks for their "committee" to
> > approve your application.
> >
> > Do not under ANY cirumstances attempt to deposit home country
> checks.
> > Use wire transfers to move money, in amounts under $10,000 if you
> are
> > from the USA. If you do that, your funds will be credited to your
> > account in a couple of days. Bring CASH to open the account, just
> a
> > few hundred bucks will suffice for most accounts.
> >
> > Anybody whose name will be on the account must present face and sig
> to
> > bank, in person, no exceptions. If your spouse isn't with you, the
> > account will be opened with your name only and your spouse will be
> > added upon presentation in person and signing of forms and cards.
> >