Personal accounts: Panama

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

Panama runs on the US dollar, has no central bank, and its banks are supervised by the Superintendency of Banks. Personal accounts here are opened by people moving on a pensioner visa or as investors, owners of Panamanian companies and property, and those who want to keep part of their savings in dollars at a Latin American bank. Panamanian banks are known for strict checks on foreigners: without ties to the country and references, opening an account is hard.

Can you open an account in Panama without residence and without visiting

The law does not require residence for a personal account, but a bank will open one for a non-resident only with a clear purpose: buying property, your own Panamanian company, a pensioner visa or investor residence. Without ties to Panama the chances are low, even with a large balance.

Panamanian banks almost never open a personal account for a non-resident remotely, without a branch visit. One trip is usually needed: the interview, signing the agreement and getting the card. We prepare the file in advance so that everything is done in one visit.

Which banks accept Russians

Panamanian law has no separate ban on Russian citizens; each bank decides after its checks. In practice banks fall into three types.

• Local private banks with desks for foreign clients are the main option. They consider Russians case by case, more often with residence, property or a Panamanian company.
• State-owned banks serve the investor's term deposit that brings residence. The check is long but predictable.
• Subsidiaries of international groups are the strictest: they follow the parent bank's sanctions policy and often refuse without a second citizenship or residence elsewhere.

We check whether the chosen bank works with Russian citizens before preparing documents, so you do not waste time on a certain refusal.

Documents for the account

Foreign documents are usually required with an apostille and a Spanish translation.

Timing and account fees

Panama residents with a complete file get an account within a few days to two weeks. For non-residents the check often takes three to eight weeks: the bank verifies references, the source of funds and sanctions lists.

Panamanian banks charge an account fee when the balance falls below the minimum, as well as fees for international transfers and cards; minimum balances and tariffs vary by bank. Terms are usually stricter for non-residents, so we choose the bank for your amount and purpose.

Deposit protection in Panama

Panama has no general deposit insurance scheme. The state guarantees the obligations of two state-owned banks. That is why large sums are spread across banks, kept at state banks or in investment portfolios held separately from the bank's own funds.

Taxes for Russian tax residents

Interest on deposits at Panamanian banks is exempt from Panamanian tax for residents and non-residents alike, and Panama does not tax foreign income. But a Russian tax resident declares interest on a foreign account themselves and pays Russian tax: 13%, and 15% on the part of deposit and investment income above 2.4 million rubles a year. If you move to Panama and stop being a Russian tax resident, we work out which income remains taxable.

Tax data exchange and the Russian tax notice

Panama takes part in the automatic exchange of tax information, so the bank will ask about your tax residency. A Russian tax resident notifies the tax service within a month of opening a foreign account and then files a cash flow report by 1 June each year. For accounts in Eurasian Union countries and automatic exchange countries the report is not filed if no more than 600,000 rubles, about $7,100, came into the account during the year or remained at year end. The obligation does not apply to those who spent more than 183 days outside Russia in the calendar year. The fine for an unfiled notice is about $50-60 per account for individuals. The procedure and form are in our article on notifying the tax office of a foreign account.

The account and residence

The account is usually opened together with a ground for residence. Under Decree No. 17 of 8 September 2026, qualified investor residence is granted for buying a new home from $300,000 from a developer, a resale home from $500,000, or a term deposit from $500,000 at one of the two state-owned banks. The pensioner visa requires a lifetime pension. The bank asks for its own document set for each route. More on the Panama residence page.

Common refusals

• no ties to Panama and no clear purpose for the account;
• no bank reference letter or professional reference;
• the source of funds cannot be documented;
• payments from Russia or links to sanctioned persons and companies;
• contradictions in the tax residency form.

What we do

We assess the chances, choose a bank for your status and amount, prepare references, proof of address and source of funds, translations and apostilles, support the interview in Panama and the bank's questions until a decision. If you are relocating, we tie the account to your residence. The decision stays with the bank, but we prepare the application so that it has real chances.

This topic in other countries

• Personal account in Georgia
• Personal account in Turkey
• Personal account in Armenia
• Personal account in Serbia
• Personal account in Uzbekistan
• Personal account in Switzerland
• Personal account in Singapore
• Personal account in Hong Kong
• Personal account in Germany
• Personal account in Kyrgyzstan
• Personal account in the USA
• Personal account in Spain
• Personal account in Portugal
• Personal account in Thailand
• Personal account in Argentina
• Personal account in Paraguay
• Personal account in Uruguay
• Personal account in Cyprus
• Personal account in Montenegro
• Personal account in Latvia
• Personal account in Lithuania
• Personal account in Estonia
• Personal account in Malaysia

For this country: moving to Panama, Panama residence, taxes in Panama.

All countries and bank requirements for Russians are in our overview of opening a bank account abroad in 2026.

What we do

• Personal account - opening assistance

See also

Company formation · Business account · Investment property · Country taxes · All country programs

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