01
Licensed infrastructure
A bank should be selected only from institutions holding a current licence from the Superintendency of Banks of Panama; general and international licences have different limits, and corporate, foundation, personal, custody and trade-finance products require separate checks
02
KYC and origin of wealth
Each bank sets its own risk appetite and reviews the UBO, ownership chain, tax residence, source of wealth and specific source of funds, contracts, counterparties, countries, currencies, projected turnover and business connection with Panama
An account is opened for a coherent profile, not a jurisdiction name. Each bank sets its own risk appetite and reviews the UBO, ownership chain, tax residence, source of wealth and specific source of funds, contracts, counterparties, countries, currencies, projected turnover and business connection with Panama.
03
Company and private client
Registration and a registered office do not determine management or income source. Directors, authority, contracts, people, assets, expenditure, decisions and actual performance should evidence the stated international or Panamanian model. Panama applies a territorial principle, but source follows the real operations rather than place of incorporation or payment receipt; the general corporate income tax rate is 25%, with special regimes, withholding and transfer pricing assessed separately.
04
Trusts and foundations
Family wealth may compare a Panama private interest foundation, company, trust, will and direct ownership; the foundation has separate legal personality and is principally designed for holding, governance and succession of assets. A private interest foundation should not be used as an ordinary trading company. Its charter, regulations, founder, foundation council, protector, beneficiaries, distributions, control, resident agent, AML, tax classification and bank account form one design.
05
After opening
The owner's residence, Panamanian and foreign income source, employment income, dividends, capital gains, foundation distributions, foreign assets, reporting and treaty position require a separate analysis. The standard ITBMS rate is 7%, but applicability, other rates and exemptions depend on the supply; imports, customs, invoices, input recovery, payroll, municipal charges and stamp duties are calculated separately.
FAQ
FAQ
Where should a bank accounts and private banking project in Panama start?
A bank should be selected only from institutions holding a current licence from the Superintendency of Banks of Panama; general and international licences have different limits, and corporate, foundation, personal, custody and trade-finance products require separate checks
Can formation or account opening be guaranteed?
This material is general information. Formation, licensing, tax outcomes and account opening depend on the facts and the decision of the competent authority or financial institution.
Why are tax and banking reviewed together?
Panama applies a territorial principle, but source follows the real operations rather than place of incorporation or payment receipt; the general corporate income tax rate is 25%, with special regimes, withholding and transfer pricing assessed separately. Each bank sets its own risk appetite and reviews the UBO, ownership chain, tax residence, source of wealth and specific source of funds, contracts, counterparties, countries, currencies, projected turnover and business connection with Panama.
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Related routes
- Company formation
- Open primary source
- Private wealth: foundations and trusts
- Open primary source
- Tax strategy
- Open primary source
- Panama private foundation bank account
- Open primary source
- Relevant practice
- Open primary source