How To Open A Panama Credit Union Account
Banks require a lot of due diligence and documents for a foreigner to open an account.
The types of documents which typical Panama banks require from foreigners to open an account include:
• Passport photocopy which is notarized in Panama including photo & information page and Panama entry stamp page.
• 2 Professional Reference Letters from lawyers, financial consultants, accountants, or companies you have a business relationship written on company letterhead, addressed to the Panama bank, with an official’s signature and contact information.
• 2 Financial Reference Letters from stock brokers, credit unions, or banks on company letterhead addressed to the Panama bank with an official’s signature and contact information.
• Fill out and sign the Panama Bank’s Personal Account Application Form.
Panama banks can take weeks to accept or reject a foreigner’s account application.
It is easier for foreigners to open a Panama Credit Union account.
Panama Credit Unions account opening requirements are generally:
• Proof of address (utility bill),
• A valid passport,
• A second ID (like a drivers license),
• Financial references,
• Personal or professional references,
• Origin of funds documented proof, and
• A minimum deposit.
Opening an account in a typical Panama Credit Union can be accomplished much faster than in a bank. Many times the account can be opened in one day. Once all of the required documents are received the Panama credit union compliance officer can read them and approve the account the same day.
Panama Corporations & Foundations
Many Panama credit unions can also open accounts for Panama Private Interest Foundations and a Panama Corporation.
The documentation requirements for these entities are normally:
• Certificate of incorporation,
• A copy of the articles of incorporation (or charter of the foundation),
• Photocopy of the directors and officers ID’s, and
• Resolution by the board of directors authorizing the account opening and designating the authorized signatory.
Contact Us for assistance with opening a Panama Credit Union account or any other Panama Relocation needs.