These are the best offshore personal banks in Panama:
- Banco General
- Banistmo
- Multibank
- Global Bank Corporation
- Scotiabank Panama
- Canal Bank
Panama has long been a cornerstone of offshore banking in Latin America. With its dollar-based economy, pro-business environment, and a strong tradition of financial privacy within legal boundaries, it continues to attract individuals seeking to diversify assets, protect capital, and access global financial markets.
If you’re looking for a jurisdiction where you can hold your money safely, open multi-currency accounts, and enjoy global reach, Panama stands among the best options in the world. Below, we explore the top six banks for offshore personal accounts and what makes each of them stand out.
Why Panama Is Ideal for Offshore Personal Banking
Panama’s financial system is one of the most sophisticated and internationally connected in the Western Hemisphere. The country’s banking sector operates under modern regulations designed to attract foreign investment while maintaining robust security standards.
Key advantages include:
- U.S. dollar economy. All transactions are conducted in USD, removing currency risk for many investors.
- Strong banking confidentiality laws. While compliant with global transparency standards, Panama still offers a higher level of privacy compared to most Western jurisdictions.
- Access for non-residents. Foreign nationals can open accounts with relative ease, provided they pass compliance checks.
- Stable political and financial system. Panama’s economic policies have remained consistent for decades.
- Wide banking choice. More than 80 banks operate in Panama, including both local and international institutions.
1. Banco General
Banco General is the largest and most established private bank in Panama. Founded in the 1950s, it has become a symbol of trust and stability across Latin America.
Why choose Banco General:
- Excellent reputation and long history of reliability.
- Offers full-service personal, private, and corporate banking.
- Provides multi-currency accounts, investment products, and strong digital platforms.
Considerations:
- Requires detailed documentation, including proof of funds and address.
- Minimum deposits are generally higher than those of smaller banks, which suits affluent clients.
2. Banistmo
Banistmo is another major Panamanian institution known for its extensive branch network and solid digital infrastructure. It is ideal for individuals looking for a balance between accessibility and service quality.
Why choose Banistmo:
- Offers international transfers, cards, and investment accounts.
- User-friendly digital banking with English-language support.
- Welcomes foreign clients who meet compliance standards.
Considerations:
- Account opening for non-residents can take several weeks due to compliance review.
- Designed more for practical offshore banking than luxury private banking.
3. Multibank
Multibank, Inc. has earned a strong reputation among international clients. It offers offshore-friendly services and competitive rates, making it popular with globally mobile professionals and investors.
Why choose Multibank:
- Accessible to non-residents seeking personal or savings accounts in USD.
- Offers reliable online banking and multi-currency support.
- Strong experience in working with international clientele.
Considerations:
- Minimum balance requirements vary depending on account type.
- Service quality can differ depending on the branch or relationship manager.
4. Global Bank Corporation
Global Bank is one of Panama’s most modern and client-focused banks, combining technological efficiency with personalized service. It’s well suited for those who want a traditional banking relationship with international capabilities.
Why choose Global Bank:
- Stable, well-capitalized institution with a growing international client base.
- Provides strong online platforms and quick international transfers.
- Offers both personal and private-banking solutions.
Considerations:
- Some services may require in-person verification.
- Minimum deposit levels are moderate but vary by client profile.
5. Scotiabank Panama
As part of the Canadian Scotiabank group, Scotiabank Panama offers international credibility and a seamless connection to North American banking systems. It’s an excellent choice for individuals who value global reach.
Why choose Scotiabank Panama:
- Backed by one of the largest financial groups in the Americas.
- Offers USD and multi-currency accounts with international transfer capabilities.
- Ideal for those with business or residence ties in both the Americas and the Caribbean.
Considerations:
- Stricter compliance processes than local Panamanian banks.
- Higher minimum deposits may apply for non-resident clients.
6. Canal Bank
Canal Bank is a smaller institution with an international banking license, focused on providing flexible offshore accounts for foreign clients. It’s known for its personal service and efficiency.
Why choose Canal Bank:
- Tailored to non-residents seeking USD-based offshore accounts.
- Fast onboarding process compared to larger institutions.
- Lower minimum balance requirements than most major banks.
Considerations:
- Fewer physical branches than larger banks.
- Best suited for clients who prefer digital banking and remote management.
How to Open an Offshore Account in Panama
The process for opening an account as a non-resident is straightforward, though it requires careful preparation.
- Choose your bank. Select one that fits your profile, traditional, private, or international.
- Prepare documentation. You’ll need a valid passport, proof of address, proof of source of funds, and sometimes a bank reference letter.
- Complete the application. Some banks allow remote submission, though a visit to Panama can speed up approval.
- Compliance checks. Banks conduct KYC and AML screening, which may take several weeks.
- Fund your account. Transfer the initial deposit to activate your account and gain full access to services.
Benefits of Holding an Offshore Account in Panama
- Asset protection. Holding assets in Panama diversifies political and financial risk.
- U.S. dollar denomination. No exchange rate volatility for USD-based investors.
- Regional connectivity. Easy transfers throughout the Americas.
- Stable economic framework. Low inflation and a consistent financial policy environment.
- Banking privacy. Although compliant with global transparency laws, Panama still offers a higher degree of confidentiality than most Western nations.
CitizenX: Invest in Your Citizenship. Become Truly Free.
Financial freedom goes hand in hand with mobility freedom. That’s where CitizenX complements offshore banking in Panama.
CitizenX is a secure, Swiss-engineered platform that allows investors to obtain a second citizenship through legitimate, government-approved investment programs. With over 11,500 clients, CitizenX combines privacy, efficiency, and concierge-level service.
By pairing a Panama offshore account with a CitizenX citizenship, you create the ultimate global strategy:
- Your bank account safeguards your wealth in one of the most stable economies in Latin America.
- Your second passport provides global mobility, safety, and independence.
- Together, they give you financial and personal sovereignty.
5 Practical Tips for Non-Residents
- Keep documentation updated to simplify compliance renewals.
- Maintain transparency with your home tax authority to avoid legal complications.
- Use multi-currency accounts to minimize currency conversion costs.
- Avoid relying solely on one jurisdiction, diversify across regions for added stability.
- Review fees annually, as Panamanian banks periodically adjust pricing structures.
Conclusion
Offshore personal banking in Panama offers a practical, secure, and flexible way to manage wealth internationally. With strong legal protection, a dollar-based economy, and easy access for foreign clients, Panama’s financial ecosystem continues to stand out among global offshore centers.
The six banks highlighted above, Banco General, Banistmo, Multibank, Global Bank, Scotiabank, and Canal Bank, represent the country’s best mix of reputation, accessibility, and international service.
For those who seek not only financial security but also freedom of movement, integrating Panama banking with CitizenX’s citizenship-by-investment solutions can unlock a truly borderless lifestyle.
Bank globally. Live freely. Protect your legacy.
