EVERYTHING PANAMA · FREE GUIDE
Panama residency and banking, step by step
An 8-page guide by Simon Girard. It covers how to choose your residency route, build and file your application, and open a Panama bank account as a foreigner.
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- The three main routes: Friendly Nations, Pensionado and Qualified Investor
- Six steps, from power of attorney to resident card
- What banks ask foreigners for, and why many applications stall
What's inside the guide
- 1.Pick your route. Who Friendly Nations, Pensionado and Qualified Investor are for, and which start with permanent residency.
- 2.Build your file. The power of attorney, the documents you gather, and how they are apostilled and translated into Spanish.
- 3.File and get approved. The health certificate, the provisional card you hold while your file is reviewed, and the resident card.
- 4.Open your bank account. How to choose a bank that fits what the account is for, and the documents banks ask for.
- 5.Due diligence. Source of funds, tax residency, KYC forms and meeting the bank.
- 6.Talk to Simon. How to reach him and what to tell him first.
A look inside
The routes in brief
- Friendly Nations: for citizens of countries on Panama's friendly nations list. It starts with temporary residency. our Friendly Nations visa guide.
- Pensionado: for retirees with a lifetime pension of at least $1,000 a month. It is permanent residency from the start. our Pensionado visa guide.
- Qualified Investor: for larger investments in Panama. It is permanent residency from the start.
- Other routes exist. The right one depends on your situation.
The steps in brief
- Sign a power of attorney so a lawyer can act for you with Migración.
- Gather your documents: passport, police background check, proof of income or economic solvency, and birth or marriage records if family is included.
- Have documents apostilled, then translated into Spanish by an authorised translator.
- Get a health certificate in Panama; your lawyer files with Migración.
- Receive a provisional card, which lets you stay in Panama while your file is reviewed.
- Receive your resident card. Permanent residents can then apply for a cédula (Panamanian ID card).
For banking: banks ask for a passport and second ID, a bank reference letter, recent proof of address and proof of income. They also ask about your source of funds and tax residency, and many want to meet you in person. Some banks open accounts for non-residents; others prefer residents.
Meet your guide, Simon Girard
Simon works on residency and banking in Panama and co-hosts Webinar Wednesdays. He guides clients from the first document to their new card, and can line up banking alongside residency. He speaks English, Spanish, French and Portuguese.
Message Simon on WhatsApp →Questions people ask
Who can use the Friendly Nations route?
Citizens of countries on Panama's friendly nations list. The guide notes the list includes Canada, the US, the UK, Australia and much of Europe. The route starts with temporary residency, and Panama sets and updates the list, so check it before you apply.
Do I need to be in Panama for the process?
For parts of it, yes. The guide covers getting your health certificate in Panama, and many banks want to meet you in person. A lawyer files the residency application with Migración on your behalf.
Can I open a Panama bank account before I'm a resident?
Sometimes. Some banks open accounts for non-residents and others prefer residents. Each bank sets its own rules for foreigners, so start with what the account is for.
Is the guide legal advice?
No. It is general information. Requirements change, and every application is reviewed by Migración or the bank. For your own case, talk to Simon or a Panamanian lawyer.
General information only, not legal, tax or financial advice. Requirements change, and every application is reviewed by Migración or the bank. Nothing on this page or in the guide guarantees an approval, a timeline or a bank account.