Legal and documentary assistance for individuals, corporations, private foundations, investors and international clients who need to prepare applications for bank accounts, corporate accounts, merchant solutions, investment accounts or relationships with local and international banking in Panama.
Panama is one of the most important financial centers in Latin America and a strategic jurisdiction for entrepreneurs, investors, foreign residents, international families and companies that wish to operate, invest or manage wealth from a stable and internationally connected platform.
However, opening or structuring a banking relationship in Panama today requires much more than presenting basic documents. Banks, brokerage firms, payment providers and financial institutions apply strict processes of due diligence, identity verification, ultimate beneficial owner, transactional profile, economic activity, tax residency and source of funds.
At M. George & Asociados, we assist local and international clients with the legal and documentary preparation of files for personal accounts, corporate accounts, merchant solutions, investment accounts and relationships with local or international banking.
Our service consists of guiding, reviewing, organizing and coordinating the documentation needed to present a clear, coherent file aligned with the applicable compliance standards.
This service is designed for individuals and entities that need legal and documentary support to properly organize their banking or financial profile in Panama.
It can be useful for foreigners who obtain residency in Panama and need a personal account to handle local expenses, income, pension, investments or wealth.
It is also relevant for entrepreneurs and investors who incorporate a Panama Corporation and require a corporate account to operate, receive payments, manage funds or contract financial services.
Likewise, it may be necessary for clients who wish to structure a Private Interest Foundation, acquire real estate, apply for immigration residency, apply for an investment visa, document the source of funds or assess their tax residency in Panama.
A personal bank account can be useful for residents, retirees, investors, independent professionals, international families and people who maintain economic, immigration or wealth ties with Panama.
Banks normally assess the applicant's identity, country of residence, tax residency, economic activity, source of income, purpose of the account, references, transactional profile and documents supporting the source of funds.
This type of account may be related to processes such as immigration residency, property purchase, local investment, management of personal expenses, application for a tax identification number, tax filing or a tax residency certificate.
A corporate account allows a Panamanian company, foreign company, private foundation or other legal entity to manage funds related to its commercial activity, investments, contracts, payments, collections, holding of assets or wealth structure.
In these cases, the bank's assessment tends to be broader. The institution may request incorporation documents, a Public Registry certificate, shareholder structure, information on directors, officers, authorized signatories, ultimate beneficial owners, commercial activity, contracts, invoices, financial statements, expected transactional profile and support for the source of funds.
This service connects directly with the incorporation of Panama Corporations, Private Interest Foundations, commercial licenses, contracts, real estate, investments and international operations.
An investment account provides access to financial instruments, securities, managed portfolios or brokerage services through banks, brokerage firms, international platforms or regulated entities.
This type of account normally requires a more detailed review of the client's financial profile, investment experience, risk tolerance, wealth, source of wealth, tax residency, ultimate beneficial owner and investment objectives.
For international clients, an investment account may form part of a broader strategy of wealth planning, asset protection, holding of investments, real estate acquisition, tax residency or structuring through corporations and private foundations.
Not all clients need the same banking solution. In some cases, a local account in Panama may be sufficient. In others, it may be advisable to assess a combination of local bank, international banking, investment account, merchant account or specialized financial providers.
A local account may be suitable for those who maintain residency in Panama, properties, local expenses, Panamanian commercial activity, contracts, employees or economic ties within the country.
International banking may be more suitable when the client has cross-border operations, foreign suppliers, international clients, global investments, holding structures, foreign trade or financial diversification needs.
The right choice depends on the client's profile, economic activity, countries involved, currency, transactional volume, legal structure, tax residency and the level of documentation available.
During the process of opening or updating a banking relationship, it is common for institutions to request the client's tax information in order to comply with international standards such as CRS and FATCA.
This may apply both to individuals and to corporations, private foundations or other legal entities. Banks may request information on the country of tax residency, tax identification number, ultimate beneficial owners, controlling persons, classification of the entity and supporting documents.
In certain cases, it may be advisable to assess applying for a Tax Residency Certificate in Panama, especially when the client needs to evidence their tax status before banks, foreign authorities, financial institutions, CRS/FATCA processes or double taxation treaties.
It is important to distinguish between immigration residency and tax residency. Immigration residency allows a person to live legally in Panama under an immigration category. Tax residency is analyzed under different criteria, related to physical presence, center of interests, economic activity, income, investments and other applicable factors.
One of the most important aspects of any banking application is the documentation of the source of funds and the source of wealth.
The source of funds refers to the specific origin of the money that will be deposited, transferred or invested. It may come from salary, business activity, dividends, the sale of a property, the sale of a company, a pension, an inheritance, accumulated savings, investments or the liquidation of assets.
The source of wealth refers to the way in which the client built their wealth over time. For example: a professional career, business activity, investments, real estate, family wealth or business development.
A well-prepared application must present a clear, coherent financial history supported by documents. The lack of explanation or documentation can cause delays, additional requests or rejection of the file.
Our team can assist with the initial assessment of the client's personal, corporate or wealth profile, identifying the type of account or financial solution that best fits their objectives.
We also support the preparation and organization of the documentary file, review of personal, corporate, tax and financial documents, guidance on KYC, CRS and FATCA forms, review of source-of-funds documents and coordination with banks, financial institutions or specialized providers, where applicable.
In addition, we can assist with subsequent clarifications, additional compliance requests, updating of corporate documents, certifications, structure changes, tax documentation or connection with other related legal services.
The requirements vary according to the financial institution, the client's profile, country of residence, economic activity and type of product requested.
In general terms, the following may be requested: passport or identity document, proof of address, banking or commercial references, professional profile, explanation of economic activity, declaration of tax residency, tax identification number, income documents, support for wealth and documents that substantiate the source of funds.
In the case of legal entities, incorporation documents, a Public Registry certificate, articles of incorporation, shareholder structure, information on directors, officers, authorized signatories, ultimate beneficial owners, contracts, invoices, financial statements, tax returns or additional commercial documents may be required.
We review the client's objective, country of residence, economic activity, legal structure, tax residency, source of funds and banking or financial needs.
We identify missing documents, inconsistencies, compliance risks or points that must be clarified before submitting an application.
We organize the personal, corporate, tax and financial documents to present a clear, complete and coherent file.
Where applicable, we coordinate the submission of the file to banks, merchant providers, brokerage firms or authorized financial institutions.
We assist with clarifications, additional requests, documentary updates or legal needs related to the client's structure.
NOTE: M. George & Asociados is not a bank, finance company, brokerage firm, payment processor or financial intermediary. The approval of any account, banking product, merchant account or investment account depends exclusively on the internal assessment of each authorized financial institution.
Common questions answered before your consultation.
It includes a review of the client's profile, organization of personal or corporate documents, explanation of the purpose of the account, source-of-funds support, KYC forms, CRS/FATCA declarations and documentary coordination with the financial institution. Approval always depends on the authorized bank or provider.
The personal account is used for the funds of an individual; the corporate account for the operations of an entity; the merchant account to process client payments; and the investment account for securities or portfolios. A corporate account usually requires documents of a Panama Corporation or equivalent structure, ultimate beneficial owner and transactional profile.
It depends on the source. Sale contracts, bank statements, tax returns, salary receipts, dividends, financial statements, inheritance documents, pension certificates, investment portfolios or asset-sale documents may serve. What matters is that the financial history is coherent and verifiable.
Banks must identify the client's tax residency, tax identification number, ultimate beneficial owners and controlling persons in order to comply with international information-exchange rules. When the client needs to substantiate their tax status, it can be useful to review Tax Residency in Panama or a specific tax certificate.
No. The firm does not act as a bank, finance company, brokerage firm or financial intermediary, and cannot guarantee approval. The legal value lies in preparing a clear, consistent and documented file to reduce observations, avoid contradictions and respond appropriately to compliance requests.
Schedule your initial consultation and let us guide you through the process. We respond within 1 business day.
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Boutique legal advisory to assess tax residency in Panama and guide the application for the Tax Residency Certificate before the DGI. A service aimed at individuals, corporations, foundations, investors, residents, international banks and structures that need to evidence tax residency for double taxation treaties, CRS, KYC or international compliance.
Permanent residency through a $750,000 USD fixed-term bank deposit.
Residency through a $200,000 USD fixed-term bank deposit.
From provisional to permanent residency through a fixed-term bank deposit of $300,000 USD.
