Why does a Panamanian bank ask for so many documents?
Panama applies strict anti-money-laundering rules, and its banks are supervised by the Superintendency of Banks of Panama. So every bank runs due diligence (KYC, “know your customer”): it checks who you are, where your money comes from and your financial history. For a foreigner that means more paperwork than for a resident, starting with one or two recent references from your bank abroad, each translated into Spanish from $21.40 with tax.
Which documents does a bank usually ask a foreigner for?
Most checklists cover identity, income and references. Any item not in Spanish will need a Spanish translation signed and sealed by a Certified Public Translator (TPA), which starts at $20 for a 250-word page in English. Ask your account officer for the exact list before you gather anything, because requirements vary from bank to bank. A typical list looks like this:
- Passport, valid, and depending on the bank a second ID document.
- Bank references from your bank abroad (one or two, recent).
- Commercial or personal references that support your profile.
- Proof of income: employment letters, bank statements, tax returns, or financial statements if you are self-employed or own a business.
- Proof of address and, for company accounts, the corporate documents.
Which of those documents need a certified translation?
Only the ones not written in Spanish. A bank reference in English, a statement in German or a tax return in another language must be translated into Spanish by a Certified Public Translator (Executive Decree 975 of 2017, registered with MIRE) before the bank adds it to your KYC file. Documents already in Spanish are not translated.
Today we translate English and German into Spanish. The translation reproduces letterhead, balances, signatures and stamps in full, so the bank sees exactly what your original says.
Does the bank require an apostille on these documents?
It depends on the bank and the document. Many bank and commercial references are accepted without an apostille, but official documents, such as powers of attorney or the corporate records of a foreign company, usually need the original apostilled under the 1961 Hague Convention before translation. Because the rule varies, confirm with your account officer what your bank requires before you apostille or translate anything.
The apostille is issued in the country where the document was produced. We don't provide it, but we tell you the right order: apostille the original first, then translate it in Panama so the apostille appears inside the translation.
What if I'm opening an account for a company?
Expect the bank to ask for the company's corporate records as well: articles of incorporation, bylaws, certificates of good standing and proof of legal representation. For a foreign company they are normally apostilled in the home jurisdiction and then translated in Panama. Bylaws tend to be long, so translating them usually lands between $45 and $205.
If someone signs for the company through a power of attorney granted abroad, that document follows the same path. See articles of incorporation and power of attorney translations.
How much does it cost to translate documents for the bank?
From $20 for the first 250-word page, plus $0.08 per additional word, plus Panama's 7% ITBMS tax, with no rounding up to full pages. A one-page bank reference letter usually comes to $21.40 with tax. Statements and financial statements are longer and full of tables, so their price depends on the real word count. We quote from your PDF before you pay.
German originals are $25 per page plus $0.10 per additional word. Documents over 10 pages get a special volume price, quoted by our team. See our pricing or get an exact quote online.
Lingo does not open accounts or deal with banks on your behalf: each bank decides whom it accepts under its own risk policy. Our part is the certified translations, signed by a TPA, of the references, proof of income and corporate documents your bank asks for, with the quality a KYC file requires.
How to prepare your documents to open a bank account in Panama
- 1Ask your Panamanian bank for its exact checklist and which documents it wants apostilled.
- 2Gather recent bank and commercial references and your proof of income.
- 3Have the official documents your bank specifies apostilled in the country that issued them.
- 4Send the ones not in Spanish through the online quote or on WhatsApp; a TPA translates them into Spanish.
- 5Hand each document to the bank with its certified translation to complete your KYC file.