For set up of Personal Bank Accounts in Panama, we require that the client provide us with the following documentation:

• Photocopy of passport for each signatory. The photocopy of passport should be Notarized, and must include the photo of the person, the personal details (passport number, etc.), the signature, and the most recent entry/exit stamps (if any). The photocopy should be clear and legible.
• Two (2) Financial Reference Letters. The financial reference letters can be from any banks, brokerage firms, or credit unions. The letter should be on the financial institutions letterhead, and should include the signature of an official, and the contact information (address, telephone, fax, email, etc.). There is no specific format that the reference letter must be written in.

Set Up Procedures:

Below we have included bank account set up procedures for our primary correspondent bank (Please note that set up procedures may be different if dealing with other banks):

1. Submit an Online Application - Click on "Order Now", and complete an online application, then hit "submit".
2. Submit Payment - Payment can be made by Bank Wire Transfer, Western Union Money Transfer, USD Check, or USD International Money Order.
3. Receive Documents - Once we receive payment, we will forward you the account applications for your signature. You should sign the account applications where indicated, and forward them back to us along with the required documentation.
4. Account is Set Up - When we receive the signed applications, the account applications will be completed and forwarded to the bank. The account number will generally be provided within 7 to 10 business days from the date the documents are submitted to the bank.
5. Begin Using Account - Once we receive the account number, we will send you the complete account protocol for making deposits, executing wire transfers, contact information of the bank, etc