The requirements for an individual to open a savings account in Panamá, according to Multibank (a large bank here), is as follows:
- Minimum amount $50 for locals, $1,000 for foreigners.
- ID copy: cédula for locals, valid passport for foreigners.
- Second ID: For foreigners, their country of origin ID; driver´s license, or Social Security ID.
- A completed bank application.
- Two (2) bank or two (2) commercial reference letters, within 30 days of validation, in the original. Letters could be combined one banking and one commercial. A letter from the credit bureau of the foreigner's original country would be highly beneficial.
- Client evidence of income. For example, a letter or work certificate, income tax form, or other income proof.
The cost of bank reference letter (in Panamá) is $15.00 per letter.