Panama
Where should I setup a bank account in Panama?
We asked expats in Panama what banks they use and there advice about banking. They advised...
"1. Expats should do careful research about the local tax laws, including estate and capital gains taxes, and the costs of banking, property and investment services. 2. Expats should familiarize themselves with the local culture and language. Spanish is the primary language spoken in Panama, and understanding it will make living in the country much easier. 3. Expats should look into the cost of living in Panama, as the cost of living can vary greatly depending on location and amenities. 4. Additionally, expats should look into the quality of healthcare services in Panama, as the quality of care may vary significantly. 5. Lastly, expats should read up on the retirement visa requirements and make sure they are in compliance with the country’s immigration laws," said another expat in Panama.
"In Panama, we have a strong and stable financial system that allows any foreigner in Panama to set up a bank account seamlessly. It's important to have a tax declaration and a bank statement from your country duly legalized and apostilled for the opening process," wrote Moises Alvarado N. from Panama Legal Business (PANLEB).
Moisés Alvarado Navarro is an experienced legal advisor in Panama and has assisted numerous foreigners in establishing themselves in Panama.
Click connect to have our partner, Moises, contact you via e-mail and/or phone.
Moisés Alvarado Navarro is an experienced legal advisor in Panama and has assisted numerous foreigners in establishing themselves in Panama.
Click connect to have our partner, Moises, contact you via e-mail and/or phone.
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Other Questions:
- What should I pack when moving to Panama?
- Where should I setup a bank account in Panama?
- Will I be able to find a job in Panama?
- What is life like in Panama?
- What do expats in Panama appreciate most about the local culture?
- What do expats find most challenging?
- Is there a lot of crime in Panama?
- Is there a lot of diversity? Are people in Panama accepting of differences?
- What are the schools in Panama like?
- What are healthcare services like in Panama?
- What are medical services in Panama like?
- Are healthcare and health insurance expensive in Panama?
- What are emergency services like in Panama?
- Will I need to travel to see a specialist?
- Are common prescription medications available in Panama?
- How are local medical facilities in Panama?
- As a foreigner living in Panama, will I have access to public healthcare? What is it like?
- What have your experiences during the pandemic with the local healthcare system been like?
Where should I setup a bank account in Panama?
If you live in Panama, newcomers to Panama would love to hear your answer to this question.
About the Author
Joshua Wood, LPC is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad Exchange, Joshua worked for NBC Cable (MSNBC and CNBC
Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
