Panama has introduced a new regulatory framework for banks that open accounts or provide financial services through digital and remote channels. The change could eventually make it easier for some expats to begin the banking process before arriving in the country, but it does not guarantee that every bank will offer remote accounts or that every foreign applicant will qualify.
The Superintendency of Banks of Panama approved Agreement 1-2026 on January 16, 2026. It was published in the Official Gazette on January 23 and entered into force six months later, on July 23, 2026. However, banks have until June 30, 2027, to implement the agreement’s specific technology requirements for digital and remote onboarding.
What the New Regulation Changes
Agreement 1-2026 replaces Panama’s previous 2015 framework for preventing the misuse of banking and fiduciary services. Among its most relevant changes is Article 14, which establishes rules for banks that choose to onboard new customers digitally.
Under this provision, participating banks must use a risk-based verification system that includes “inferential geolocation.” This allows the bank to compare an applicant’s declared location with technical indicators such as an IP address, network type, device information, and the possible use of a VPN or proxy.
The purpose is not simply to make applications faster. It is to give banks a more reliable way to confirm who is applying, where the application originates, and whether the information provided is consistent.
Importantly, the agreement does not require every Panamanian bank to offer remote account opening. It establishes the compliance standards that banks must follow if they provide that service.
Remote Access Does Not Mean Automatic Approval
For expats, the practical benefit is the possibility of completing more of the onboarding process from abroad. However, the bank will still decide whether to accept an applicant based on its internal policies, risk assessment, nationality, country of residence, income, source of funds, intended account activity, and other compliance considerations.
The regulation divides customer reviews into simplified, standard, and enhanced due diligence. The level applied depends on the customer’s risk profile and the type of product involved.
The agreement also permits simplified opening procedures for certain low-value accounts with balances or accumulated monthly movements not exceeding B/.5,000. These provisions are primarily intended for specific products such as payroll, school, or Christmas savings accounts. They should not be interpreted as a general shortcut for foreign residents or international property buyers.
Applicants with corporations, trusts, politically exposed persons, substantial international transfers, or complex ownership structures should expect additional scrutiny and documentation.
What Applicants Should Do Before Applying
There is no single document package that guarantees approval at every bank. Requirements vary by institution and by customer profile.
Banks commonly ask applicants to document their identity, residential address, tax residence, occupation or business activity, income, source of funds, and the intended purpose of the account. Corporate applications may also require information about shareholders, directors, and ultimate beneficial owners.
Before submitting an application, ask the bank three direct questions:
- Does it currently accept remote applications from nonresidents?
- Is your nationality and country of residence eligible?
- Which documents must be notarized, apostilled, translated, or presented in person?
Applicants should also avoid using a VPN during digital identity verification unless instructed otherwise. A mismatch between the declared location and the technical location detected by the bank could delay the review.
What This Means for People Moving to Panama
The regulation is best understood as infrastructure for a more modern banking system, not as an instant account-opening program for every expat.
Some banks already provide elements of remote onboarding, while others will need time to update their technology and compliance procedures before the June 2027 deadline. Availability is therefore likely to differ considerably between institutions during the transition.
For someone preparing to move to Panama City, Boquete, or the Azuero Peninsula, the change could make it easier to begin organizing banking, recurring expenses, and property-related funds before relocation.
Property buyers should still maintain clear records showing where their purchase funds originated. Remote onboarding may improve convenience, but it does not reduce the due diligence associated with substantial international transfers or real estate transactions.
Casa Solution Can Help You Prepare
Opening a bank account is only one part of planning a move or property purchase in Panama. Casa Solution works with buyers while they are still abroad, helping them understand local communities, organize their property search, and coordinate the practical steps surrounding a purchase.
Contact Casa Solution to begin planning your move and explore properties throughout Panama.
Date written: August 7, 2026
