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...
"Since bank services offered by local banks (Visa card transactions, ATM withdrawals, transfers) are as good as any in the US, there are no expat-focused banks," wrote a member who made the move to Panama, Panama.
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Business Panama GroupThe Business Panama Group is a well-established group of companies, professionals and alliance partners with 20 years of experience promoting and facilitating business, investments, real estate, immigration and tourism in Panama by providing information, business development and support services to individual and corporate investors.
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"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," explained one expat living in Panama.
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Other Questions:
- What should I pack when moving to Panama?
- Where should I setup a bank account in Panama?
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- What is life like in Panama?
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- Is there a lot of crime in Panama?
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- 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 joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat 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.