I recently completed the process and wanted to share some learning experiences. The first big hurdle is establishing a bank account which is a common problem: (https://www.expatexchange.com/thread/270/3446546/Panama/Expats-Living-in-Panama/Expat-Friendly-Banks-in-PC).
My two cents are to go into the bank with a printout of the foreign account opening requirements (in Spanish) from the bank's website. These are widely misunderstood by bank employees and having it in black and white makes it a little harder for them to carte blanch turn you away; you'll still probably have to try a couple of different branches before you find someone willing to help you. The stack of documents plus the letter from the lawyer also helps get past the all-powerful receptionist/gate keeper. Do not mention anything about the CD or any account balance over $5,000 at this point! Once you have the savings account established, then you are a regular customer and will receive a completely different response at the bank. I also noticed a big difference in willingness to help in the smaller towns. FWIW - I had success with Banco General.
The second hurdle is getting the bank to actually accept the wire transfer. You'll get an email like this within a day of the wire posting:
"By regulation of the Superintendence of Banks of Panama, prior to the accreditation of the funds, we request that you send us through this channel the documentation supporting the origin of the funds, which can be a bank reference letter issued by the bank ordering the funds that indicates the date of opening, holders and signatories in the account, Account number and average balance "or" the account statements of the last 6 months of that same account, including the movement of the current month where the amount transferred is reflected and indicate what is the purpose of the funds received.
From this date we have 2 business days to send us the supporting documentation. The information provided will be handled with strict confidentiality."
If possible, do not close your US bank account(s) until after the wire transfer is completed. Ideally, ensure the wired funds have successfully made it into your Panamanian account prior to leaving the states. It's just much easier if you need documentation from your US bank to be able to walk into a branch. If you are using proceeds from the sale of your house to fund the CD, make sure you can document the routing from escrow to your account and then to the Panamanian bank.
Once the funds are available in the account, you can open the CD and get the documents for immigration same day. It's a frustrating process but you will prevail!
My two cents are to go into the bank with a printout of the foreign account opening requirements (in Spanish) from the bank's website. These are widely misunderstood by bank employees and having it in black and white makes it a little harder for them to carte blanch turn you away; you'll still probably have to try a couple of different branches before you find someone willing to help you. The stack of documents plus the letter from the lawyer also helps get past the all-powerful receptionist/gate keeper. Do not mention anything about the CD or any account balance over $5,000 at this point! Once you have the savings account established, then you are a regular customer and will receive a completely different response at the bank. I also noticed a big difference in willingness to help in the smaller towns. FWIW - I had success with Banco General.
The second hurdle is getting the bank to actually accept the wire transfer. You'll get an email like this within a day of the wire posting:
"By regulation of the Superintendence of Banks of Panama, prior to the accreditation of the funds, we request that you send us through this channel the documentation supporting the origin of the funds, which can be a bank reference letter issued by the bank ordering the funds that indicates the date of opening, holders and signatories in the account, Account number and average balance "or" the account statements of the last 6 months of that same account, including the movement of the current month where the amount transferred is reflected and indicate what is the purpose of the funds received.
From this date we have 2 business days to send us the supporting documentation. The information provided will be handled with strict confidentiality."
If possible, do not close your US bank account(s) until after the wire transfer is completed. Ideally, ensure the wired funds have successfully made it into your Panamanian account prior to leaving the states. It's just much easier if you need documentation from your US bank to be able to walk into a branch. If you are using proceeds from the sale of your house to fund the CD, make sure you can document the routing from escrow to your account and then to the Panamanian bank.
Once the funds are available in the account, you can open the CD and get the documents for immigration same day. It's a frustrating process but you will prevail!
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