Anyone may open a bank account in Panama and you will need your passport or residency card to do so. Also, you will need 2 banking reference letters. These basically state that you are a good customer of the bank, since what date you have been a customer and also the approximate amount of the funds held in your accounts (4 figures, 5 figures etc.) These references can be from any country and some banks require 2 personal references as well.
Banking secrecy laws are in effect so no government or private agency may access your specific account information without a court order (in order to obtain which they must prove to the judge that there is a case against you for a crime). This makes Panama a frequent choice for foreigners who would like to keep their assets protected from frivolous civil litigation in their home country.
Here are some website addresses for a few of the larger banks:
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