Opening a Panama Bank Account as a Brazilian in 2026: Guide

Yes, a Brazilian can open a bank account in Panama in 2026, as long as the person passes the bank's know-your-customer (KYC) review and reports the account in Brazil. Panama exchanges financial information with Brazil under the CRS, so the account is not confidential.

The income goes on the personal income tax (IRPF) return at a 15% rate, and balances of US$ 1,000,000 or more require the CBE.

Can a Brazilian open a bank account in Panama in 2026?

Yes. There is no prohibition on a Brazilian resident holding an account abroad. What exists is a chain of obligations: the Panamanian bank must identify you and the source of the funds, and you must report the account and the income to the Brazilian authorities.

The bank decides, not the government. Each institution defines the client profile it accepts, the documents it asks for and whether it serves Brazilians without a physical presence. That is why the useful question is not "does Panama accept Brazilians?" but "does this bank accept my profile and my purpose?".

An account in Panama usually makes sense when you have a clear reason: receiving payments from international clients, keeping a dollar reserve or running a company with activity outside Brazil. Without a defined purpose, the bank's review tends to stall.

Is a Panama account confidential from Brazil's Federal Revenue Service?

No. Panama adopts the Common Reporting Standard (CRS) through Ley 51 of October 27, 2016. Panamanian banks perform due diligence on account holders and report the data to the competent authority, which exchanges it with participating jurisdictions.

Brazil is on that list. Resolution No. 201-5324 of July 15, 2026, issued by Panama's Directorate General of Revenue (Dirección General de Ingresos, DGI), adopts the list of CRS participating jurisdictions and includes the Federative Republic of Brazil.

Art. 12 of Ley 51 states what is reported for each account:

• •the holder's name, address, jurisdiction of residence, TIN and date and place of birth;
• •the account number;
• •the bank's name and identification;
• •the account balance or value at the end of the calendar year;
• •for a deposit account, the gross total of interest paid or credited during the year.

In practice, the balance and the interest reach the authorities. Leaving the account off your return is not a safe option.

Which documents do Panamanian banks usually ask for?

Each bank publishes its own list, but the set is similar. Prepare the items below and confirm with the bank the required form, such as translation, apostille or certified copy.

• •A photo ID and a passport.
• •Recent proof of residence.
• •Proof of the source of funds, such as an income tax return, contracts or statements.
• •Bank references from someone who is already a client of a reputable institution.
• •A description of the account's purpose and the expected volume of activity.
• •A tax self-certification, in which you state your countries of tax residence and your taxpayer number (CPF).

For a company account, the bank adds corporate documents, the identification of the ultimate beneficial owners and a description of the business. The clearer the history of the money, the faster the review tends to be.

Personal account or company account: which should you choose?

It depends on who will receive the money and what activity exists. Mixing personal money with business operations complicates proof of the source of funds.

If the idea is to run a business, the corporate structure comes before the account. The page on corporate structures explains the options, and the article on offshore asset protection shows where the bank account fits into the planning.

How do you report the account and pay tax in Brazil?

An individual resident in Brazil reports income from financial investments abroad on the Annual Adjustment Return (DAA), separately from other income. Law No. 14,754/2023 (Lei 14.754/2023), art. 2, sets a 15% rate on the annual portion, with no deduction from the tax base.

Art. 3 defines financial investments abroad broadly. The list includes interest-bearing bank deposits and checking accounts with earnings. Among the income, the law includes the exchange-rate variation of the foreign currency against the real.

This has a practical consequence: even a dollar account that just "sat there" can generate taxable income when the dollar rises against the real. Keep the annual statements and the exchange rate used in each conversion. An accountant familiar with Law 14,754 should review the calculation before filing.

When must you file the CBE with the Central Bank?

The Declaration of Brazilian Capital Abroad (CBE) is mandatory for a Brazilian resident whose assets abroad add up to US$ 1,000,000 or the equivalent in other currencies on December 31 of the base year. The threshold counts all assets outside the country, not just the Panamanian account.

According to the Central Bank of Brazil:

• •Annual CBE: US$ 1,000,000 on December 31, filed from February 15 to April 5 of the following year.
• •Quarterly CBE: US$ 100,000,000 on March 31, June 30 and September 30.
• •Fines: from BRL 2,500 to BRL 250,000, with a possible 50% increase in some cases.

If the deadline falls on a weekend or holiday, it moves to the next business day. Add up the balance of all accounts, brokerages and other assets before concluding you are below the threshold.

What are the steps to open the account?

1. •Define the purpose. Write on one page what the account is for, where the money comes from and how much should flow through it.
2. •Choose the type of holder. Individual or company, according to the real activity.
3. •Gather and organize the documents. Translations and apostilles usually take longer than the rest.
4. •Ask the bank for its list of requirements in writing. Confirm whether it serves Brazilians and whether it requires a physical presence.
5. •Answer the compliance questions. The bank may ask for clarification about source and purpose. Consistent answers speed up the process.
6. •Prepare the tax routine. From the start, organize your statement tracking for the DAA and assess whether the CBE applies.

OffshoreProz offers offshore banking support to organize this documentation, and the page on the Panama jurisdiction gathers the local context. To compare Panama with other destinations, see the guide to offshore bank accounts for Brazilians.

How much does it cost to open and maintain an account in Panama?

Banks set their own fees, and they change. To avoid giving an estimate with no basis, this article does not list amounts. Ask the bank for the full fee schedule in writing, with the annual fee, transfer fees, minimum balance and inactivity charges, and compare before deciding.

Also consider the compliance cost in Brazil: the accountant, sworn translation and apostille usually weigh more than the account's monthly fee.