International Banking 2020 | Banking Report

Here, we list more than a dozen different banks from a variety of jurisdictions around the world that are currently accepting new American clients. Our banking index is categorized based on banks’ minimum account balance requirements, ranging from US$0 to upwards of US$250,000.

We also include a special report on the current state of banking in Panama, the Hub of the Americas.

Why Panama, you ask?

For starters, the country boasts strong regulatory oversight that maintains the stability of the banking system, and banks tend to stay afloat during periods of economic turmoil. Favorable tax incentives and high certificate of deposit (CD) rates draw in a constant flow of cash from foreign individuals and entities. On top of that, there are several laws in place that help ensure the privacy of clients. Together these factors contribute to Panama’s appeal as an offshore banking haven.

Here, we list 10 banks operating in Panama (both domestic and foreign) that are currently accepting new American clients, including information on the requirements for opening accounts.


$ 19.95

Having an account with an offshore bank is essential for diversifying your finances. However, today’s international banking world can be difficult to navigate as a U.S. Citizen. Since the IRS began enforcing the Foreign Account Tax Compliance Act (FATCA) in 2014, many offshore banks no longer accept U.S. clients. FATCA requires banks to report the financial activities of U.S. account holders to the IRS or risk being slapped with a hefty penalty, so many banks have decided to cut their losses and close their doors to Americans rather than deal with the administrative headache. Even banks in traditional offshore havens such as Switzerland have stopped opening accounts to Americans…

Panama is Central America’s preeminent banking destination. Its thriving banking sector has fueled the growth of the country’s economy and attracted dozens of international banks from around the globe. Of the 75 banks currently operating in the country, 2 are state-owned, 47 have general licenses, and 26 have international licenses.