Opening a bank account in Panama: CRS and FATCA
Panama exchanges bank information automatically under the Common Reporting Standard, through Law 51 of 2016, and with the United States under FATCA, through Law 47 of 2016.
When you open an account, the bank asks you to self-certify every country where you are a tax resident and the tax number of each. For Panama, that number is your RUC or your NT.
The rules that apply
- Law 51 of October 27, 2016 sets Panama’s framework for the Common Reporting Standard.
- Law 47 of October 24, 2016 approves the FATCA agreement with the United States.
- Executive Decree 124 of May 12, 2017 regulates both. The DGI lists two amendments, the latest being Executive Decree 25 of June 29, 2026.
- DGI Resolution 201-3931 of 2017 governs the self-certification.
Source: Law 51 of 2016, Official Gazette 28149-B; DGI Resolution 201-3931 of June 29, 2017, Official Gazette 28312-C
The self-certification
It is in writing and signed under oath, and you must tell the bank about any change of circumstances. For an individual it includes:
- Your name.
- Your residence address.
- The country or countries where you are a tax resident.
- The tax number of each of those countries, if one has been issued.
- Your date and place of birth.
Source: DGI Resolution 201-3931 of 2017, second resolution; Law 51 of 2016, article 3
Which Panamanian tax number to write
Panama’s OECD profile says the number expected is the RUC. For an individual, that is the cédula number. A foreigner without a cédula writes the NT. The check digit is not needed, and the hyphens are. The NIT is not your tax number.
Source: Panama’s tax identification number profile filed with the OECD
US citizens and FATCA
Panama has a Model 1 FATCA agreement with the United States, in force since October 25, 2016. Banks identify the accounts of US persons and report them to the DGI, which exchanges the information with the United States. The United States does not appear in Panama’s current CRS list of jurisdictions, so for US citizens the channel is FATCA.
Source: Law 47 of 2016; Law 51 of 2016, article 11; DGI Resolution 201-5324 of July 15, 2026
Questions people ask
Is Panama a CRS country?
Yes. Law 51 of 2016 is Panama’s CRS framework, and the DGI publishes the list of participating jurisdictions.
Does my Panamanian bank report me to the IRS?
Through the DGI, yes, if you are a US person. That is the FATCA agreement.
Can I write my NIT on the bank form?
No. The NIT is the password to the DGI’s online services. Write your RUC or your NT.
What the law does not say
- What each bank asks beyond the self-certification, such as minimum deposits or visiting in person. That is each bank’s commercial policy, not a legal requirement.
Official sources
Last verified: October 28, 2026
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