Panama is not like any other country I have known when it comes to opening bank accounts.  The requirements are much more extensive and meticulous. 

I have opened bank accounts in several countries including Canada, the USA, France, Netherland Antilles, Australia, and Panama.  Of all of these countries, the two most difficult to open were France and Panama. 

Panama requires a reference letter from your bank in the country where you are from, a reference letter from someone locally (preferably using the same bank), a copy of your passport (all pages) and completion of a questionnaire as to why you want to open the account.   Proving residency is not absolutely required but if you are a resident, you still have to go through the same motions.  Then, of course, there are signature cards, beneficiary details, and several official bank forms that require signature in black ink.  After all the above is submitted, it is a process of waiting.  Sometimes it can take a week, other times it can take months.  It is much easier to have someone who lives in the country assist you with opening the account, if you do not reside here.  I have acquaintances who have tried opening an account in October 2009 and they are still waiting?  

Accounts in countries like Australia and the US require only one thing....a copy of your passport (and only the main page).  It’s kind of curious, isn’t it?