[I tried to start a biz in Panama last year. On paper it seemed like a good idea, but in reality it’s almost impossible to even get a callback from a lawyer. Plenty of hoops to jump through to even open a bank acct. ]
https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act
If you can get a foreign passport, try opening an account using that passport as ID. You might have to say something other than the truth, though, when they ask you if you’re an American citizen.
Correct. Many Panamanian banks do not accept new accounts from Americans because of all the hoops the U.S. government makes them jump through to prove you aren’t a money launderer. They treat you as guilty until proven innocent.
The way around this is to either glom onto an established company and operate through them or get some letters of recommendations from accredited local people (especially politicians or government hacks) so they believe you are harmless.
In Panama, “not worth the hassle” is a legitimate business excuse.