How to File FBAR from Panama

If you are an American living in Panama with Panamanian bank accounts, you may need to file FBAR (FinCEN Form 114). This guide walks you through the process step by step, with Panama-specific details.

Who Needs to File

You must file FBAR if the aggregate value of all your foreign financial accounts exceeds $10,000 at any point during the calendar year. This includes bank accounts, investment accounts, and corporate accounts held in Panama or any other foreign country.

Step-by-Step Filing Process

Step 1: Identify All Foreign Accounts

List all foreign financial accounts. For Panama:

• Panamanian bank accounts (Banco General, Banistmo, BAC Credomatic, Multibank)
• Investment accounts at Panamanian brokers
• Corporate accounts (if you have signature authority)
• Accounts in other countries

Step 2: Get Account Statements

Log in to each bank's online banking and download statements showing the maximum balance. For Panamanian banks:

• Banco General: Online banking → "Cuentas" → "Extractos"
• Banistmo: Online banking → "Cuentas" → "Movimientos"
• BAC Credomatic: Online banking → "Cuentas" → "Extractos"

Step 3: Convert to USD

Panama uses the US dollar as its official currency. No currency conversion is needed for FBAR reporting. This is a significant advantage.

Step 4: File Electronically

FBAR is filed electronically through FinCEN's BSA E-Filing System.

Step 5: Keep Records

Keep copies for 5 years.

Deadlines

FBAR is due April 15, with automatic extension to October 15.

Common Mistakes

1. Not aggregating across countries — If you have accounts in Panama and elsewhere, combine them.
2. Assuming USD means no reporting — Panama uses USD but accounts are still foreign and reportable.
3. Missing corporate accounts — If you have signature authority over corporate accounts, they are reportable.
4. Filing FBAR with your tax return — FBAR is filed separately with FinCEN.

How FileAbroad Can Help

FileAbroad prepares FBAR filings for Americans with foreign accounts in Panama and other countries.

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FileAbroad explains U.S. federal tax and U.S. international information-reporting consequences of documented foreign facts. It does not provide foreign-country legal or tax representation, valuation opinions, banking or remittance advice, or advice on what a foreign authority will accept.

Scope statement reviewed 2026-08-30 · FileAbroad product/content owner