A number of banks who have worked with American clients in the past, namely Banco General, Creditcorp and Global Bank are no longer accepting account applications from US citizens unless they meet a very strict set of conditions.
This self-policing seems to be a response to the US Congress discussions regarding the US/Panama Free Trade Agreement. Many in Congress call Panama a tax haven and argue a treaty should not be signed unless Panamanian banks repeal their banking secrecy laws.
Several banks, including Banvivienda and HSBC, have recently announced that they will discontinue renting safety deposit boxes to the public. Customers who rent safety deposit boxes currently will have until the end of the year to clear out their belongings.
