Currently in Guatemala, due to immigration laws and anti-money laundering regulations, banks within the Guatemalan system have implemented compliance and prevention policies requiring foreigners to have either temporary or permanent residency in order to open a bank account.
However, thanks to private regulations, it is currently possible for a non-resident foreigner to open a bank account through the issuance and creation of a General or Specific Power of Attorney with representation by a Guatemalan national on behalf of the foreigner. The Mandatary (the person entrusted with the Power of Attorney) can be any Guatemalan individual with a valid Tax Identification Number (NIT) registered with the Tax Administration Superintendency (SAT), or it can be an active practicing lawyer who can represent you in any necessary situations within the Republic of Guatemala.
Additionally, it is advisable to inquire with your preferred bank about the required documentation.
With the Ley de Negocios team, we support you in making your processes in Guatemala feasible and efficient. If you have any questions, please write to us here.
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