Yes no problem to open a bank account in Cyprus for a Panama company as long as you have the required documents, which we have listed here: F.A.Q. FYI.
Possible banks would be, Bank of Cyprus, Bank of Piraeus, USB Bank Cyprus, Hellenic Bank, Marfin Laiki Bank Cyprus.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.