Do Panama company officers need to be local residents?

That should be confirmed with the local provider and the chosen structure, because governance roles in Panama are usually implemented through a provider-managed formation model.

Panama company formation is usually driven by the local registered agent and service-provider process, so document preparation and provider instructions matter from day one.

Directors, officers, shareholders, annual fees, registry steps, and any nominee features should be understood as part of the provider-managed workflow, not as stand-alone items.