Panama Offshore Legal Services Blog

Mobile Pay, E-Commerce Gains Momentum in Panama

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Panama has been trying to market itself as a Latin American tech hub for quite some time now, and now with mobile payments and e-commerce, they’re keeping to that promise. Although Latin America, in general, has been slower than other parts of the world to adapt to the e-commerce market, Panama is looking to change that in the immediate future. And international investors and startups are looking at investing in Panama as an ideal growth market for this type of commerce. Continue reading »

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Panama’s Economy Closes 2015 With Positive Growth

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Panama’s economy over the past six years, on average, has grown by nearly double digits. However in 2014, the economy slowed down a little bit, causing some to be cautious. Now, as we head full steam into 2016, it appears the slowdown was merely a hiccup, and Panama’s economy is showing strong, positive growth for the near future. Investments in Panama largely rely on future predictions, and long-term strategies; which is why steady positive growth, even if it’s not at the boom levels of 2010-2012, is very important to the overall economy in the country. Continue reading »

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5 Steps to Open a Bank Account in Panama

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Offshore investment is growing rapidly, and one of the most functional and feasible options in this region is to open a bank account in Panama. Panama has long had a reputation for secure offshore banking, and has very favorable laws for both offshore investors, and residents. If you want to open a bank account in Panama, however, you’ll need to do a few things ahead of time to prepare. The process is much easier than practically every country in Latin America, and with a small investment and a good lawyer, this can be done quickly, and painlessly. Continue reading »

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Colombia and Panama Settle Tax Dispute, But Relations Still Not 100%

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Earlier this month, economic relations between Colombia and Panama became tense after Colombia threatened to put Panama on their so-called “tax haven” list. The list, which Colombia uses as a basis for financial transparency, is comprised of countries who either don’t share tax information of Colombians abroad, or violate what they deem as appropriate transparency standards. Colombia wants countries to disclose how much money their countrymen have invested in the exterior, in order to properly tax them, and avoid capital flight, which is common in many parts of Latin America. Continue reading »

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Top 10 Benefits of Starting a Business in Panama

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Panama is a great place for foreign investment, and many people are deciding to either move their business there, or start a new one. If you’re still on the fence about whether or not Panama is the right fit for you, check out these reasons. Here are 10 of the greatest benefits you’ll see if you decide to start a business in Panama. Continue reading »

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FATCA Update: Two Year Transition Period for Withholding Funds

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The Internal Revenue Service (IRS) announced May 2nd, 2014 that the years 2014 and 2015 will be “transitional periods” in regards to enforcing the Foreign Account Tax Compliance Act (FATCA) regarding withholding funds. This applies to foreign financial institutions, withholding agents, and other entities that are required to withhold 30% of U.S. citizen’s funds being held in foreign accounts, which are not revealed to the IRS. During these two years, as long as these entities are showing the IRS a good faith effort to comply with the law, automatic 30% withholding of U.S. taxpayers funds will not be required. Continue reading »

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Eased Access to Credit in Panama – Banks Increase Lending by 14%

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Panama’s economy has been growing at a steady pace for the greater half of the past decade. Foreign investment is on the rise, jobs in the private sector are plentiful, and domestic growth is higher than it’s ever been. As Panama’s economy grows, so does the amount of money its banks are lending. So much so, in fact, that many consider the country to be going through a credit boom. And there’s good reason why. Continue reading »

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Don’t Worry, Panama is Still a Tax Haven

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The end of 2013 created a panic in Panama amongst the expats and the wealthy citizens when Panama’s National Assembly passed a new law changing the income tax law making worldwide income subject to taxation as in the United States. However, it was deemed a mistake and quickly repealed the following day.

Word quickly traveled amongst the social networks that Panama was no longer going to just tax income earned inside Panama (called “territorial income tax”) as it has been doing since it became a nation in 1903. Worldwide income taxation would mean that all of the hundreds of thousands of Panama offshore corporations earning tax free income outside of Panama would have to start filing income tax returns declaring all of their income. Continue reading »

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The Difference between Corporate and Personal Bank Accounts in Panama

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The difference between corporate and personal offshore bank accounts in Panama is like any other bank accounts around the world. An offshore bank account is one opened in another country which is why it is called an “offshore” account.

A personal offshore bank account is for individuals in the form of savings or a checking account. A corporate offshore bank account is for corporations and is generally a checking account in order to write checks while conducting business. Continue reading »

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Privacy in Panama: A Constitutional Guarantee

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Privacy in Panama is a constitutional guarantee. Panama’s privacy laws are backed by several constitutional articles guaranteeing privacy for its citizens and even for foreigners. This post serves as a summary of Panama’s privacy laws and regulations. Continue reading »

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