Panama makes big strides to clean up financial reputation. – Weekly News Roundup, November 4th.

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Welcome to the Panama Weekly News Roundup! Here’s the latest.

Praise for Panama’s shift to honest business

Panama has had a rough 2016 when it comes to financial transparency, and they are trying there hardest to reverse that as we head into 2017. One of the biggest ways they plan to do this is to; establish new policy on reporting foreign invested income and taxes.

On Oct. 27, in an act of national repentance, Panama finally signed a multilateral convention that requires it to shine a bright light on any black money parked in its financial institutions.

Panama has not received much praise for its prodigal-son moment. German Chancellor Angela Merkel commended it for “very swiftly” adopting newly established standards for reporting foreign assets. But its contrition and reforms deserve more notice – if only to encourage the remaining few tax havens to join a global effort aimed at helping countries collect the tax revenue due them from undisclosed income hidden overseas.

Source: Christian Science Monitor


How One American Couple Built A Successful Business In Panama

There are lots of great opportunities for expats in Panama, especially when it comes to investment and business. So, naturally, there are a lot of great stories like these, that highlight the successes, and give a blueprint for what’s possible here if you really want it.

The infrastructure in Panama City is the best in the region, in part thanks to the decades-long U.S. military presence here while the Americans ran the Panama Canal. Panama as a whole is a safe, stable, affordable country that uses the U.S. dollar as its currency, meaning no exchange-rate risk. The standard of living is comfortable, even international standard, if your budget stretches to allow for it.

Those things, though, are true for many other places that could also make sense for the would-be entrepreneur, including in Latin America but also in Europe and Asia.

Source: The Huffington Post


Ant genomes rewrite history of Panama land bridge

Colliding tectonic plates pushed up a strip of land from the watery abyss that once divided North and South America, forming the isthmus of Panama. But a study now hints that this happened millions of years earlier than scientists had thought.

Evolutionary and population-genetics data from Eciton army ants, which can only travel on dry ground, suggest that the isthmus formed 4–8 million years ago. The research, published on 25 October in Molecular Ecology1, challenges the long-held idea that the link between continents emerged no more than 3 million years ago.

“Our genomic data is very strong evidence that the army ants crossed this region much earlier in time than the model of the simple closure of the isthmus suggests,” says Corrie Moreau, associate curator at the Field Museum in Chicago, Illinois, and co-author of the study. She notes that recent geological studies have also hinted that the isthmus may have emerged earlier than 3 million years ago.



Co-working Spaces: New trend of Modern Offices in Panama

The concept of co-working spaces isn’t necessarily new, even in Panama, however it certainly is building steam here. More and more, so called “digital nomads” and web entrepreneurs are moving to Panama to headquarter their business. The thing is, most of these people don’t need their own office. This is where Panama’s burgeoning co-working spaces come into play.

This type of workspace provides an amazing way of getting inspired as well as to create networking opportunities for your business. These co-working spaces operate as a temporary work environment that anyone can rent by the hour, day or month. It is usually fully equipped with amenities such as Internet access, audio and video equipment, meeting spaces and sometimes a kitchenette, or a snack store.

You will be interacting with other professionals within that space as well as meeting clients. Before joining a co-working organization, ask about the other types of professionals or businesses that you will be sharing the area with to see if there is any potential for partnerships.

Source: PTY Life


About Manoj Chatlani

Manoj Chatlani is a Senior Partner at POLS Attorneys, a full-service law firm in Panama City, Panama. Specializing in offshore services, including asset protection, estate planning, offshore banking, and offshore corporations, as well as Panama immigration and real estate transactions, POLS Attorneys offers clients a streamlined solution to all their Panama legal needs. Manoj is a Panamanian lawyer and holds a law degree from USMA and earned a Masters in Communication Law and Panama Tax law.

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