Banking in Panama

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

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

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...

Top 10 Benefits of Starting a Business in Panama

Top 10 Benefits of Starting a Business in Panama

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...

FATCA Update: Two Year Transition Period for Withholding Funds

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,...

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

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

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...

Don’t Worry, Panama is Still a Tax Haven

Don’t Worry, Panama is Still a Tax Haven

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...

The Difference between Corporate and Personal Bank Accounts in Panama

The Difference between Corporate and Personal Bank Accounts in Panama

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...

Privacy in Panama: A Constitutional Guarantee

Privacy in Panama: A Constitutional Guarantee

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. Panama Privacy...

Offshore Banking in Panama: 3 Things You Need to Know

Offshore Banking in Panama: 3 Things You Need to Know

The word “offshore” refers to doing something outside of your country. Whether it is starting a new business, creating a new corporation or other legal entity, or opening a bank or brokerage account; if done outside your country are all considered “offshore”. An...