Panama Offshore Legal Services Blog

Panama’s Population Still on Steady Growth Course

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In 2010, during the census taken of the entire country of Panama, there were 3,322,576 registered residents on the isthmus. Now, according to new data, that number could reach close to 4,500,000 by 2022. This is a massive increase for such a small amount of time, and one that many believe is a positive sign of both economic growth, and quality of life increases. During this same period, Panama added thousands of new houses and residential buildings to meet the demand, sparking a construction boom unlike any in the region. Now, as the population continues to surge, Panama continues to work hard to meet growth for relocation and international investment.
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Why You Should Open a Panama Bank Account

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Considering moving to Panama or doing business in Panama? Where and how you bank is something you need to think about, and with priority. If you are relocating to Panama, either as an expat, retiree, or investor, chances are you have a bank account from your home country, or the country where you do your business in. Many of these banks are international, and thanks to the nature of digital banking in the 21st-Century, business can be done from anywhere without actually changing your bank account or moving it to another financial jurisdiction. There are, however, a few catches.
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Working remotely? Become a Digital Nomad in Panama!

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How to work remotely from Panama as explained here involves first understanding Panama’s laws, including immigration and taxes. We cover that all here for a complete guide to working remotely. Continue reading »

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Copa Airlines’ Low-Cost Panama Carrier: Wingo!

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Good news for travelers in Panama and Colombia! Copa Holdings, the parent company of Copa Airlines, has a low-cost airline based out of Panama City, that connects travelers with a variety of cheap, fun, international and domestic locations. This is huge for regional flights, especially to and from Colombia, and will generate more competition for Viva Colombia, previously the only budget airline leaving from Panama (Panama Pacifico Airport). Though owned by the same entity, Wingo is a completely separate brand from Copa Airlines, which currently has flights (and will share routes) to Bogota and Medellin, from Tocumen International Airport. Wingo is looking to offer lower prices than Copa for Panama/Colombian travel, but with a more “bare bones” approach to amenities, and small surcharges for things like luggage, food, and seat assignments.
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Four Reasons Why China’s Partnership With Panama Will Strengthen The Economy

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The news in Panama these days is largely focused on two main topics: the 2019 Panamanian presidential election, and China. It’s not a coincidence, either. The two topics have a lot to do with each other, and for good reason. This past year, Panama made a bold move by agreeing to a series of economic and diplomatic partnerships with China, effectively ending their long-standing relationship with Taiwan (China’s historic enemy). While the move has caused a lot of controversy and debate, it is a clear step towards economic strength for the future of Panama. Here are four reasons why this is the case. Continue reading »

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5 Reasons Why You Should Choose Panama for Offshore Investments

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There are many reasons you should choose Panama for offshore investment, but for each person, these reasons may differ a bit. It’s all about finding the right fit for your money, and the right climate to invest in. Luckily, Panama is ripe for offshore investment these days, making the choice easier, and of course, more profitable. Panama has one of the fastest growing economies in all of Latin America, and has lots of benefits to offer the offshore investor. Continue reading »

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Tech-Friendly Panama: How high-tech culture and business fares on the Isthmus

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In the business world, Panama is very well known for a few things: shipping, banking, tourism, and real estate. But these days, it’s the tech industry that’s catching the attention of many investors and entrepreneurs. Businesses can operate with low overhead, access to high-speed Internet, and a booming consumer market that loves electronics. Over the past few years the city, and country, have developed a tech-friendly culture that shows signs of becoming a big contributor to the local economy, and regional industry. Here’s why. 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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Guide to Hiring in Panama: What you need to know about local employees

How to Hire Employees in Panama
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If you plan on moving your business offshore, or starting a new business in Panama, you’re going to need to hire local Panamanian employees. This is something that many foreign business owners need to consider, yet sometimes overlook, before moving/starting a business in Panama. You will find that with effective due diligence, finding the best staff or contractors for your business needs will be quick, and without much hassle. Here are some things you’ll need to know first. 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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