Panama, an independent republic located on a thin strip of land at the junction of Central and Southern America, is one of the best known and longest established International Offshore Financial Centres. Famous for the Panama Canal, a commercial shipping canal linking the lucrative trade routes between the Atlantic and Pacific oceans, over time Panama has managed to attract in excess of 250,000 Offshore Companies to set up within its shores. Panama has a track record of consistent economic performance, and with a vibrant banking culture, extensive banking secrecy laws, and key privacy features it remains a popular choice of location for Offshore Company registration.
Key features and benefits include:
- Political Independence: As an independent political entity Panama is facing very little external pressure to dilute its attractive privacy features, unlike many of its Caribbean neighbors.
- Zero Tax: Offshore Companies registered in Panama are not liable to pay tax on business profits locally and tax is not levied on the sale or transfer of shares in a Panama Offshore Company.
- Privacy: There is no public register of shareholders or beneficial owners in Panama.
- Nominees Permissible: Nominee Shareholders and Professional Directors are permissible and the nominee can also be another Company.
- Legal Certainty: Although much of Panamanian law is based on the Spanish Civil Code, Offshore Company Laws are modeled on those of Delaware, a popular US tax haven.
Other features include:
- Minimal Paperwork – There is no requirement to file annual returns or to have accounts filed or audited as regards Panama Offshore Companies
- Bank Choices – With a highly developed Financial Services sector, Offshore Banking possibilities in Panama are considerable.
- Migratable – Panama recognizes that the modern market expects an Offshore Company to be able to shift location quickly and easily and have enshrined this right in legislation.
- Language Choices – A Panama Offshore Company can be registered in any language and although Spanish is the official language English is widely spoken.
Every effort has been made to ensure that the details contained herein are correct and up-to-date, but this does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any error or omission.