GENERAL INFORMATION |
|
Location | Central America |
Population | 2.8 million approx |
Native language | Spanish (English widely spoken) |
Currency | US dollar |
Constitution & Political status/stability | Constitutional democracy |
Banking & professional facilities | Full banking facilities with more than 85 banks with office facilities |
Legal system | Civil law |
Offshore specialities/expertise | Panama has been a financial and offshore centre for more than 75 years |
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TAX REGULATIONS |
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Income tax |
|
resident | 30% |
non-resident | None |
Trusts |
|
resident | None |
non-resident | None |
Corporate tax |
|
resident | None |
non-resident | Companies 30% |
exempt | None |
Estate duty | No |
Withholding taxes | None for persons operating outside Panama |
Exchange controls |
|
resident | None |
non-resident | None |
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TRUSTS |
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Are trusts permitted? | Yes. |
Perpetuity period | Allowed |
Accumulation period | N/A |
Statutory trust law | Yes |
Trust duty | No |
Forced heirship exclusion | Yes |
Asset protection measures | Yes |
Trust register | No |
Resident trustee/s required | No |
Regulation of trustees | Yes |
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CORPORATION LAW FACTORS |
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Type of corporate vehicles | Corporations; Private Foundations |
Incorporation time scale | 5 days |
Fees: Incorporation - Government | $150 annual tax;US$800-US$ 1,200 incorporation; US$150 registered agent fee |
Other | N/A |
Annual - Government | Only US$150 annual tax |
Other | N/A |
Resident directors required | No |
Min number of directors required | 3 |
Directors meetings required | No |
Beneficial ownership disclosure | No |
Shareholder disclosure | No |
Minimum number of shareholders | 1 |
Bearer shares allowed | Yes |
No-par value shares allowed | Yes |
Public share register | No |
Shareholders meetings required | No |
Frequency | As per the Articles of Incorporation |
Place | As per the Articles of Incorporation |
Annual return required | No |
Audit required | No |
Foreign currency accounting allowed | Yes |
Registered office | N/A |
Registered agent | Yes. |
Stamp/capital duty | No |
Naming your company | Subject to approval |
Company mobility provisions/redomicility rules | Yes, redomiciliation is permitted |