Panama

GENERAL INFORMATION
 
LocationCentral America
Population2.8 million approx
Native language Spanish (English widely spoken)
CurrencyUS 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

TAX REGULATIONS
 
Income tax
resident 30%
non-resident None
Trusts
residentNone
non-resident None
Corporate tax
residentNone
non-residentCompanies 30%
exemptNone
Estate duty No
Withholding taxes None for persons operating outside Panama
Exchange controls
residentNone
non-residentNone

TRUSTS
 
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

CORPORATION LAW FACTORS
 
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
OtherN/A
Annual -
Government
Only US$150 annual tax
OtherN/A
Resident directors required No
Min number of directors required3
Directors meetings required No
Beneficial ownership disclosure No
Shareholder disclosure No
Minimum number of shareholders1
Bearer shares allowed Yes
No-par value shares allowed Yes
Public share registerNo
Shareholders meetings requiredNo
FrequencyAs per the Articles of Incorporation
PlaceAs 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