TAX HAVEN PANAMA
About The Republic of Panama
Panama, officially known as the Republic of Panama covers a greater area in Southern Central America of over 29,000 sq. miles or 75,000 sq. km. In the May 2010 census, Panama recorded a growing population of over 3.4 million residents, of which most are Spanish speaking.
Panamanians occupy an area that connects North and South America, and interestingly, Panama is a nation that is bordered on all four sides: to the northwest is Costa Rica, to the southeast is Colombia, to the north is the Caribbean Sea and to the south is the Pacific Ocean.
The great Panama Canal is located in Panama. It is a 48 mile long waterway of locks and dams, built in 1914, and provides shorter access to mariners joining the Atlantic and the Pacific Ocean. With thousands of ships passing through the canal yearly, the Panama Canal is major contributor to Panama's GDP. However, Panama is becoming equally well known as a favourable and stable international offshore financial centre, with hundreds of offshore banks, and a thriving business of offshore company incorporations. Panama is ranked in the top four largest economies in Central America and considered one of the fastest growing. The capital and the largest city in Panama is Panama City.
Panama Offshore Services
Panama is classified as a tax haven offering tax reducing opportunities to non-resident investors, and a plethora of offshore entities such as the offshore corporations (non-resident) the Private interest Foundations.
The economy of Panama is driven by the Panama Canal, tourism, financial services; Panama continues to be a very progressive nation in developing its offshore services.
Our Panama offshore services specialize in formation of Panama corporations, Panama foundations, set up of asset protection packages and offshore bank introductions for offshore bank accounts. We can help you set up a multicurrency offshore bank account in one of many jurisdictions with offshore online banking, offshore debit and credit cards.
Our additional offshore services include mail forwarding, virtual offices, offshore asset protection, offshore estate planning.
Panama non resident corporation and foundation are tax free entities whereby there are no taxes on foreign earned income by offshore companies or other offshore entities- no corporate taxes, income tax, inheritance tax or capital gains tax. Our Panama offshore company prices and Panama offshore foundation prices are quite competitive.
Panama Corporation and Panama Foundation Legislation
Panama enacted legislation for formation of a company called the Panama Corporation (Sociedad Anonima) which is the perfect vehicle for offshore purposes, as this Panama company is a tax free offshore company so long as it is a non-resident company. The Panama Corporation is formed under the Panama Corporation Law No. 32, 1927.
In 1995 the Panama Private Foundation Law was set in place allowing the formation for autonomous foundations with no members or shareholders.
Panama Corporation and Panama Foundation Secrecy Laws
There is no single Panama secrecy or confidentiality law, which protects the interest of investor forming Panama corporations or banking in Panama but rather a collection of accumulated laws, which were built up over the last 80 years.
The first piece of law setting conditions for corporate secrecy was enacted in 1927. Since complementary laws and statutes have appeared in Banking Laws, Commercial laws and other areas of investment. For example, under the Commercial Code there are general provisions with regard to the confidentiality of accounting records, correspondence, and other commercial documents. Other laws in Banking, specifically forbids the investigation of the private affairs of any bank client or of the bank itself unless under certain conditions.
Complementary statutes appear in Panama's Criminal and Labour Codes, with regard to the confidentiality that protects banking and financial transactions. Stiff fines and penalties are issued for breaching of these codes and acts.
Offshore legislation in Panama
Republic of Panama Law No. 32 of 1927 on Corporations
Republic of Panama Law No. 25 of 1995 on Panama Private Interest Foundations
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