Home > Offshore Company > Panama Tax Haven
Panama Tax Haven
The Republic of Panama is a presidential independent, sovereign state. It is well known as one of the most developed international business center. Panama has the fastest growing economy and the largest per capita income in Central America.
Our professional company offers Panama corporations and Panama private foundations, which include all documents and services you need to start and successfully operate your offshore business. Panama corporation is also commonly termed as Panama International Business Company (IBC).
Advantages of Panama
No income, dividend and capital gains tax for for income received outside of Panama. Therefore, Panamanian corporations (Sociedad Anonima) are widely used for doing business and holding assets outside of Panama.
Privacy and Disclosure
The laws of the Republic of Panama only permit the submissions of accounting records, files, correspondence or other documents to foreign authorities with the express permission of the Courts of Panama. Information sharing treaties are limited to drug-related offences. All other revelations are expressly prohibited and may result in criminal prosecution.
There are no tax treaties. As a result, no exchange of tax related information with other countries is possible.
The official currency is the Balboa (PAB). It has a fixed exchange rate with US Dollar, which is US$1.00 = PAB1.00.
US Dollar is the major currency in Panama.
Transfer of Funds
There are no currency exchange and transfer of funds controls in Panama.
No approval need be obtained for the transfer of dividends, interest, royalties other profits or for repatriation of capital. Companies are permitted to repatriate all profits, dividends and management charges.
Panama is an independent constitutional presidential republic. President, first and second vice-presidents are elected by direct vote for 5 years.
The legal system is based on civil law system.
Panama is located in Central America between Costa Rica and Colombia. It's connected by direct flights with many major cities of US, Canada and other countries.
Panama City is the capital of the Republic of Panama. Local time: GMT - 5:00.
Spanish is the official language of Panama. English is the second widely spoken language. Most Panamanian residents are bilingual.