Panama is a small tax haven occupying the border of South and Central America. Panama controls the strategic Panama Canal.
Panama is one of the oldest tax havens in the world.
Capital: Ciudad de Panamá
Panama‘s official language: Spanish and seven Indian languages, English is also widespread
The official currency of Panama: Balboa and the U.S. Dollar
Description and advantages of a Panamanian offshore company
- The legal form of the company is a Non-Resident Company.
- The minimum number of directors is three.
- The minimum number of shareholders of an offshore company is one.
- All persons participating in the company may be non-residents of Panama.
- Tax returns, submission of financial statements or annual reports is not required.
- Zero income tax on incomes from sources outside Panama.
- Registered shares and bearer shares are allowed.
- Bearer shares may not leave the territory of Panama and must be deposited in a notary's custody or at an authorized depository.
- Commercial register of an offshore companies is public - it is advisable to use nominee services to increase anonymity and confidentiality.
International agreements
International Convention against money laundering and terrorist financing
Panama has signed these agreements. The practical importance of these agreements for the company owner is mainly the fact that, in case of suspected money laundering or financing of terrorism by the Panama company, its registration agent may transfer personal data of persons participating in the company (in case of nominee services, beneficiary owners of the offshore company) and the basic description of its operations to higher authorities that may forward the case even to the Czech Republic.
Agreement for the avoidance of double taxation with the Czech Republic
This contract is concluded. Direct payments from the Czech Republic to Panama are subject to withholding taxes only in cases where this international treaty does not provide otherwise. The Panama offshore company is therefore, in cases defined by the international treaty, suitable for direct selling of goods or services to the Czech Republic.
Under this agreement, tax relevant information is exchanged between the two countries.
Agreement on the exchange of tax information with the Czech Republic
This agreement is not concluded.
Convention on Mutual Administrative Assistance in Tax Matters
This agreement is not concluded.
Common use of a Panamanian company
- Registration of ships and vessels- The Panamanian ship registry is the largest in the world.
- Private foundations (under the Act of 1995) - a tool that can be used primarily to protect property.
- Holding (parent company) to another company for the purpose of anonymity of property ownership.
- Direct sale of goods or services.
Establishing an offshore company in Panama
