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WHY PANAMA? | |
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PANAMA FOUNDATIONS | |
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OUR PEOPLE | |
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FACT SHEET | |
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CORPORATE VEHICLE | |
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CONTACT US | |
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| Why Panama? |
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Panama continues to be a leading jurisdiction for discerning clients looking for wealth management services and at Western we pride ourselves on our ability to deliver a superior product at a very competitive price.
Panama combines maximum financial privacy, strong anti-money laundering laws, has a history of judicial enforcement of asset protection-friendly laws. It is able to maintain a high level of independence from outside pressures given it's very special relationship with the USA. For many reasons, Panama is the perfect solution for the offshore investor who wants to enjoy strong legally guaranteed financial privacy and no taxes. Panama has adopted more than 40 laws protecting foreigner's financial and investment rights, including the Investments Stability Law, which guarantees foreign and local investors equal rights. The law also provides important tax advantages for foreigners who wish to become residents. The only real requirements being good health and a minimum monthly income of $500. In 2004 the IMF concluded that Panama's banks were both sound and profitable. The Republic of Panama is an isthmus that links North and South America north to south at the narrowest point of the country it has a long tradition in international trade dating from colonial times that has been a magnet in attracting people from different nationalities, races and religions. The official language is Spanish. About 14% of Panamanians speak English. The ethnic groups which comprise the Panamanians are: the Mestizo, which are mixed Amerindian and white. They constitute about 70% of the population. West Indian, Caucasian and Indian account for 14%, 10% and 6% respectively. Panama's seaports are one of the major contributors to its development. The Panama Canal which was completed in 1914, provides the gateway between the Pacific and the Atlantic Oceans, through the Caribbean Sea, and has created the opportunity for the Republic to emerge as the leading transshipment location in the region. |
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| Panama added to the OECD White List |
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Panama has been added to the Organisation for Economic Cooperation and Development (OECD) list of jurisdictions categorized as having substantially implemented the standards for International taxation adopted by the OECD. The new "White List" status comes as a result of the signing of double taxation agreement with France on July 6 2012.
To date, Panama has signed twelve (12) Double Taxation Agreements with Barbados, South Korea, Spain, France, Italy, Luxembourg, Mexico, The Netherlands, Portugal, Qatar, Singapore and the United States of America. All these agreements included provisions for the exchange of information, however the basic principles that guarantee the taxpayers' basic rights and protection of their privacy have been preserved. Panama is the 39th jurisdiction to move to the OECD's "substantially implemented" category since the progress report was first issued in April 2009. The Panamanian Government has worked hard towards implementing the changes. The procedure for the exchange of financial information under the Double Taxation Agreements has already been regulated, to avoid any kind of fishing expeditions or requests that are not strictly compliant with the provisions of the treaty. Also, a new "Know Your Client" law has been enacted in order to harmonize all Know Your Clients procedures for corporate and fiduciary service providers. |
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| Why choose Panamanian companies? |
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• Can be incorporated without regards to the nationality of its directors and shareholders • Income generated by a Panamanian Corporation outside of the Panamanian Territory is tax exempted. • There is no need to file any financial reports or tax returns to the Panamanian authorities, if the company does not operate in Panama. • Companies may act as directors, officers and corporate liquidators/ • Shares may be issued to the bearer or registered. In any event, the name of the shareholder is not disclosed to the Public Registry |
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Terms & Conditions | © 2006 Western Trust Corporation |