Panama as an Offshore Company Tax Haven

Panama as an Offshore Company Tax Haven

Panama as an Offshore Company Tax Haven

There is no tax on income earned outside Panama. This rule applies to both personal and corporate income. Panama is also known for its strong maritime business and good privacy laws. Political stability is also recognized as good. As banking and shipping are Panama's two main offshore' industries there is a good selection of banks to choose from (more than 140). Panamanian bank accounts are becoming more popular because interest is tax free and, for EU nationals, they are excluded from the Savings Tax Directive.

Panama Companies and their Tax liability

Panama companies income tax is only payable on income from a business carried on within Panama or for individuals employed there. If you realize any capital gains, these are counted as a special form of income so if you have any overseas capital gains these should also be completely tax free. Gains on local assets can be taxed at 10%. Panama is popular as a corporate tax haven for a number of reasons. Its International Business Company (IBC) and foundation structures are often promoted by offshore incorporators as effective tax-avoidance tools.

Companies are subject to the territorial tax rule, just as individuals. Therefore provided a company doesn't derive its income from Panamanian activities, there will be no tax payable. This means that as a location for offshore IBCs Panama offers a sound 0% tax regime in most cases. This allied to the significant privacy benefits makes it a very popular destination.

Panama Offshore Company Banking

Offshore Formations 247 can incorporate Panama companies with a choice of offshore bank accounts at the time of company formation. We work closely with a number of banks, including HSBC, and FBME bank in Cyprus. Combining the two saves time and couldn't be simpler.

Panama Company Formation/Registration

Offshore Formations 247 are able to incorporate a Panama offshore company. Company formation normally takes up to 1 to 2 days to register, though Off The Shelf companies are available should your requirements be more immediate.

Panama Offshore Company Anonymity and Disclosure

The identity of the beneficial owners of a Panama offshore company are not made available on the public register. Directors details are however publicly available and so if anonymity is required, Offshore Formations 247 can supply the use of Nominee Directors. There is no requirement to prepare, maintain or file financial statements or annual returns. If the directors decide to maintain such accounts, they may be done anywhere in the world.

Panama Offshore Company Shares

The standard authorised share capital is US$10,000 divided in to 100 common voting shares of US$100 each or 500 common voting shares of no par value; the capital may be expressed in any convertible currency. The minimum issued capital is either one share of no par value or one share of par value.

Shares can be of various classes, can have par value or not, may be registered or bearer. Strict regulations now apply to bearer shares: the registered agent must keep the bearer share certificate in safe custody and must notify the Registrar about such shares. A Stock Register must be kept by law. The register contains the names in alphabetical order, place of domicile and date of acquisition of shareholders, other than the holders of Bearer Shares. This register may be held anywhere in the world.

Our Services Offshore Company Formation, Nominee Director, Nominee Shareholder, Mail forwarding and Bank Accounts

Offshore Formations 24.7 specialize in Panama company formations ranging from simple company registrations to complex structures including offshore Trusts and in providing a very comprehensive assortment of administrative services to Panama companies, including the provision of Nominee Director, Nominee Shareholder, Mail Forwarding and Bank Account services. We are also able to offer a 'transfer in' service whereby we can take over the management of your existing Panama Offshore Company, often for no cost at all.

Our specialist Panama company formation and company registration team:

Retains well-established affiliations with local company agents in Panama

Maintains an experienced staff with knowledge of legal requirements for company formation in Panama

Guarantees that all company filing fees and documents are up-to-date and notifies clients of all Panama compliance changes

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