1. Panama is a country located in Central America, between Costa Rica and Colombia, and the Pacific Ocean and the Caribbean Sea.
2. Panama has a population of 3,242,173.
3. The official Language is Spanish, although English is widely spoken.
4. The official currency of Panama is the US Dollar, which has been in circulation without any exchange control since 1904. Panama has no central Bank.
5. Panama is a republic, sovereign and democratic. The power is divided into three state branches: the Executive, the Legislative and the Judiciary.
6. Panama has one of the most stable governments in all Latin America.
7. Panama is a modern country with advanced communications systems.
8. Panama has a free trade economy, heavily based on transportation and service.
9. The Panamanian economy has a high rate of development. Factors such as the Real Estate Boom and construction, the Panama Canal expansion and the import/export trade areas of the Colon Free Zone are important factors in this.
10. Panama is a tax haven because all income generated outside of Panama is tax exempt, no matter if the capital is in name of a Panamanian juridical person or a local bank. Interests from bank accounts are also tax exempt.
11. Panama City has the best and most modern banking network in all Latin America. We have more than 80 well-known national and international banks.
12. Panamanian Banking Law is very similar to countries like Switzerland, where confidentiality is strictly enforced and protected by our Constitution. We do not have any Mutual Legal Assistance Treaties (MLAT) to share bank information with other countries.
13. Panama has a “Corporate Veil”, which can only be lifted by the national authorities in case they have explicit and supportive evidence that proves that the shareholders or directors of the company have been involved in drug trafficking, money laundering and/or other unlawful acts that are punished by our criminal code.
14. Panama offers legal certainty; Law 32 of 1927 which regulates Panamanian companies and Law 25 of 1995 which regulates Panamanian Private Interest Foundations have not been changed or modified since their inception.
