INFORMATION OF PANAMA
Panama’s economy is based primarily on a wide range services sector, which includes banking, operating the Panama Canal, the Colon Free Zone, insurance, tourism, flag ship registry, and container ports. A combination of factors such as the geographical location, a dollarised economy, well-developed facilities and simple business requirements, makes Panama an affordable place for new investments.
The geographical location makes Panama a privileged country, because it does not have any major natural disasters and offers a high quality natural environment.
Panama has reached the grade of International Business, in which it adds advantages authorized to foreign investments, which are protected by the local laws and receiving judicial security, fiscal incentives, immigration facilities, as in the issuance of permanent visas as in the issuance of work permits.
Panama offers incentives to promote investments in tourism such exemptions from import duties, income, real estate and other taxes. In recent years, Panama cruise ship activity sector has experienced growth. The country is developing infrastructure to accommodate this industry, including two ports in the Atlantic side and one in the Pacific. Panama’s attractive natural resources, is also increasing ecotourism becoming one of the most exciting destinations of the world. It offers visitors excellent choice of destinations, from the rainforest of Darien to the Metropolitan Park located within the capital city limits.
The Panamanian international banking center unites more than 85 banks from different countries. Panamanian Banking law (Decree No. 9) meets the standards of leading financial centers around the world for transparency and regulation. It also has compelling regulations against money laundering and terrorism financing through its different governmental agencies in close cooperation with other countries.
Regarding taxes, Panama is characterized Income tax is collected on all revenues produced within the territory of the Republic of Panama, with the exceptions that the law establishes. This concept of territoriality is one of the determining factors making Panama a center of international operations.