Panama Pacifico: Gateway to the Americas

Contributed by Freemont Group http://www.freemontgroup.com

Last month a delegation of the Freemont Group participated in a live and invest overseas seminar held in Panama. It proved to be an exciting event that revealed many lesser well-know Panamanian legal secrets and investment opportunities. One presentation in particular was a combination of both: the new free zone of Panama Pacifico. Based on the Dubai free zone concept, Panama Pacifico offers a wide range of (tax) exemptions and facilities unheard of in the America´s.

Similar to the Free Zones of Dubai, Panama Pacifico houses a ´One Stop Shop´ that bundles 15 government’s offices into one location. All companies incorporated in the Free Zone receive full exemption from indirect taxes such as import duties, sales taxes, license fees, real estate tax and so on.

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Panama and the United States Sign an Agreement for Tax Cooperation and Tax Exchange of Information Relating to Taxes

Contributed by Icaza, Gonzalez-Ruiz & Aleman

On the 30th day of November of 2010, the governments of the Republic of Panama and of the United States of America ("USA") signed an "Agreement for Tax Cooperation and the Exchange of Information relating to Taxes" ("the Agreement").

It is important to emphasize that the Agreement can only be applied to cases related with USA federal taxes and Panama national taxes. Therefore, it is just applicable to the information related to tax payers of both countries.

The requests of information that one of the States file, through its competent authority to the competent authority of the other State must be accurate and must always detail in writing, among other things, i) the complete identity of the taxpayer investigated; ii) the accurate time period that covers the investigation; iii) the nature of the requested information; iv) the legal basis of the request and v) the name and address of the person or entity that is presumed to be in possession of the information. The requests that do not comply with these requirements shall not be accepted, which shall prevent the indiscriminate requests or “fishing expeditions”.

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PANAMA FACT FILE

The Republic of Panama, between Colombia and Costa Rica, has a population of just over 3.4m and a land area of 76,000 sq km. The climate is tropical. Panama is a sovereign democracy with a presidential style of government. A pro-business government fell from power in 1999 and a new president, Mireya Moscoso made populist promises. However, In May, 2004, Martin Torrijos (son of Omar Torrijos, who ruled Panama between 1968 and 1981) was elected President. After losing the presidential battle in 1999, Torrijos assumed leadership of his father's party, sought to reform it, and created a platform based on combating corruption, boosting employment, and reforming Panama's fiscal system. The pro-business Ricardo Martinelli has been President since July 2009.

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PANAMA IN THE NEWS

FTAs To Boost US Agriculture, Says Kirk
The United States House of Representatives Agriculture Committee has held a public hearing to examine the three pending free trade agreements (FTAs) with Colombia, Panama, and South Korea, and the issues surrounding their implementation. Read full story

USTR Ready To Discuss FTA Bills With Congress
The United States government has indicated its readiness to begin technical discussions with congressional staff on the draft implementing bills and draft statements of administrative action for the pending free trade agreements with South Korea, Colombia, and Panama. Read full story

Offshore Banking Body Rebrands
Having broadened its role as a representative on behalf of numerous offshore financial centres in issues pertaining to financial sector regulation and best standards, the Offshore Group of Banking Supervisors has decided to rebrand itself the 'Group of International Finance Centre Supervisors'. Read full story

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