EDGE Magazine | Q3 2011
We consider that if Panama didn't comply with the requests of the OECD to sign these agreements, the economical growth that the country is experiencing may have not been possible and wouldn't continue in the upcoming years.
Panama has already signed Double Taxation Treaties
with the following countries: Mexico, Italy, Barbados, Netherlands, Qatar, Spain, Luxembourg, Portugal, South Corea, Singapur, United States and France. In the specific case of the United States, Panama signed a Tax Information Exchange Agreement.
After signing the Double Taxation Treaty with France, Panama was removed from the gray list of tax heavens of the OECD, on July 6th, 2011.
Panama is currently negotiating Double Taxation Treaties with Belgium, Ireland, Czech Republic, Israel, Hungary, Bahrein, Switzerland and Cyprus. As expected, the signature of these agreements has brought up doubts and concerns within the international community regarding changes of certain legislations that have made Panama one of the top offshore jurisdictions and with a renown and respected Banking Center, specifically issues such as the anonymity of the shareholders in Panamanian Corporations and the strong banking secrecy laws that apply to the bank accounts in Panama and its signatories. After reviewing the Double Taxation Agreements signed by Panama with these countries, we understand that the main principles of the Corporate and Banking Laws in Panama have not changed and will not be affected with these treaties. The banking secrecy that applies to Panamanian Bank
Accounts will be maintained unless the other country can prove that an illicit act has been committed. The exchange of information between the two countries will follow a specific process. Panama has showed that although it has adopted these agreements looking to improve commercial investments, it still maintains the fundamental pillars of its corporate, tax and banking systems. We consider that Panama still remains as one of the top jurisdictions for offshore investments, organization of businesses and international commercial transactions, with the same strong laws and banking secrecy since it was created.
Image: Ambro /
FreeDigitalPhotos.net
Gisela Martinez Panama
Panama Legal, Panama
gmartinez@pllawyers.net
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