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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Panama Income Taxes - If you or your Corporation receives income from outside of Panama there is no taxation on the money. Panama does not tax offshore derived income. In fact there is not even a need to file an income tax return if all your income was from outside of Panama. An example of income that would require taxes to be paid and the filing of a tax return would be for example opening a shoe store in Panama City, or a Pizza store. These examples would be receiving income from within Panama for services performed in Panama. You can have a Corporation in Panama, with a bank account in Panama, an office in Panama, a web site in Panama, a telephone in Panama and receive money entirely from outside of Panama and have no income tax liability or even have to file a Panama tax return. If you are a regular Panama based employee of a Panama business there is a graduated income tax that can go up to 30% (approx.).
Panama Capital Gains Tax – There is no capital gains tax in Panama as there is such a tax in other countries. Bank account interest is not taxed at all even if in a Panama bank. If you have a stock brokerage account with a Panama Stock Broker profits from the sales of stocks, bonds, options, futures etc is not taxed with the exception being if you invested in the stocks of a Panama Company and since the Panama Stock exchange is so small this is a most unlikely occurrence.
Panama Corporate Tax – The Panama Corporate tax is fixed at $300 which we include in all of our fees.
Panama Foundation Tax – This is affixed tax at $300 per year and is included in all of our fees.
Panama Inheritance Tax – Panama has no inheritance tax.
Panama Property Taxes – Much of the property in Panama was built with a 20 year tax exemption for property taxes. Certain retired people are exempt from property taxes. If your property no longer has the 20 year exemption, the taxes run something like 1.5%. One of the reasons for the recent building boom in Panama was to take advantage of the 20 year tax exemption law which recently expired.
Panama Sales Tax – Panama sales tax is 5%. Panama does not have a VAT tax. Panama does not have these excessive import duties like one encounters in the Caribbean so called tax havens where there is no income tax at all on any income onshore or offshore. These import duties can drive the price of an appliance like a television into the over $1000 range for a simple 25 inch non-plasma TV.
Panama Taxes Summary – In general you will be tax free in Panama unless you operate a business inside of Panama with Panamanian customers or have a regular job in Panama. Panama is a true tax haven.
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.
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