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Investing in Panama 2016

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Investing in Panamá es una publicación elaborada por la consultora Casin, referente del Outsourcing Administrativo, Contable e Impositivo de Panamá y por Santa Fe Associates Internacional para que cualquier interesado en invertir en Panamá tenga una primera información resumida sobre los aspectos que pueden interesarle de este país.

Publicada em: Economia e finanças
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Investing in Panama 2016

  1. 1. PANAMÁ INVESTING IN PANAMA 2016
  2. 2. Casin & Asociados PROYECCIONES 2012 WHY INVEST IN PANAMA Investing in Panamá  LOCATION in the center of the American continent  FISCAL STABILITY to attract investments  LEGAL INCENTIVES in order to promote investment and fair trade: Multinational Enterprises Headquarters,Tourism Law, Special Economic Areas (FreeTrade Zones)  Most solid and reliable banking and FINANCIAL SYSTEM in the region  GOVERNMENT with stable democracy since 1989  Large communications and infrastructure NETWORKS  HUB of the Americas & Panama Canal
  3. 3. Casin & Asociados PROYECCIONES 2012 ECONOMIC INDICATORS Investing in Panamá Capital Panama City Area 0.075 million km2 Official language Spanish (Official)/ English (Commercial) Life expectancy 73 years Currency USD Economic Growth 6.2% Wealth: GDP Per Capita (2012 or latest available) USD 16.994 Unemployment rate 4.1% Inflation rate 4.0% Population (2012 or latest available) 3.8 million Investment Grade BBB Literacy rate 94.5%
  4. 4. Casin & Asociados PROYECCIONES 2012 ECONOMIC INDICATORS Investing in Panamá
  5. 5. Casin & Asociados PROYECCIONES 2012 ECONOMIC PROJECTIONS Investing in Panamá
  6. 6. Casin & Asociados PROYECCIONES 2012 PUBLIC INVESTMENT Investing in Panamá  Estimated in 4,000M for 2017  Expanded Canal  Airport extension  Metro Lines 2 and 3  New Bridges over the Canal  Renovation City of Columbus  Health and educational projects
  7. 7. Casin & Asociados PROYECCIONES 2012 ESTABLISHING A COMPANY Investing in Panamá 1) Hire a registered agent which must be a lawyer or a law firm, who have to prepare the Articles of Association. Directors can be foreigners. 2) Register at the Public Registry and pay Annual FranchiseTax (Tasa Única). Payments can be made at the National Bank of Panama or at any cashier of the Ministry of Economy and Finance. 3) Obtain a notice of operation ("aviso de operación") through the "Panama emprende" website. 4) Register with municipality 5) Request an employers' inscription number from the Social SecurityAdministration -The Social SecurityAdministration manages insurance programs for pension, health, unemployment, and occupational accident and injury. Principal business entities: These are the corporation, limited liability company, limited liability partnership, general partnership, joint venture and branch of a foreign corporation
  8. 8. Casin & Asociados PROYECCIONES 2012 TAXATION Investing in Panamá • INCOMETAX Local operations taxed at 25%) Offshore operations are exempt Special Regimes WitholdingTax 12.5% • VAT Regular rate 7% Witholding Agents (2016) • CAPITAL GAINS (for negotiable instruments/ real property) 10% over gains • AVISO OPERACIÓN
  9. 9. Casin & Asociados PROYECCIONES 2012 TAXATION Investing in Panamá • DIVIDENDTAX 5% for offshore income 10% for local income (nominative shares) 20% for local income (bearer shares) • SOCIAL CHARGES Employer 14.75% Employee 11% Special Regimes • OTHERTAXES Municipality Other fees
  10. 10. Casin & Asociados PROYECCIONES 2012 TAXATION Investing in Panamá DOUBLETAXATION TREATIES
  11. 11. Casin & Asociados PROYECCIONES 2012 TAXATION Investing in Panamá INFORMATION EXCHANGETREATIES
  12. 12. Casin & Asociados PROYECCIONES 2012 TAXATION Investing in Panamá • INCENTIVES • Multinational Headquarters (MHQ): Licensed MHQs are exempt from income tax on services provided to nonresident entities that do not derive Panama- source income, from dividend tax and from PanamanianVAT on export services provided to nonresidents that do not generate taxable income in Panama. Foreign employees working in Panama for an MHQ are exempt from income tax on their wages and other remuneration that is not paid by the MHQ.
  13. 13. Casin & Asociados PROYECCIONES 2012 TAXATION Investing in Panamá • INCENTIVES • Tourism: A variety of tax incentives are granted to encourage investment in new projects and activities relating to tourist facilities, including an exemption from income tax, property tax, import taxes and other taxes, depending on the amount of investment and location.The incentives will expire between 2016 and 2020. • Other Incentives: Incentives also are available in the Colon Free Trade Zone, Howard (Panama Pacífico), Petroleum FreeTrade Zones, etc.
  14. 14. Casin & Asociados PROYECCIONES 2012 TAXATION – ANTI-AVOIDANCE RULES Investing in Panamá • FATCA - Foreign AccountTax Compliance Act (USA) • TRANSFER PRICING REGULATIONS • SUSPICIOUS ACTIVITY REPORT (SAR) MILESTONES • In 2015 the BEARER SHARES were forbidden • In February 2016, Panama is removed from Gray List of Financial ActionTask Force (FATF) • Panama approves the MAC (Convention on Mutual Administrative Assistance inTax Matters) along with more than 50 countries, effective as of 2018.
  15. 15. Casin & Asociados PROYECCIONES 2012 COMMERCIAL TREATIES Investing in Panamá
  16. 16. Casin & Asociados PROYECCIONES 2012Investing in Panamá WEBSITES OF INTERESt Dirección General de Ingresos (DGI) www.dgi.gob.pa Panama Emprende www.panamaemprende.Gob.pa Ministerio de Comercio e Industrias (MICI) www.mici.gob.pa Momento Fiscal www.momentoiscal.com/leyes
  17. 17. Casin & Asociados

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