Panama Standing Firm on Tax Information Exchange and Banking Secrecy

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Panama Standing Firm on Tax Information Exchange and Banking Secrecy

There shall be a reasonable transitional period with respect to any measure that must be implemented and that has an impact in the international services platform offered by the Republic of Panama, it being understood that the application of any measure shall occur at the same time as similar measures applied in each and every one of the states that are members or not of the and that Panama considers to be competitors in the provision of international services.” Note the Belize Phone Number List emphasis in the last per-condition above. Panama will only concede to any limited measure at the same time as similar measures have been applied to all other competitors in the provision of international services. That’s a long list and we doubt that every other competitor will come into conformity. China in the form of Hong Kong and Macau just for starters has signaled no such intentions. Some commentators have inferred that the pending free trade agreement between Panama and the U.S., which has been pending congressional approval for some time, will be used to pressure Panama into caving in. What is lost in the small print is the fact that this agreement is far more beneficial to the U.S. side then the Panamanian.

Panama exported to the United States last year and of the goods from Panama already enter the U.S. duty free under existing trade preferences. By contrast, Panama currently applies tariffs ranging from to on most manufactured goods, with rates in the high double and even triple digits for U.S. agricultural products. Panama also bans the import of re-manufactured goods. That’s a potentially lucrative market for U.S. industrial and consumer exports, including cell phones, computers and earth moving equipment. We have read many uninformed, misleading and self-serving articles even on supposedly well informed asset protection websites predicting the demise of Panama as an offshore financial center. We quote from one: Since the meeting the Panama company has been under quite a bit of fire from the US Government and Congress. Currently the US and Panama have a reciprocal free trade agreement between the two and the US government wants to do away with this agreement until Panama either hands over information on Americans in the jurisdiction which means doing away with their banking privacy laws or taking drastic measures to change legislation which makes Panama a fiscal paradise. The US has always had a strong hold in Panama even after their retreat and the handover of the Panama canal. Many Americans who currently own or are the beneficial owners of a Panama Company have been looking for safe alternatives before the house of cards begins to fall down around them”.

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Apart from the erroneous fact that the free trade agreement has yet to be ratified and the fact that the U.S. has not had a strong hand in Panama since it removed its forces 10 years ago and has been denied even the use of one of its former bases just for drug interdiction and intelligence purposes, we would say just the opposite is the truth. Also, Americans with Panama companies are not looking for other alternatives fearing everything is about to come tumbling down. Au they are looking to Panama as one of the last few bastions with clout and independence to continue their long standing policies. The smaller nations are inevitably more vulnerable and with much smaller economies open to bribery. Those other alternative jurisdictions, many of which we offer such as Belize, Nevis and the Seychelles, will have had to go the way of the wishes first before Panama will even consider implementing any changes. Therefore if Panama goes it will be because every other offshore financial center has already agreed to do so. We consider that eventuality highly unlikely based on the current scenarios before us.

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