201602.23
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Panama´s International Airport is expanding

Tocumen International Airport in Panama is known the “Hub of the Americas”, and the home port of the Panamanian airline COPA. Presently, 41 airline companies are active in the airport, with an estimate of 30,000 passengers per day, and some 360 daily landings and departs. The capacity of Tocumen airport is reaching its limit. In…

201602.23
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Panama and the Industries

Recently, the Ministry of Commerce declared that it is working a law project with the aim of promoting industrial investment in the country, through fiscal incentives. These incentives may bring a substantial reduction in taxation, bringing the average taxes from a current 25% to as low as 10%. The idea behind these incentives, is to…

201602.18
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PANAMA & FATF (GAFI for its Spanish acronym) 

Today, the Minister of Economy and Finance of the Republic of Panama announced from Paris, France, that the Financial Action Task Force (FATF) remove Panama from the grey list that had included the country since June 2014. Months after Panama made major changes and modernised its anti-money laundering legal instruments, FATF agreed, during its General…

201510.21
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ASSA completes purchase of AIG operations in Central America

The Panamanian insurance company ASSA announced last October 15th that it had completed the purchase of the 100% of the insurance operations of American International Group (AIG) in Guatemala, Honduras, Salvador and Panama. This purchase sets ASSA as one of the major regional insurance companies in Central America, with operations also in Panama (where it…

201510.21
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ECUADOR IN PROCESS OF FINAL EXCLUSION OF FATCA (GAFI) LIST

The Government of Ecuador announced it starts today the process of final exclusion from FATCA´s list of countries with deficiencies in the fight against money laundering and financing of terrorist activities. After a review of the Regional Reviewing Group of FATCA, and the recognition of an adequate legal and institutional framework, the country is waiting…

201510.20
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AUTHORIZED CUSTODIAN – BEARER SHARES

By means of law 47 of August 6th 2013, the Republic of Panama applied a new requirement for companies that were to keep bearer shares,. All companies that wanted to maintain bearer shares, were to appoint Custodians, which were to be subject to certain requirements. Although the law originally was intended to be put in…

201510.20
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GAFI to review Panama´s advances in fight against money laundering

Following a series of modifications in the laws of Panama, in order to effectively combat money laundering, the Assembly of GAFI in a meeting in Paris, France, agreed to send a commission to visit Panama in February 2016 to evaluate the advances made so far. Several countries, including Spain, the United States, Mexico, France, Germany,…

201507.01
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Retirement in the Caribbean?

In these turbulent times, with spread violent conflicts, systematic financial problems in many countries, taxation, health care and even basics at sky rocket prices, finding a place for a quite retirement seems an impossible task. One country has been named these recent years, over and over again, as one of the best places in the…

Immobilization of Bearer Shares
201310.01
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Immobilization of Bearer Shares

Immobilization of Bearer Shares The Republic of Panama has recently enacted Law 47 of 6 August 2013 whereby applicable measures are adopted for the immobilization of bearer shares in Panamanian corporations. For the purpose of clarifying concepts and avoiding misinterpretations, we have prepared a synopsis covering the real effects, scope and meaning thereof. 1. Law…

Coast Eco Timber
201308.20
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Coast Eco Timber

Last August 16th our clients Coast Eco Timber, a Canadian company with operations in Canada and Panama, held a ceremony to present to the public their facilities of underwater logging in Bayano, Panama.  The owner and CEO, Ms Alana Husby, made the inaugural speech, before personalities of the Panamanian Government and the Ambassadors of Canada…