The Panama jurisdiction
Panama is situated in Central America and it’s considered a great prospect for foreign investment and development. It enjoys a free economy, which is based on tourism, real estate, construction, commerce and manufacturing industries, and it’s the world’s largest registry of vessels.
Non-resident international companies are fully exempt from taxes and, just like in the Cyprus jurisdiction , the identities of the shareholders, owners and beneficiaries are kept private, something imposed and secured by the constitution. The Panama jurisdiction has simple and fast incorporation procedures and it usually takes 3-5 days for their completion.
The Panama taxation system allows organizations and individuals to keep tax-free International (offshore) accounts and any revenue earned outside the country is totally free of Panamanian taxes. It also imposes low indigenous individual and corporate taxes.
Panama earns most of its GDP from the tolls collected from the use of the Panama Canal and this is why the country functions very well without imposing heavy taxes. The Panama taxation system helps individuals and organizations keep as much money as possible and this alone explains why this country is a major International (offshore) business center.