Panama – Key Benefits
Panama IBC’s benefits are renowned for offering excellent tax benefits, asset protection and high confidentiality. Some of the benefits are listed below:
- Panama has a territorial tax system which means that income is only taxed if it derives from Panama therefore no tax is payable when income is obtained from a source outside Panama
- The incorporation process is quick and the ongoing maintenance costs are minimal
- Minimal reporting requirements, no audit is necessary
- Corporate assets or capital of a Panama company can be kept outside Panama
- There are no residency requirements or restrictions with regards to Owner, Directors or Shareholders
- Shareholders and Directors meetings may be held and the directors can attend personally or by proxy
- No restrictions on shares. Shares may be held in registered or bearer form
- No paid up capital requirement
- No inheritance tax
- No currency exchange controls
- Legal protection provided for confidentiality of business and banking transactions
- Excellent infrastructure and communications