Panama has the largest shipping fleet in the world, greater than those of the US and China combined. The country literally owns one of the world’s most important marine trade routes, the Panama Canal, which connects the Pacific and Atlantic oceans and facilitates transit of 14,000 ships per year. So do you think the famous “Panama Papers” – which were really about the BVI, a British territory – will make more than a minor dent in Panama’s reputation as an international business hub? We don’t.
The Republic of Panama, the story goes, was created in Suite 1162 of the Waldorf Astoria Hotel in New York. From its beginnings, in the early twentieth century, Panama was created by Wall Street entrepreneurs as the perfect tax haven for the time. It was given a territorial tax system – meaning that companies doing business there who received their income from overseas were not required to pay tax, nor even file a tax return. This system continues to this day.
One of the reasons we like Panama is that it is a country of three million people, a major player in global import-export and banking. In Panama you can, with the help of Offshore Pro Group, easily create the substance demanded in today’s offshore business environment. A small office, employee, local business license, local tax number and bank account, and you are ready to trade worldwide.
More recently, Panama has carved out a niche in Private Interest Foundations: an excellent wealth management vehicle that can help you preserve your hard-won assets and pass them on securely and tax free to future generations.
Offshore Pro Group offers:
For further information on Offshore Pro Group services in Panama, please contact us today.
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