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The Retired Pensioner’s Visa also
offers the benefit of a special passport of the Republic of Panama
but without granting the Panamanian nationality.
Both visas give the following benefits:
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No income tax is paid in Panama
for the pension received nor the interest gained from the
fixed term deposit |
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Tax free importation of new or
used household goods for up to USD 10,000.00 |
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Tax free importation of a car,
for personal or family use, every two years |
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All benefits given to
Panamanian retired persons by Law No. 6 of 1987 (discounts
in restaurants, hotels, and some tax benefits) |
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No obligation to pay warranty
deposits, as required for other types of visas. After
filing the application, the whole procedure may take two
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OTHER NECESSARY VISA IN PANAMA: THE
SIMPLE OR MULTIPLE RETURN VISA
Apart from the two visas mentioned
above, to travel outside Panama and return under equal conditions,
all foreigners having resident status in Panama must obtain a Return
Visa.
Therefore, after the main visa is
granted, a Multiple Return Visa should be obtained when traveling
abroad. This only takes two days and no major requirements.
The Simple one will serve for one
return entrance only, while the multiple one lasts two years.
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PANAMA OFFSHORE CORPORATIONS
Offshore corporations, either
Panamanian or Caribbean, and Private Interest Foundations are
commonly used for reducing tax burden and for the protection of
assets. It also helps in maintaining confidentiality. They may be
used as holding companies, as owners of any kind of property, such
as bank or investments accounts, real estate property, etc, as well
as for business activities outside your actual place of business.
Two or more persons of legal age,
without regard to nationality or domicile, may create a Corporation
and start operations immediately, without any capital subscription.
Shares may be issued to a person or to bearer. Par value nominative
shares may be issued even when no payment has been received for them.
Composed of a minimum of three natural
persons, the Board of Directors will direct and administer the
corporation’s businesses. Such powers may be limited in the Articles
of Incorporation or any amendment thereof and left exclusively to
shareholders’ resolutions as they may agree in general meetings.
Amendments to the Articles of Incorporation are within the exclusive
powers of Shareholders or subscribers to the Articles of
Incorporation, if shares are not issued
Board of Directors’ and Shareholders’
Meetings may take place even when all members are not present, if
they have been in contact by phone, fax, or any electronic
communication method. A Minute of the meeting must then be issued,
indicating the decisions taken and the communication method used by
participants.
According to Law No. 61 of December 26,
2002, Corporations must pay an annual tax for the sum of $250.00
plus a $50.00 overcharge when paid on retard and a fine of $250.00
will be applied when annual tax for more than one period is overdue.
On time annual tax payments must take place for the latest on June
30 for corporations registered from the months of January to June
and on December 31 for those registered from July to December.
Registration rights will depend on the corporation's capital.
Offshore corporations do not pay income
taxes in Panama, as they do not have economic activity in Panama.
Foreign corporations wanting to do
business in this country may open agencies or offices in Panama,
after they have been duly registered in the Public Registry and
obtained the required licenses.
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PRIVATE INTEREST FOUNDATIONS IN PANAMA
Mainly ruled by the Charter and its
Regulations, Private Interest Foundations are usually used to
protect family assets and income, as well as for succession purposes.
Its regulations may be private, not needing public registration.
According to Law No. 25 of 1995, one or
more natural or juridical persons can create a Private Interest
Foundation, by constituting a separate estate exclusively destined
to serve the objectives expressly established in a Foundation’s
Charter. Registration rights and annual taxes are equal to those of
Corporations.
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Although a Private Interest Foundation
can’t pursue lucrative objectives, it can perform commercial
activities in a non habitual manner and execute any rights arising
from stocks, bonds, or other capital values, as long as the product
of that activity is exclusively destined to the foundation’s
objectives.
Private Interest Foundations may be
constituted either to take effect immediately or after founder’s
death, through a private document subscribed by founder, whose
signature must be authenticated by a Notary Public or directly
before a Notary Public. In both cases, through a public or a private
document, testamentary formalities will not be required when the
foundation is created to take effect after founder’s death.
Foundation’s assets will not respond to
founder’s obligations unless transferal of goods or assets is done
in fraud of creditors, whose rights to claim prescribe after three
years, from the date assets are transferred.
There will be a Foundation Counsel, as
established in the Charter or its regulations and, except in the
case it is conformed of one juridical person, it will be composed of
three natural persons. Counsel’s main obligations and duties will be
to administer assets, celebrate contracts, and do business; inform
beneficiaries of the economic situation; and deliver benefits,
unless otherwise is stated in the Charter and its regulations but
always complying with the foundations expressed objectives.
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Counsel’s obligation and duties may be
supervised and limited by a committee, a protector, or any
supervising entity. Members of the Counsel will not be responsible
for losses or damages caused as long as they act with the
authorization of the supervising entity.
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PANAMA OFFSHORE BANK ACCOUNTS
The Republic of Panama is known as an
Offshore Service Center, where its International Banking Center
excels, allowing the opening of Foreign or Local Bank Accounts, in a
prompt and safe manner, an indispensable tool for making financial
operations in an offshore structure for tax planning and asset
protection, in addition to corporations, offshore companies, private
interest foundations and trusts.
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The Panamanian
LAW FIRM CORBETTI LAWYERS can help you in the process of opening offshore bank
accounts in well known and prestigious banks. This law firm will
guide you throughout the whole process, by offering the services of
preparing the required documentation, such as the bank account
opening applications and banking contracts, by drafting or obtaining
the required legal documents, or by legalizing the minutes of the
corporations or offshore companies under our administration.
The complete transaction can be
completed with the client remaining outside Panama. Most Banks will
require information and references on the commercial and banking
history of the interested party, and in some occasions, a personal
interview or meeting with the future bank account executive in the
country, may be required. Once the application is accepted, the
client can make any deposits or withdrawals, execute money transfers
or give investments orders, have check books, obtain credit cards,
etc. At this point, our work would be fulfilled, not having any
relation with the account’s movements or with transactions made, to
maintain discretion and confidentiality.
SHIPS AND YACHTS REGISTRATION IN PANAMA
Panama is known for rendering a many
services, especially in the maritime sector, which is benefited by
the open registry or flag of convenience regime, the reason why
Panama has the major fleet in the world.
Panama’s Public Registry and the
Merchant Marine Directorate have combined their efforts to fortify
the sector, while the
CORBETTI LAWYERS has the experience
and qualifications to help you with the registration of ships and
yachts or the registration of ship mortgages for vessels of any
tonnage.
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