PANAMA LAWYERS

Abogados De Gracia, Jaén & Assoc is a law firm dedicated to the practice of law based in Panama City, Panama. As lawyers in Panama we provided a wide range of general legal services to both nationals and foreigners.

We rely on the principles of honesty, fairness, justice, freedom and independence. In addition to the principles of trust and good faith which governs our relations between our clients and or law firm, we are bound by professional secrecy. A lawyer in Panama’s first responsibility to his client is a privileged relationship. We will be pleased to be your lawyers in Panama.

Panama is well known around the world for some of the best laws in banking, low cost ship and vessel registration, favorable corporate domestic taxes, a zero tax rate for income produced from sources outside of Panama, significant benefits for incorporation and as an affordable country for retirees, who have special legal privileges.

Legal Benefits for Corporations in Panama

Organizers, Directors and Officers

The law requires that two or more persons 18 years or older should be appointed to act as the incorporators.

At least three directors are required by law. Nominee directors are of public record and if privacy is required, we can provide the service of appointing the nominees and issuing a power of attorney to your Director, who can be on record, or can be off record with the appointment of a third Nominee with a power of attorney from all of the nominees.

The offices of President, Treasurer and Secretary are required for offshore Panamanian corporations, which may be natural persons, corporations or some other legal entity.

Meetings of Shareholders and Directors

Shareholder or Director Meetings can be held by telephone or any other electronic
means such as teleconferencing. Meetings may also be held anywhere in the world. There are no requirements for annual general shareholder or Director Meetings.

Shares, Stock, Capital

Businesses incorporated in Panama require no paid-in capital. For Authorized Capital, there is no time deadline for when it must be fully paid. The standard capitalization for a Panamanian Corporation is US$10,000.00. All types of shares are allowed: Par and Non-par Value Shares, voting and non-voting shares, as well as various other categories and classes.

Currency

The legal tender of Panama is the US dollar. There are no exchange controls or restrictions on the free movement of currency.

Reporting Requirements

There are no reporting requirements for non-resident Panamanian corporations.

Taxation

Non-resident Panama corporations are 100% tax-free on activities outside of Panama. The annual corporate franchise fee is presently US$250. You need a local Registered Agent in Panama for your Panama IBC. As your attorneys in Panama, we can provide all of the services required for managing your incorporation and ongoing legal requirements.

Records and Accounts

The documents for Panama offshore incorporation are filed with the Mercantile Registry and the names and addresses of the directors are a matter of public record. (Nominee directors are customary for privacy).

There is no requirement to keep books or records, and if you do they may be kept anyplace in the world. The same is true for financial statements.

The law requires that a Stock Register be kept and it can be located anyplace in the world. A Minute Book is a requirement and may be kept anywhere the Director chooses.

Incorporation

Incorporation in Panama can usually be done in less than one week. As your lawyers in Panama, we can provide all of the services required and can act as the Registered Agent for your incorporation purposes and to meet ongoing legal requirements.

Read more about becoming a Panama Corporation.

Offshore Corporate Banking in Panama

Offshore Corporate Accounts

We offer our clients several choices for corporate banking. All accounts are set up through our correspondent banks or brokerage firms. We have done extensive research to ensure that the recommended financial institutions are secure, stable and reputable.

Most clients need a corporate account for their corporation (or Foundation); otherwise the entity is generally useless for achieving your objectives. We realize that the type of account you select is essential for achieving your objectives, so we have provided a variety of account types to choose from. If you would like to set up an account through any particular bank or brokerage firm that we do not currently deal with, we can also assist you for a slightly higher set up fee.

Read more about Corporate Offshore Banking.

Panama Vessel Registration

Panama´s Vessel Registry is number-one worldwide in popularity due to the ease of use and very low registration taxes and fees as compared to other countries throughout the world. Marine vessel registration in Panama is widely used by international shipping companies due to the numerous advantages.

At the time of registration all vessels must pay a one-time enrollment fee, based on a variable scale, plus a government fee. Registration of the bill of sale is $0.20 per net registered ton or fraction thereof, plus 20% surtax. Annual tax is $0.10 per net ton, plus other charges.

Liberal labor laws concerning Panama flag vessels are also an important consideration, and income earned on international shipping activities is specifically and expressly exempted from Panama income taxes.

Read more about our legal services for Panama Vessel Registration.

Legal Requirements for Visas and Residency in Panama

Panama's Pensionado Program

Visas for Retired or Pensioned Persons in Panama

Panama’s immigration laws have created two types of visas, easily available to pensioned or retired foreigners, to enjoy life in this country during retirement.

Both visas grant the status of Resident and some tax exemption benefits. One is called Pensioned Tourist’s Visa, and the other is called Retired Pensioner’s Visa.

Panama Pensioned Tourist’s Visa

A Panamanian Pensioned Tourist Visa grants the right to reside in Panama, indefinitely, as long as evidence is filed that the applicant receives a pension, sufficient to pay for his expenses in the country, for a monthly minimum amount of US$500.00 or its equivalent in any foreign currency, plus US$100.00 for each dependant.

These amounts may be increased after revision, according to cost of living indexes, by resolution of the Executive Body. This increase would not affect the rights of those persons who already have been granted the visa.

Panama Retired Pensioner’s Visa

A Panamanian Retired Pensioner’s Visa grants residence in Panama for a 5-year period, which may be prolonged, as long as the applicant can prove that he has enough savings or income to pay for his expenses in the country, for a minimum monthly amount of US$750.00 plus US$100.00 for each dependant, exclusively as product of a fixed term interest earning deposit in the National Bank of Panama (Banco Nacional de Panama).

The Retired Pensioner’s Visa also offers the benefit of a special passport of the Republic of Panama but without granting Panamanian permanent residency or citizenship.

The practice of Immigration Law is an important part of our practice as your lawyers in Panama and we are experts at handling all of the details quickly and efficiently. Read more about the benefits of residency in Panama. They are considerable.

Please Contact Us Today

We would like to be your lawyers in Panama. Please contact Abogados De Gracia, Jaén & Assoc today for a free consultation.


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