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OFFSHORE CORPORATIONS OR COMPANIES IN PANAMA

OFFSHORE LIMITED LIABILITY COMPANIES (LLC) IN PANAMA

PRIVATE INTEREST FOUNDATIONS IN PANAMA

OFFSHORE CORPORATIONS OR COMPANIES IN OTHER JURISDICTIONS (IBC)

 

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BENEFITS AND ADVANTAGES

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OFFSHORE CORPORATIONS OR COMPANIES IN PANAMA

FISCAL BENEFITS OF OFFSHORE CORPORATIONS IN PANAMA

Panamanian Corporations are subject to Panamanian territorial fiscal regime, which only requires the payment of taxes for operations taking place within the territory of the Republic of Panama.

For any other operation, which is consummated or is effectuated abroad, that is, operations of an Offshore character, Panamanian Companies or Corporations do not have to pay any taxes, except for the Annual Company Tax, even if the operation is managed from an office located in Panama.

Companies must pay an annual fee of US $300.00 for registration tax or duration, known as the Annual Company Tax.

DOMICILE, VIRTUAL OFFICE, AND RE-INVOICING

Domicile is a fundamental concept in the FISCAL PLANNING area of International Fiscal Planning. This connecting point allows the implementation of measures that permit the maximum fiscal savings, in a global and lasting manner.

In other words, establishing the Domicile of Companies or Corporations implies submitting to the fiscal regulations of the country where said domicile has been established, which in turn makes it possible to apply to an universal or territorial fiscal regime, depending if in the country one system or the other is applicable.

Panama has a fiscal system based in territoriality, which makes it obligatory to declare and pay taxes on the commercial activities that generate taxable income only within the Panamanian fiscal territory, thereby excluding the applicability of the universal income principle prevailing in many other countries.

Among the activities that the territorial system allows are the carrying out of import/export operations for prices equal or higher, via the utilization of an Intermediary Company which allows not only to make the commercial operation more efficient, facilitating payments and collections for example, but also the generation of savings.

This intermediation operation is commonly referred to as TRIANGULATION, due to the fact that in the operation there are three parties carrying out specific duties, one of them being the re-invoicing of merchandise, which is effectuated in accordance to the legislation presently enforced.

 

In effect, in accordance with article 694 of the Panamanian Fiscal Code, income generated by the following operations will not be considered generated within the territory of the Republic of Panama:

A- The invoicing from an office established in Panama of the sale of merchandise or products for an

amount higher than the merchandise or products had been invoiced against the office established in Panama, if and when said merchandise or products are only transported abroad.

B- Direct, from an office established in Panama, transactions that are perfected, consummated, or

are effective abroad.

C- Distribute dividends or participations of juridical persons, when said dividends or participations

arise from income not generated within the territory of the Republic of Panama, including income generated by the activities mentioned in literals a and b of this paragraph.

As highlighted, the triangulation activity, also known as re-invoicing, can and must be carried out from an office located in the Republic of Panama, which implies the domicile of the corporation to be in Panama, without this generating any tax obligations.

In some cases, it is important that the international fiscal planning process involves the establishment, not only of a virtual office, but also the generation of a special accounting for the type of operation carried out, as well as the issuance of all type of documentation which evidences the existence of an operation based in Panama.

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