Panama Information: Business, Taxation and Offshore View a Different Tax Jurisdiction In this section: - Panama Tax-News.com Coverage » - Panama Tax Treaty Updates from TreatyPro » - Panama Knowledge Base » - Panama Comments »   Panama Tax-News.com Coverage - 11/04/2013 Panama Reforms Tax Authority - 04/04/2013 Pacific Alliance Agrees Free Trade Zone - 03/04/2013 Canada-Panama Free Trade Agreement In Force - 20/03/2013 Canada Hails TIEA With Panama As Key In Tax Evasion Fight - 06/03/2013 Swiss Bank Liable In US Tax Evasion Case More Panama Tax News »   Panama Tax Treaty Updates from TreatyPro Treaty Update: Panama - Various 9/4/2013 The Panama Government announced on April 4, 2013, that the nation will soon launch negotiations with Austria and Vietnam towards new double tax agreements. Treaty Update: Panama - United Kingdom 5/4/2013 Panama and the United Kingdom have agreed to the signing of a DTA in May 2013, Panama's ambassador to Britain, Ana Irene Delgado has announced. Treaty Update: Panama - Canada 19/3/2013 Panama and Canada signed a TIEA on March 17, 2013. More Panama Tax Treaty Updates from TreatyPro »   Panama Knowledge Base Panama Executive Summary - Panama Executive Summary Panama Country and Foreign Investment - Panama Geography - Panama Population, Language and Culture - Panama Government - Panama Economy and Currency - Panama Entry and Residence - Panama Business Environment - Panama Import of Foreign Capital - Panama Foreign Investment Regime - Panama Colon Free Zone Panama Types of Company - Panama Corporation (Sociedad Anonima) - Panama Foreign Corporation - Panama General Partnership - Panama Limited Partnership - Panama Civil Partnership - Panama Commandite Company - Panama Foundation - Panama Trusts Panama Offshore Business Sectors - Panama Banking - Panama Insurance - Panama Trade Marketing and Distribution - Panama Ship Management and Maritime Operations Panama E-Commerce - Panama Introduction - Panama Facilities - Panama Legislation - Panama Offshore Activities - Panama Case Studies Panama Law of Offshore - Panama Table of Statutes - Panama Banking Law - Panama Shipping Law - Panama Colon Free Zone Panama Offshore Legal and Tax Regimes - Panama Forms of Offshore Operation - Panama Tax Treatment of Offshore Operations - Panama Taxation of Foreign Employees of Offshore Operations - Panama Exchange Controls - Panama Offshore Activities - Panama Shipping Registry Fees - Panama Employment and Residence Panama Domestic Corporate Taxes - Panama Scope of Income Tax - Panama Income Tax Rates - Panama Calculation of Taxable Base - Panama Filing Requirements and Payment of Tax - Panama Real Estate Taxes (Capital Gains) - Panama Stamp Duty - Panama Commercial License Tax Panama Personal Taxes - Panama Residence and Liability for Taxation - Panama Income Tax - Panama Social Security Taxes - Panama Stamp Duty - Panama Real Estate Taxes - Panama Value Added Tax Panama Labour Regulation - Panama Regulatory Environment - Panama Work Permits Panama Double Tax Treaties - Panama Double Tax Treaties - Panama Other International Agreements Panama International Law - Panama International Law Panama Banking Confidentiality - Panama Banking Confidentiality Panama Services Directory - Accounting/Auditing - Asset Protection - Aviation Services - Banking Services - Brokerage/Trading - Captive Insurance - Company Formation - Corporate Services - Expatriate Services - Financial Planning - Internet/E-Commerce - Legal Services - Marine Services - Pensions/QROPS/QNUPS - Tax Planning - Trust Management - Wealth Management Related Information - Map of Panama   Panama Contributed Articles - New Multinationals established in Panama taking advantage of the Multinational Headquarters Law, Contributed by Icaza - How To Deal with Financial Uncertainty in the Present World, Contributed by Cititrust International Inc. - Panama -Training, Tax Deductible, Contributed by Gerli Wren & Co. - Panama joins OECD´s White List, Icaza. - U.S. Law jeopardizes the Panamanian banking secrecy, Contributed by Molina & Co. - Panama and International Insurance, Contributed by Cititrust International Inc. - Panama: A Tax Update and Business Opportunities, Contributed by Cambra La Duke & Co. - Panama Private Foundations, Contributed by Gerli Wren & Co. - Panama Banking Center Asset, Contributed by Rodrigo Julio Molina O - Panama Pacifico: Gateway to the Americas, Contributed by Freemont Group - Panama and the United States Sign an Agreement for Tax Cooperation and Tax Exchange of Information Relating to Taxes, Contributed by Icaza, Gonzalez-Ruiz & Aleman   Panama Comments To ask a question or if you have an opinion you want to share: start a new thread, or reply to a thread below: Topic: Panama VGMC Panama We are shareholders of VGMC Virgin Gold Mining Corporation (Panama). VGMC has announced to all the shareholders lately that, effective from 1st October 2012 VGMC Panama is under process of transferring all our shares to Professional Closed End Funds under BVI for the company to be listed in 2013 purpose; accordingly, all the shareholders’ shares will be managed under Professional Closed End Funds under BVI effective from December 2012. We are all very anxious to clarify if the announcement is true. Many thanks,  VGMC Shareholders Read Replies | Reply | Start New Thread Topic: Panama Panamanian company opening a US business bank account without Nexus The owner of my Panamanian company, myself and a few independent contractors perform international business services on behalf of global clients, some of which are US businesses. We're considering opening a US HSBC business account in order to receive payment from these US clients. Our Panamanian company performs the "work" (services) outside the USA although one of my newest independent contractors will be located in the USA (Colorado) but his relationship is to the Panamanian company and not to the US client directly. The idea is to accept payment to the US account and then transfer this money (or not) to the Panamanian business account. What we're mostly concerned with is the avoidance of creating a 'nexus' with the USA since, according to the IRS, payment for 'services' to non-resident alien companies does not create a nexus and can be made without withholding 30% even without a tax treaty in place if payment is for services. Why pay additional US taxes on these earning if not legally obligated to, right? HSBC seems to say that their non US based "Business Relationship Managers" can open a US account on behalf of a foreign corporation without a TIN. They're not explicit about this but strongly suggest this is possible. So if anyone can clarify whether this will work or the problems we would face, I'd greatly appreciate it. By the way, no one is trying to avoid legitimate US taxes. The owners of the company are not US residents nor citizens, company is not a US company and any independent contractors are liable for their own taxes and tax reporting. We're considering opening this account only as a convenience to the US clients.   Read Replies | Reply | Start New Thread Topic: Panama Panamanian company opening a US business bank account without Nexus The owner of my Panamanian company, myself and a few independent contractors perform international business services on behalf of global clients, some of which are US businesses. We're considering opening a US HSBC business account in order to receive payment from these US clients. Our Panamanian company performs the "work" (services) outside the USA although one of my newest independent contractors will be located in the USA (Colorado) but his relationship is to the Panamanian company and not to the US client directly. The idea is to accept payment to the US account and then transfer this money (or not) to the Panamanian business account. What we're mostly concerned with is the avoidance of creating a 'nexus' with the USA since, according to the IRS, payment for 'services' to non-resident alien companies does not create a nexus and can be made without withholding 30% even without a tax treaty in place if payment is for services. Why pay additional US taxes on these earning if not legally obligated to, right? HSBC seems to say that their non US based "Business Relationship Managers" can open a US account on behalf of a foreign corporation without a TIN. They're not explicit about this but strongly suggest this is possible. So if anyone can clarify whether this will work or the problems we would face, I'd greatly appreciate it. By the way, no one is trying to avoid legitimate US taxes. The owners of the company are not US residents nor citizens, company is not a US company and any independent contractors are liable for their own taxes and tax reporting. We're considering opening this account only as a convenience to the US clients.   Read Replies | Reply | Start New Thread Topic: Panama low tax I live in uk I am starting to trade the forex market can I have the profit paid directly to an offshore acount without incuring uk tax. thanks   Read Replies | Reply | Start New Thread