Panama Offshore Company
Panama is one of the most popular and established tax havens around. Its popularity is thanks to the offshore companies and foundations on offer. Panama’s tax advantages stem from the fact that it has a territorial tax system. This means there is no tax on income earned outside Panama. This rule applies to both personal and corporate income. Panama is also known for its strong maritime business and good privacy laws. Political stability is also recognized as good. As banking and shipping are Panama’s two main ‘offshore’ industries there is a good selection of banks to choose from (more than 140). Panamanian bank accounts are becoming more popular because interest is tax free and, for EU nationals, they are excluded from the Savings Tax Directive.