New Tax Cooperation Agreement between United States and Panama

Casco Viejo Panama

Panama Casco Antiguo

Investment at Panama`s Historic City

For the last ten years, Panama built a reputation as a tax haven for foreigners, highlighting through its marketing the low taxes in Panamanian system and the discount benefits for retirees within the country. However, this strategy seem to backfire, including the country in several black lists around the world.

Since then, the government started a campaign to educate about the basis of Panama`s tax system (where they charge taxes on all income produced in Panama) and sign treaties with different countries to avoid double taxation.

This week, Panama and the United States signed a Tax Cooperation Agreement where there will be exchange of information.  The text has just been published by the US Treasury and can be found HERE.

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