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- Panama: New short-stay visa as a remote worker in the Republic of Panama
Executive Decree No. 198 of May 7, 2021 (the "Executive Decree") was published in Official Gazette No. 29290-A of May 20, 2021, which creates the short-stay visa as a remote worker (the "Short-Stay Visa as a Remote Worker") and other provisions are enacted.
- Panama: Modifications to the migratory category of friendly nations
Executive Decree No. 197 of May 7, 2021 (the "Executive Decree") was published in Official Gazette No. 29290-A of May 2021, which modifies and adds articles to the migratory subcategory of Permanent Resident as foreign nationals of specific countries that maintain friendly, professional, economic and investment relations with Panama ("Friendly Nations"), originally created by Executive Decree No. 416 of June 13, 2012.
- Buying and Selling Real Estate in Panama
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER PANAMANIAN LAW - 1) Once you find a real estate property that you want to acquire by yourself or through a local real estate broker, it is strongly recommendable to hire a local attorney to perform a thorough due diligence on the property. 2) Once the due diligence is finalized, and the property is clear from any restriction that will impede its sale, you or through your broker, should negotiate the terms and conditions of the transaction, which will include the price and payment method. Please see full Chapter below for more information.
- Panama: Fast delivery or courier services
By means of Resolution No. 672 of October 16, 2020, the National Customs Authority granted a 3-month term to companies that act as auxiliaries of the customs public function under the modality of Fast Delivery Companies or Courier that have not formalized and/or updated their authorization to do so.
- Panama amends Decree that suspends evictions and implements provisions, for the collection of rental fees for the duration of the State of Emergency due to COVID-19
Through Executive Decree No. 314 of August 7, 2020, published in Official Gazette No. 29087, certain Articles of Executive Decree No. 145 of May 2, 2020, which adopted measures to protect tenants affected by the crisis generated by the COVID-19 pandemic, eviction procedures, sanctions and implementation of restrictions on use by landlords/owners, have been amended.
- Panama: Law that creates the special regime for the establishment and operation of multinational companies for the provision of services related to manufacturing
In the Official Gazette of September 1, 2020, Law 159 of August 31, 2020 (the “Law”) was published, which regulates the special regime for the establishment and operation of multinational companies for the provision of services related to manufacturing ("EMMA").
- Panama: Limitations to the reduction of working hours
Through Executive Decree No. 101 of July 13, 2020, effective as of July 14, 2020, as a result of a tripartite dialogue carried out between the Ministry of Labor of Panama, Trade Unions, and private companies, the Ministry of Labor has regulated that: The maximum limit to agree to reduce working hours will be 50% of working hours per month.
- Panama: Extension of the submission of declarations before the General Revenue Directorate
On May 27, 2020, Executive Decree No. 298 was approved, amending, and adding provisions to Executive Decree No. 251 of March 24, 2020, which adopted tax measures to alleviate the economic impact of the State of Emergency decreed in Panama as a result of COVID-19.
- Extension of submission of reports upon the General Revenue Directorate
By means of Resolution No. 201-2722 of May 20, 2020, (the "Resolution"), some articles of Resolution No. 201-2401 of March 30, 2020, were modified, through which the General Revenue Directorate (DGI by its acronym in Spanish) extended the term for the presentation of certain reports before said entity, due to the State of National Emergency decreed in Panama due to COVID-19.
- Panama: Gradual reopening of companies
According to Executive Decree No. 96 of May 15, 2020, the Ministry of Labor of Panama has ordered that, for the operation and gradual reactivation of companies and/or activities, the employer must complete the digital form on the reactivation of contracts, enabled by the Ministry of Labor on its website.
- Panama law firm Mossack Fonseca faces leak of 11 million documents exposing thousands of clients
In late 2014, an anonymous source secretly leaked to a German newspaper reporter nearly four decades of confidential and proprietary data about shell companies registered by the multinational Panamian based law firm Mossack Fonseca....
- Mossack Fonseca Founders Arrested and Detained on Money Laundering Charges
The founders of Panamanian law firm Mossack Fonseca were arrested on Saturday, following their indictment on money-laundering charges allegedly tied to the ever-widening Petrobas corruption scandal in Brazil. Kenia Porcell, the country’s Attorney General, tweeted news of the...
- The Republic of Panama and the People's Republic of China signed Maritime Transport Agreement
On May 17, 2018, the Maritime Cooperation Agreement (the "Agreement") signed by the Republic of Panama and the People's Republic of China entered into force. The Agreement has as a main purpose to develop a friendly relationship between the two countries and strengthen cooperation in the...
- Establishing A Business Entity In Panama
Types of Business Entities - The main types of Business Entities in the Republic of Panama are the Corporations (Sociedad Anónima) and the Private Interest Foundations (Fundación de Interés Privado). Limited Liability Companies (LLC) may be incorporated as well; however, the corporations ...
- Panama – Increase in minimum hourly wage rates for 2020
By Executive Decree No. 424 of December 31, 2019, the Executive Branch approved the increase in minimum hourly wage rates, according to economic activity, occupation and company size, throughout the Panamanian national territory. The Executive Decree to be enforced in Panama as of January 15, 2020....
- Panama: The use of tax equipment is temporarily excepted as a consequence of sanitary measures established nationally
To who does it apply: All taxpayers, natural or legal persons, who maintain fiscal equipment or other billing systems as a means to document their income. Temporary exceptions: To the use of fiscal equipment or any other billing system throughout the national territory, to...
- Panama: Gradual reopening of companies
According to Executive Decree No. 96 of May 15, 2020, the Ministry of Labor of Panama has ordered that, for the operation and gradual reactivation of companies and/or activities, the employer must complete the digital form on the reactivation of contracts, enabled by the Ministry of Labor on its...
- Panama: Fast delivery or courier services
By means of Resolution No. 672 of October 16, 2020, the National Customs Authority granted a 3-month term to companies that act as auxiliaries of the customs public function under the modality of Fast Delivery Companies or Courier that have not formalized and/or updated their authorization to do so....
- Are Your Company’s Legal, Due-Diligence, De-risking, or Compliance Obligations Impacted by the “Panama Papers”?
In an unprecedented event earlier this week, 11.5 million files from the Panamanian law firm Mossack Fonseca were allegedly leaked. Assuming they are genuine, as appears to be the case, these “Panama Papers” offer a behind-the-scenes look at over 200,000 offshore shell companies—and, in some...
- Panama’s Paid Paternity Leave Law Takes Effect
Paternity leave is on the rise globally as cultural attitudes shift in favor of fathers taking a more active role in parenting. On May 24, 2017, the Republic of Panama became the latest member of a growing group of countries that require paid paternity leave....