JD Supra Panama

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Latest documents

• Buying and Selling Real Estate in Panama (Updated)

  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: 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.

Featured documents

• Panama – Amendment of income tax statement for the headquarters of multinational companies

  The General Directorate of Revenue of the Ministry of Economy and Finance, confirmed that adjustments have been made to the form for the payment of the Income Tax (ISR) so that the Headquarters of Multinational Companies (SEM by its Spanish acronym) can proceed with the payment of this tax....

• 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....

• Incentives for the promotion of tourism activity in Panama

  The benefits established by Law No. 80 of 2012 seek to boost foreign investment in the tourism sector in Panama for......

• Littler Global Guide - Panama - Q4 2019

  Effects of Declaration of December 20, 2019, as a National Mourning Day - New Order or Decree - On December 28, 2019, President Laurentino Cortizo and his Cabinet declared December 20, 2019, as a National Mourning Day, in remembrance of the 30th Anniversary of the United States’ invasion of...

• Doing Business in Latin America and The Caribbean: Panama

  Panama is the southernmost country of Central America. It has a total landmass of 75,517 square kilometers and an estimated population of 3,510,045 as of a July 2011. Its government is a constitutional democracy and the official language is Spanish. Panama’s service-based economy is centered on...

• Panama reinstates procedural remedy know as conservatory measures (injunctive relief)

  Through Law 119 of December 10, 2019, published in Official Gazette No. 28917-B of December 10, 2019, in force as of such date, Article 569 of the Judicial Code which dealt with injunctive remedy, known in Panama as “conservative or general protection measures”, has been reinstated. Article 569 of...

• 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....

• Teleworking in Panama

  Law No. 126 of February 18, 2020 (hereinafter “Teleworking Law”), published in Gazette 28965-A, which establishes and regulates teleworking in the Republic of Panama and modifies an article of the Labor Code, arrives as a legal guarantee in the face of changes in the labor market, in which remote...

• 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...

• Labor measures regarding COVID-19 in Panama

  According to Resolution No. 11 of March 13, 2020, the Cabinet Council has declared a state of national emergency in the Republic of Panama, as a consequence of COVID-19. The Government through its different branches, has issued a handful of Executives Decrees in order to authorize and order...