JD Supra Panama

- Publisher:
- JD Supra
- Publication date:
- 2019-04-29
Publisher
- JD Supra (48)
Law Firm
- Dentons (28)
- Littler (4)
- MERITAS - Law Firms Worldwide (3)
- Sheppard Mullin Richter & Hampton LLP (2)
- International Lawyers Network (2)
- Michael Volkov (1)
- K&L Gates LLP (1)
- Ballard Spahr LLP (1)
- Gerald Nowotny (1)
- Ogletree, Deakins, Nash, Smoak & Stewart, P.C. (1)
- Carlton Fields (1)
- Robinson+Cole Data Privacy + Security Insider (1)
- Eversheds Sutherland (US) LLP (1)
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
- Private Eyes They’re Watching You – Offshore Planning after the Panama Papers
Overview - If you have been reading my articles on JD Supra for a while, you will know that I love Afro-Cuban and Brazilian music. Nevertheless, the Hall and Oates song Private Eyes, is a more fitting song to describe the state of offshore planning in Tax Havens than “Oye Como Va.” Many...
- New Immigration Regulations in the Republic of Panama
The Republic of Panama recently adopted Executive Decree No. 521. The decree annuls the visa requirement to enter the Republic of Panamá to every person who has a visa or a valid residence, duly issued by Canada, United States of America, Commonwealth of Australia, Republic of Korea, Japan, United...
- 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 maritime...
- Panama: New Law Prohibiting Harassment, Racism and Sexism in the Workplace Mandates Full Compliance by May 16, 2018
On February 14, 2018, Law 7, which prohibits sexual harassment, mobbing (bullying), racism and discriminatory practices in all environments, including the workplace and academia, took effect....
- Panama - New incentives for forestry activities
Panama has adopted legislation renewing and expanding tax incentives and reimbursements for forestry activities in the country. Law No. 69 of October 30, 2017, creates an incentive program for forest cover and natural forest conservation in Panama, in compliance with the objectives set by the...
- In Wake of Panama Papers Scandal Obama Calls for Stricter Bank Regulations, Tax Rules
In a news conference May 6, President Obama addressed recently announced rules and proposed regulations intended to help the U.S. fight tax evasion and other crimes connected to anonymous offshore companies and accounts. The announcements come after a month of intense review by the administration...
- Register of Money Remittance Companies with the Superintendency of Banks
The Prevention Agreement for Other Financially Obligated Subjects No. 001-2018 of August 21, 2018, issued by the Superintendency of Banks of Panama, establishes the registration process for money remittance companies before the Superintendency of Banks....
- Panama adopts a list of reportable jurisdictions and participants in Automatic Exchange of Tax Information
Through the enactment of Law 51 of October 27, 2016, Panama officially undertook to implement the Common Reporting Standard ("CRS"). As a result of this law, Panamanian Reporting Financial Institutions ("RFIs") are required to carry out the detailed due diligence procedures of the CRS, aimed at...
- Register of Exchange Houses before the Superintendency of Banks
The Prevention Agreement for Other Financially Obligated Subjects No. 002-2018 of August 21, 2018, issued by the Superintendency of Banks of Panama, establishes the registration process of the exchange offices in the Superintendency of Banks....
- Panama adopts a law to prevent forbid and punish acts of discrimination
The Republic of Panama has recently adopted Law 7 of February 14th, 2018, which regulates all matters related to the protection of the honor, dignity, physical and psychological integrity of individuals who are victims of acts of discrimination....