Nominee directors and shareholders are permitted under Panamanian law. You can also have shareholders who are corporations as well as individuals. Your nominee director and company offices can also be entities as opposed to people. Bearer shares are also permitted, but should you choose that route, an authorised custodian (e.g., a bank, brokerage firm, attorney or fiduciary) must hold the bearer shares on your behalf per legislation passed in 2013.
Am I eligible for residency if I set up a business in Panama?
There is a special scheme for citizens of 50 countries to gain a fast-track for permanent residency as part of the Friendly Nations visa. Eligible countries include the United Kingdom, Canada, the United States, Spain, Ireland, France, Australia and South Africa. One of the ways you can opt for this permanent residency status is by either forming a new company in Panama or purchasing an already-existing entity.
Can I set up a company in Panama with 100% foreign ownership?
Most of the registered companies in Panama have non-resident owners and beneficiaries, making it a jurisdiction where you can form a company with full foreign ownership. There are also no residency requirements for directors, shareholders or company officers, whether they be nominees of the true beneficiaries.
What are the tax benefits of setting up in Panama?
The Panamanian government does not charge taxes on any income earned outside of Panamanian territory. For firms that make an investment of at least $US 50,000 in the Panamanian interior or $US 300,000 in the Panama City metropolitan area, you can reap the following benefits: a 20-year exemption on real estate taxes for all your company’s assets, as well as a 20-year exemption on import duties for furniture, vehicles, equipment and materials. You will also receive a tax exemption for using piers and airports, and you will enjoy an accelerated depreciation of 10% annually for real estate assets.
Can I open an offshore bank account in Panama?
It’s a felony for any bank employee to disclose information about account holders in Panama, giving you the utmost secrecy when opening an offshore bank account there. With hundreds of thousands of registered corporations, Panama is one of the world’s top incorporation destinations and with that, they have the banking infrastructure to meet your needs.