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Offshore Trusts Report: Panama

Requirements for Acting as Trust Company in Panama

Any person that wishes to act as a trust company in or from Panama must submit an application before the Superintendency of Banks, through an Attorney, together with the following documents:

  • Power of Attorney and Application: Through memorial in stamped paper.

  • Articles of Incorporation: Draft of the minutes of the Articles of Incorporation and of the Statutes of the forming legal person who will be the holder of the requested license. Shares representing the corporation capital must be issued on a nominative base.

  • Authorization of the Board of Directors: Minutes, extract of minutes or secretarial certification of the Board of Director's Meeting of the applicant or his economic promoter with evidence of the economic support and the authorization to exercise the trust business in Panama.

  • General Data on Shareholders, directors and officers of the Applicant and his Promoter: Detailed and accurate information that irrefutably confirms the identity, residence, address, nationality, personal identification document (cedula) and/or passport, occupation, and the shareholders participation including banking, commercial and personal references, giving the source to confirm them. If the applicant's or promoter's shares are frequently traded in the stock market, the required information will fall upon the five shareholders with the greatest stock percentage.

  • Notarized Affidavit of not having been disabled for the exercise of trade: Affidavit of the corporation and of those responsible for the corporation.

  • Guarantee or Guarantee Commitment pursuant to what Article 14 of Executive Decree No. 16 of 1984 stipulates: To keep at all times in the Republic of Panama, available to the Superintendency of Banks, a guarantee for the amount of PAB250,000 (1 Panamanian Balboa is equal to 1 US Dollar) for the proper fulfillment of its obligations. This guarantee could be formed in cash, State bonds, insurance policies, through bank guarantees or in checks issued or certified by local banks. No less than ten percent (10%) of said guarantee must consist of deposits in the Banco Nacional de Panama or in the Caja de Ahorros.

  • Certification issued by an Authorized Public Accountant stating who the shareholders are and the share percentages thereof.

  • Résumés of the Persons Responsible for the Trust Corporation: Résumés of the officers, directing, executive and administrative staff who will be responsible for the fiduciary office in Panama.

  • Financial Information: Personal Financial Statements detailing the financial solvency of the directors, officers and main shareholders; and comparative audited Financial Statements of the applicant and/or promoter group for the last two fiscal closings.

  • Publications and Memories: The most recent annual memory or similar publication that contains information about the applicant and/or his promoter group.

  • Project of activities to be developed or Business Plan: Description of the plans that the applicant proposes to develop once the license is granted (short, medium and long term objectives) showing the corporation's feasibility and the contribution to the Panamanian economy.

  • Auditors' suitability certification issued by the Accounting Technical Board of the Ministry of Trade and Industries.

  • Investigation Costs: Certified or cashier's check for one thousand Balboas PAB1,000, to defray the investigation costs caused by the application.

  • Certification from the monetary, supervising or regulatory authority of the applicant's home country: Certification issued by the home country authority of the applicant or his promoter which states that he is duly authorized to exercise the trust business.

  • Any information the Superintendency of Banks considers.

   

The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

New Zealand

New Zealand: Legal Framework and Formation Rules and Fees
New Zealand: Review of the Law of Trusts
New Zealand: Taxation of Trusts

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees

 


Panama News

European Commission Announces New Anti-Avoidance Measures Wednesday 6/7/2016 In response to the publication of the Panama Papers, the European Commission has proposed new measures to improve transparency and better facilitate the exchange of information between tax authorities.

NZ Inquiry Launched On Foreign Trust Disclosure Rules Tuesday 3/5/2016 New Zealand's Minister of Finance, Simon English, and the Minister of Revenue, Michael Woodhouse, has established a government inquiry into Foreign Trust Disclosure Rules.

European Parliament To Investigate Panama Papers Tuesday 19/4/2016 The European Parliament Conference of Presidents has unanimously backed a proposal for the creation of an inquiry committee to investigate the so-called Panama Papers.

New Zealand To Review Foreign Trusts' Transparency Tuesday 12/4/2016 The New Zealand Government has appointed tax expert John Shewan to conduct an independent review of disclosure rules covering foreign trusts registered in the country.

NZ Revenue Minister Says Tax Regime Robust Wednesday 6/4/2016 New Zealand's Revenue Minister, Michael Woodhouse, has defended the country's tax system in response to calls from opposition parties to tighten the tax rules following the so-called "Panama Papers" leak.

Panama Approves Israeli, UAE Double Tax Pacts Monday 11/2/2013 Panama's National Assembly has approved two new double tax conventions signed with Israel, and with the United Arab Emirates.

Panama Faces Up To OECD Test Wednesday 6/10/2010 The Global Forum on Transparency and Exchange of Information for Tax Purposes criticized Panama in its phase one peer review covering the legal and regulatory framework.

Global Tax Forum Issues Peer Reviews Monday 4/10/2010 The Global Forum on Transparency and Exchange of Information for Tax Purposes has issued the first phase of peer reviews covering the legal and regulatory frameworks for transparency and exchange of tax information in Bermuda, Botswana, Cayman Islands, India, Jamaica, Monaco, Panama and Qatar.

Jersey Foundations Attract Growing Interest Thursday 2/9/2010 Just over a year since they were launched, Jersey Foundation structures are continuing to receive a steady flow of interest, according to an offshore legal expert.

Mexico Signs Tax Information Exchange Accords With Bahamas, Panama Wednesday 24/2/2010 Mexico signed agreements to avoid double taxation and prevent fiscal evasion with both Panama and the Bahamas, on the occasion of the Summit of Latin American and Caribbean Unity.