Panama: Changes to Corporate Laws

The Ministry of Economy and Finance (MEF) promotes changes to existing corporate laws.

Wednesday, October 6, 2010

The new rules require resident agents to keep records of beneficiaries of bearer share companies and it also imposes sanctions against not complying. publishes, "it's something that Panama has to attend to in order to comply with double taxation treaties (DTT). Panamanian law allows bearer shares and the authorities need to know who is the owner so we can provide the required information to the requesting country” said Frank De Lima, Vice Minister of Economy, at a press conference to assess the recent report by the Organization for Economic Cooperation and Development (OECD) about Panama´s transparency."

More on this topic

Immobilization of Bearer Shares to Resume in July

May 2013

Panamanian Congress will resume discussion of the bill that immobilizes bearer shares.

Frank De Lima, Minister of Economy and Finance, has sent a report to the Organization for Cooperation and Development (OECD) to report on the postponement of the project in response to a letter from the Organization requesting a report on Panama's efforts in this area.

Panama: Law to Immobilize Bearer Shares

August 2012

A law is being studied, which would immobilize bearer shares, in accordance with recommendations from international organizations relating to combating money laundering.

Frank De Lima, Minister of Economy and Finance, said that "Panama will not be less competitive if the law is created, it will improve its image on the issue of tax evasion and money laundering."

Immobilization of bearer shares

June 2012

A bill will reform the mechanism for registering company shares in Panama, in order to comply with OECD requirements.

The initiative, by the Ministry of Economy and Finance, which will be put to consultation in late June, does not provide for the elimination of bearer shares, "but their immobilization (where bearer shares are deposited with an authorized custodian).

Guatemala Wants Out of OECD’s Grey-List

April 2010

The country has exchanged texts with seven countries to sign double taxation agreements.

Additionally, the Public Finances Ministry has invited Pascal Saint-Amans, head of the Tax Transparency Forum at the Organization for Economic Cooperation and Development (OECD), to visit the country.

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