New route for the panamanian Financial Center

The government and the private sector are working on a plan to renew the business model for the financial center, developing specialized services for different market niches.

Wednesday, March 1, 2017

A working group consisting of representatives from government, regulators and the private sector are making an assessment of the financial services platform operating in the country in order to redefine their objectives using the example of best practices in similar jurisdictions which are more developed and adapted to international regulation.

The assessment includes banking, securities, insurance and corporate services. explains that "...The first part of the study consists in analyzing other jurisdictions with similar platforms. Singapore has emerged as an example to follow, a country which, according to Ricardo Zubieta, chief of staff at the MEF, 'has positioned itself well, being flexible and complying with international standards. Miami has emerged as a main competitor because of its dominance of the Latin American market, a position that Panama aspires to'."

"... In the area of private banking evaluation is being carried out of promotion of Panama as headquarters for corporate business families. In 2007 the country initiated a strategy to attract multinationals.  Now it is seeking the arrival of family groups that have investments in businesses. 'It aims to have the operation of the business, real business, not just on paper. They want people to come and rent offices, to do business management," said Zubieta."

Do you need information about the financial sector?

Request more information:

this site is protected by reCAPTCHA and Google's privacy policy and terms of service.
Need assistance? Contact us
(506) 4001-6423

More on this topic

Covid-19: Outlook for the Financial Sector

March 2020

The impact of the coronavirus crisis on the financial sector in Central America is expected to be felt mainly in services related to stock brokerage and investment advice, where a drop is expected.

The "Information System for the Impact Analysis of Covid-19 on Business", prepared by the Trade Intelligence Unit of CentralAmericaData, measures the degree of impact that the crisis will have on companies according to their sector or economic activity, during the coming months.

Nicaragua: Another Entity Leaves the Stock Market

January 2020

Arguing that the country's situation is complex and that the need for greater liquidity to meet its immediate responsibilities has had consequences on its funding sources, Factoring S.A. announced its exit from the local stock market.

Managers of the financial institution reported that the company began operations in 1998 and in 2011 was authorized by the Superintendence of Banks and Other Financial Institutions (Siboif), to make issues in the stock market.

Taxes and the Stock Market

August 2018

The proposal to increase the tax on interest on financial investments in Costa Rica could eventually make credit more expensive for both the private sector and the government.

In the view of the National Securities Exchange (BNV) it is worrisome that initiatives such as an increase in tax on income from financial investments are being discussed without knowing in detail and clearly the impact that something like this could have on the stock market and the country's financial activities.

El Salvador: Less Taxes on Financial Activity

June 2015

A proposal has been made to eliminate the tax on financial operations and lower from 20% to 5% income tax paid by foreign investors in the stock market.

The reform which was carried out in September 2014 on the taxes charged on transactions in the financial market has affected market activity, say industry representatives.