Economic Overview & Business Opportunities
The Republic of Panama is a presidential independent, sovereign state. It is well known as one of the most developed international business center. Panama has the fastest growing economy and the largest per capita income in Central America.
Panama has no Central Bank. Banks in Panama are responsible for their own actions, and cannot count on a government to bail them out if they fail. As a consequence, they are far more capitalised than banks in the US or Europe.The United States has a reserve requirement of less than 10%, in Germany it is only 2%. But in Panama the reserve ratio of independent banks is hovering around 60%. Together with some Islamic banks Panamanian banks are the safest in the world!
Having no Central bank does not mean there are no rules: Panama’s banking authorities provide a legal framework under which banks operate. Laws to prevent money laundering are far more comprehensive than in the US. Since the enactment of the 1971 Banking Law, not a single Panamanian bank has gone bankrupt.
Privacy laws are strictly enforced in Panama. Financial privacy is no exception. In the last 5 year Panama did sign a number of tax -and information exchange treaties, but foreign and national governments still have to prove just cause in court before banking data can be disclosed.
- Accounting Outsourcing
- Interim Management
- Financial Management
- Visa Processing Services
- Legal Services
- Southern Cross Recruitment
- Panama Company Formation
- Marketing Services