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Religions: Roman Catholic 84%, Protestant 15%, other.
Languages: Spanish (official); 14% speak English as their native tongue; various indigenous languages. Literacy: 93% Natural resources: Copper, mahogany forests, shrimp, hydropower.
Until 1999 the Panama Canal was controlled by the United States. Panama's landscape is mostly montainous, covered by rainforest and jungle.
Panama occupies an area of 74,177 km², making it slightly larger than the Republic of Ireland or slightly smaller than the U. The highest point in Panama is Volcán Barú, an active stratovolcano with an elevation of 3,475 m (11,460 feet) is located in west, close to the border with Costa Rica.
Anyone found violating this order is subject to Article 101 which states: ” Any person who furnishes information in violation of this Cabinet Decree, or who violates any of the prohibitions established in it, for which no specific punishment is provided for, shall be subject to a monetary fine as determined by the Banking Commission, without prejudice to applicable criminal and civil liabilities.”“Any person that in the course of his occupation, employment, profession or activity obtains knowledge of confidential information that in the event of being made public could inflict damages, and such person discloses that information without the consent of the concerned party; or in the case that disclosure of such information were not necessary to safeguard a higher interest, shall be punishable by imprisonment of 10 months to 2 years or a comparable fine, and the inability to practice his occupation, employment, profession or activity for not more than 2 years.” There are many other countries that allow the use of IBC’s (such as the Bahamas the Cayman Islands etc.) However, we highly recommend the Republic of Panama due to its lenient tax laws and banking transaction security laws (i.e.
Any information the bank uncovers while doing its regulatory operations cannot be revealed to any person or authority, unless subpoenaed (court order required) by a Panama court order.
In the Republic of Panama, there are no international trade tariffs, no annual tax return requirements, and no import/export quantity limitations. · No capital gains tax (not including the sales of real estate located in Panama).
· No stock sale or transfer tax (excluding where sale of shares is for transfer of Panama real estate). · No property tax (with the exception of real estate located in Panama). There is also the newly formed tax information exchange agreement (TIEA), which provides the United States the powers to gather any information necessary to enforce its tax laws.
Prior to this however, the Panamanian government would urge the state in which said person resides in to handle the issue as domestic as opposed to having the Panamanian government intervene.Asamblea Legislativa de Panamá Legislative Assembly of Panama (in Spanish).Ministerio de Relaciones Exteriores Ministry of External Relations (in Spanish).The canal cuts through the country, linking the Caribbean Sea (Atlantic) with the Pacific Ocean.The canal is owned and administered by the Republic of Panama, it is one of the two most-strategic artificial waterways in the world (the other is the Suez Canal in Egypt).