Panama- Tag Archives - Business News and Updates

Find the latest Legal updates and changes, industry reviews, regulatory updates, expert legal and accounting advice, Q&A with experts, and much more content.

Regulations for Buying Property in Panama

by Legal Team Panama | Aug 6, 2020

For years, Panama has been one of the fastest-growing economies in Latin America. The country, with an average economic growth of 4.6%, promotes new opportunities for foreign investment in different industries. Buying property in Panama or investing in the country's real estate sector is a wise decision, as it is one of the most profitable industries to get involved in. Learn about the regulations, processes, and benefits of buying a property in Panama. Regulations to consider when buying property in Panama When buying real estate in Panama investors must be aware of civil and fiscal regulations. Foreign executives buying property in Panama must know that this process involves two different types of regulations: civil and fiscal regulations. Civil Regulations Civil regulations involve the private relationship between the buyer and the seller. Article 977 of the Civil Code establishes that the obligations derived from contracts have the force of law between the parties in question. In general, the parties will be free to negotiate their own property purchase and sale contract as long as they do not engage in illegal activities. Fiscal Regulations The fiscal or tributary regulations involve the taxes to pay for the purchase of a property in Panama. Property owners in the country must pay the 'property tax' (impuesto sobre bienes inmuebles) every year. You should be aware that buying property in Panama is not possible if there are current real estate debts. The current rate of real estate is divided in two types: Rates applicable for principal property ( the principal...

July 2020 Regulatory Update: South and Central America

by Team Latin America | Aug 2, 2020

Our professionals report notable regulatory updates for July 2020. Biz Latin Hub’s team of legal and accounting specialists operating across all key markets in Latin America report the following notable regulatory updates for July 2020 in Bolivia, Brazil, Chile, Costa Rica, Guatemala, Mexico, Panama, Paraguay, and Uruguay. We support foreign companies in Latin America comply with all corporate regulatory compliance obligations to ensure their success in new markets. For more information on how we can support your regulatory and annual compliance needs, contact us today. Bolivia RegulationDetailsOfficial Statement N° 37/2020 On 14 July, the Ministry of Labor announced that daily labor activities in private and public entities can last for up to 6 hours. Companies must alternate staff between working in their designated office and home-office working arrangements. Brazil RegulationDetailsOrdinance 340Prohibition of entry of foreigners in Brazil from 1-30 July. Exceptions: 1. Immigrant with permanent residence; 2. Foreign professional on mission in the service of an international organization, as long as duly identified; 3. Passenger in international transit, as long as the passenger does not leave the international area of the airport and the country of destination admits his ticket; 4. Foreign employee accredited to the Brazilian Government; 5. Foreign national, spouse, son, daughter, father, mother or curator of a Brazilian; whose entry is specifically authorized by the Brazilian Government in view of the public interest or for humanitarian...

Explaining Developments in Digital Tax in Latin America

by Team Latin America | Jul 28, 2020

Economies in Latin America are changing rapidly. One important regulatory development for many countries in the region is digital tax, because it captures services delivered online or electronically. The OECD claims that Latin American economies are making real progress to address the tax challenges arising from the digitization of the economy. This international entity also expects that further digital tax developments in Latin America provides stability and certainty in the international tax system. Managing your company while keeping a careful watch over new regulations is one of the challenges to overcome while doing business in Latin America. We provide an explanation of digital tax developments in several emerging and developing economies in Latin America, so your business understands its obligations when offering digital services in these markets. Digital tax developments in Argentina Latin American countries are adapting to a new digital age with the establishment of digital services taxes across the region. The Argentine government levied taxes for digital services under law 27,430 and on a general basis. This regulation includes services carried out through the Internet network or any adaptation or applications, platforms or technology used by the Internet or other networks through which equivalent services are provided. By their nature, these services are basically automated and require minimal human intervention, regardless of the device used for its download, display or use. The regulation of digital services in Argentina has been in place since 27...

Nicholas Baker, Trade Commissioner & Counsellor Commercial at Austrade, Shares Insights on Australian Trade Connections and Opportunities

by International Trade Experts | Jul 27, 2020

Dr Baker shares his insights on Austrade's new client services and trade opportunities in Latin America post Covid-19. This month, Biz Latin Hub’s Chelsea Heywood was privileged to connect with Dr Nicholas Baker, Trade Commissioner and Counsellor Commercial for Australia’s Trade and Investment Commission (Austrade), based in Mexico, Central America and the Caribbean. Dr Baker shares his insights on Austrade’s new client services and trade opportunities in Latin America post Covid-19. Learn about Dr Baker’s experience as a trade professional and the efforts of Austrade to strengthen trade ties in Mexico, Central America and the Caribbean. You have extensive experience in supporting Australia’s trade relations from a number of posts in Europe, South America, and now Central America and the Caribbean. What drives your passion to develop Australia’s trade relations? Helping Australia increase its exports, encouraging productive foreign investment and attracting more international students to be part of Australia’s amazing education sector seem like pretty lofty goals; or almost like motherhood statements. In reality, what has driven me and continues to drive me is that trade, investment and education are linked to people, to aspirations, to innovation, to values, building relationships and bringing something new or different to a country or a region. Then there is the prosperity it creates, not only in monetary terms but also the exchange of new ideas and transfer of technology that international trade and investment can create. International business is all about expanding...

Opportunities for E-Commerce in Panama

by Legal Team Panama | Jul 14, 2020

Learn about the opportunities for e-commerce in Panama to understand options available to your when expanding your business abroad. Panama is a top contender for new business, as it is one of the most stable economies in Central America. The increase of mobile and technological devices has contributed significantly to the development of e-commerce in Panama. Online services and products that are offered through online platforms provide new opportunities for investors that are looking to expand their business. Furthermore, Panama's geographic strategic location not only benefits the development of e-commerce in the country but also helps companies to conduct international business. In particular, those who distribute their products across many countries through an import and re-export process and take advantage of e-commerce in Panama. We outline the opportunities for e-commerce in Panama and how these can help you to incorporate or expand your business in the country. Panamanian e-commerce consumer profile and online shopping preferences 69% of Panama's population has access to the internet. Understanding the preferences and needs of online consumers is essential to get a clear overview of e-commerce in Panama. Likewise, it helps companies to build an effective strategy to boost online sales. The following figures provide an overview of the average consumer profile: 69% of Panama's population has access to the internet95% of internet users do online shopping (approximately 2.9 million people)E-commerce platforms in Panama are commonly used for buying...

Overview of Panama’s Free Trade Agreements

by Legal Team Panama | Jun 28, 2020

Find out about Panama's free trade agreements (FTAs), and how they support the country's development and promote benefits for foreign investment. According to the US Embassy in Panama, the country has "historically served as the crossroads of trade for the Americas.” Thanks to the Panama Canal and the benefits offered by all the free trade zones within the country, it has become a strategic hub to do business. In 2017, Panama exported US$3.06 billion and imported US$24.8 billion, resulting in a trade balance of US$21.7 billion, making it the 66th largest importer in the world. What is a free trade agreement in Panama? According to the National Customs Authority or 'Autoridad Nacional de Aduanas', a free trade agreement is a regional or bilateral consensus that helps to promote the exchange of goods and services between the country members. Likewise, FTAs aim to eliminate or reduce trade tariffs between the signing parties. They are often supervised by the World Trade Organization (WTO). Panama is a member of SICA SICA works to integrate Central American markets. SICA, also known as 'Sistema de Integración Centroamericana' is a regional institution located in Central America, founded by Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama in 1991. The main purpose of this institution is to promote the integration of Central America, fostering security, freedom, democracy, and social development within the region. SICA is continuously working on the development of initiatives to integrate all these six countries. Thanks to SICA, the...

Register and Protect Your Trademark in Central America

by Team Central America | Jun 23, 2020

Registering your trademark in Central America protects your intellectual property from competitors. A trademark is defined as a unique sign that distinguishes your product or service from others. Once registered, you must take certain steps to protect your trademark regularly. Central America is comprised of 7 countries: Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama. Central America is comprised of 7 countries: Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama. Together, these countries amount to a GDP of US$268.65 billion and a population of 45.524 million people. Registering a trademark in Central America is essential to remain competitive and build a unique brand in the market. Unknowingly misusing an already existing trademark can lead to legal and financial burdens. Be sure to understand how to register a trademark in six of these Central American countries. Likewise, it is also crucial to understand how to manage your exclusive rights to ensure no third parties are using designs identical or too similar to your own. This includes conducting trademark searches, demonstrating commercial application of your trademark, and renewing it when necessary. Benefits of protecting your brand with trademarks Registering your trademark comes with many advantages, including: Protection of the trademark in the country of registrationRight to file legal action against those who violate the use of your trademark for their commercial benefitRight to restrict the import of goods that use registered trademarks that infringe...