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Panama Company with Residency Drawbacks?

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fshore

Entrepreneur
It is also possible that the Panamanian lawmakers do not understand the definition of foreign source income. According to this article, which seems well-researched, those Panamanian lawyers cited by nethostler appear to be correct.


Yes, interesting about goods. But about services it does say if the services are provided outside Panama. If OP works in Panama that eohld not be the case.
 

bizniz

Active Member
Yes, interesting about goods. But about services it does say if the services are provided outside Panama. If OP works in Panama that eohld not be the case.

You could have a point there, but I don't want to get into a detailed legal discussion of it not knowing anything about OP's business and where any services are delivered. I think for practical purposes, the chances of the Panama tax authority pursuing that argument against a foreigner billing everything outside Panama are one in a million. They are much more interested in checking that Chinese grocery stores are issuing valid tax receipts from compliant cash registers.
 

Kermit

New member
Another layer to consider is if you need a tax residency certificate to prove to your country of citizenship that you should not fall under their tax system. It is my understanding Panama requires more time spent in country than UAE.
 

3leaf

New member
I am on the same path, man. Discovering my options, but I am from Canada. Interesting what the lawyer says. Keep us posted. Thanks!
Are you considering opening an International Business Corp and a checking account as a Canadian? What have you learned to date? I am also looking into options and thinking the IBC and corporate bank account is the way to go as an offshore account.
 
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