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Panama

Offshore finance

Economy, tax incentives & labor conditions

In most private companies the majority of contracts are temporary, often of just three months’ duration, and they are renewed repeatedly over several years. Given those insecure conditions, coupled with the threat of dismissal, workers mostly decide not to organise themselves in order to hold on to their jobs. There are no collective agreements in the export processing zones.
(ITUC-CSI , Suisse , 01/12/2007 , Annual Survey of violations of trade union rights )

2500 companies are located in the Colon industrial park, the second-largest free trade zone in the world.
(AFP , France , 26/11/2007 )

108 banks are registered in Panama in 2005.
(Livre , 01/02/2006 , Le guide Chambost des paradis fiscaux )

In Panama, only corporate or personal income received in Panama is taxed, foreign income is tax-exempt.
(Livre , 01/02/2006 , Le guide Chambost des paradis fiscaux )

370 000 offshore companies are registered in Panama.
(Livre , 01/01/2004 , Les milliards noirs du blanchiment )

Free trade zones: Zona Franca Baru Zona Libre de Colón ZONA PANEXPORT Zona Procesadora Albrook Zona Procesadora Davis Zona Procesadora de Corozal Zona Proinexport Zona Schlobhom
(Entreprise , 01/01/1999 )

Main violations of the human rights and dirty money laundering
(year and company name)

Main labor right violations
(year, company name and norm number)