Republic of Panama is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean to the north and the Pacific Ocean to the south. The capital is Panama City.

Panama’s politics take place in a framework of a presidential representative democratic republic. Legislative power is vested in both the government and the National Assembly. The judiciary is independent of the executive and the legislature.

In recent years, Panama’s economy has experienced an economic boom, with significant growth in real gross domestic product (GDP). The Panamanian economy has been among the fastest growing and best managed in Latin America. Panama’s economy, is mainly based on a well developed service sector heavily weighted towards banking, commerce, tourism, and trading.

Non-resident Panamanian International Business Corporations (IBC’s) and Private Interest Foundations do not pay tax on any of their income (as indicated below), nor do they have any reporting requirements to the Panamanian government.

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