Tax and Insurance

Analogue to many other airports throughout the world, travellers to Panama need to pay a so-called airport fee which currently amounts

to 40,- EUR. Upon your arrival at the airport Tocumen it is of importance to see the tourist information where you will be provided with further essential information. On 17th January 2012 a new health insurance came into force. The tourist information will give a user card to all tourists, which is – together with the passport – very important in case of medical treatment. An insurance policy is offered which covers the main health incidents, such as death by accident, hospitalisation as well as further medical and dental emergency cases.
Panama is very interesting from the fiscal point of view: according to the territorial principle no taxes have to be paid in Panama on foreign income. If the income is, however, yielded in Panama, duty needs to be paid on it. Earnings resulting from dividends are not classified as income so that no income tax has to be paid. Consequently Panama is often described as classical so-called “tax paradise”. Companies and businessmen are optimally protected with a high privacy of tax-based questions, while the taxes and costs for foreign companies are kept as low as possible.

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