Panama as International Finance Center
Panama as international finance center of repute has been one of the fastest and most remarkable growth stories since 1970. Recognized for its pro-business attitude, excellent regulation and competitive cost of doing business, Panama has become the go-to finance center for start-ups, growth minded entrepreneurs and Fortune 500 companies alike.
Winning in Wealth Management
The country is a welcoming place for medium and high-net-worth individuals due to its mixture of innovative products, experienced professionals and strong regulatory framework. It offers all the favorite investment vehicles of wealthy clients, while allowing investors to protect their assets through the establishment of companies, trusts and foundations. Panama is also presenting itself as a holistic lifestyle and residency destination for affluent foreigners.
Panama regularly receives high rankings in benchmarking reports. During 2020, occupied the 8th position in the Rankings of the Best Countries for Business in Latin American and Caribbean, and was #75 of 153 countries. In addition, the World Economic Forum ranks Panama above average for almost every metric in financial market development.
Innovation through Regulation
Panama’s financial regulatory framework is among one of the most robust in the world and is in process to adopt some of the OECD rules, while still being sophisticated enough to remain a flexible platform for the financial services industry.
While financial services legislation is drawn up by the Ministry for Finance, all financial services are overseen by the Panama Financial Services Authority. The MFSA is open-minded and approachable and offers face-to-face meetings with inter- national companies seeking to operate from Panama – a level of access that is rare in other finance centers. Over the years, the MFSA has also worked together with the industry in developing the required capabilities, capacity and regulatory frameworks to move into new areas of business.
With a long established democratic tradition, Panama as international finance center offers a veritable safe haven for investors. Liberal economic policies and a government committed to an open business environment are important factors for many investors looking for long term stability.
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