IMPORTANT NOTICES for residents in Panama, holders of Panamanian companies, and bank accounts of legal entities in Panama. Please return periodically to this section, where we publish official notices.
IMPORTANT NOTICE FOR COMPANIES WITH A BANK ACCOUNT IN PANAMA
After opening a bank account in Panama, it is mandatory to carry out the following procedures in the order indicated:
Registration with the corresponding Municipality. Fee for this service: USD 150.00.
Registration with the Social Security Fund (only if employing staff). Fee for this service: USD 175.00.
Annual obligations: file an income tax return with the Dirección General de Ingresos (DGI), even if the company has had no activity, and file a municipal tax return with the corresponding Municipality, even if the company has had no activity.
Important: these services fall under the accounting area and the law firm Caporaso & Partners does not provide them. For more information, you may contact a CPA in Panama, for example, Lic. Alejandro Quintero, Contador Público Autorizado (CPA), Email: [email protected], Office phone: 399-4848, Mobile: 6737-8762, or any other accountant of your choice.
Disclaimer: the law firm is not responsible for work carried out by third parties.
PERMANENT RESIDENCE NOTIFICATION – CHANGES
The National Immigration Service will schedule an automatic appointment at the time of notifying the residence permits. In cases where the foreign national is outside the country, notification must be made by submitting a copy of the passport, personal information page, entry stamp, copy of the provisional residence card, and a copy of the ticket showing the departure from the country, thus justifying the absence for the notification. In addition, the payment of USD 100 for the permanent resident card must be made.
Subsequently, and before the expiration of the card, the applicant must appear at the National Immigration Service for the corresponding photograph to be taken.
CHANGE OF ADDRESS – RESIDENTS
Remember the address you declared when you applied for your residence permit, as you may be asked for it upon arrival in Panama, and if you cannot recall it, you may be fined. The National Immigration Service informs about the strict enforcement of the current immigration regulations in the Republic of Panama, specifically regarding the update of residence information.
According to Executive Decree No. 320 of August 8, 2008, which regulates Decree Law No. 3 of February 22, 2008, Title X, Immigration Administrative Offenses and Sanctions, Article 313, Paragraph 7, states the following: “Failure to report a change of residence or variations in the information provided in the Foreigner Registry (Articles 37 and 87 of the Decree Law) shall result in a fine of B/. 100.00 for the first offense; for the second offense, the cancellation of the immigration status will apply; and for the third offense, deportation will be carried out.”
In view of the above, please be informed that, from this date, the USD 100.00 fine will be strictly applied to foreign nationals who do not report changes of residence. It is essential to comply with this requirement to avoid more severe sanctions, including the cancellation of immigration status and deportation.
We remind you of the importance of keeping your personal information up to date. To make the update, please visit any of the offices of the National Immigration Service, in the Foreigner Registry Department.
⚠️ WARNING – POSSIBLE FRAUD OPM SECURITY CORPORATION
OPM CORPORATION I, states that it has no connection with the so-called OPM SECURITY CORPORATION BANK whose website is www.provincebank.com. After verifying with the Superintendency of Banks of Panama www.superbancos.gob.pa, we found no record or banking license under the name of this alleged bank, which also uses in its SWIFT code an old address linked to a company that was formerly part of our group and was duly sold in 2019. We have no information regarding the current ownership of the mentioned company. We warn the public that such misuse and the lack of banking authorization could indicate a possible scam involving a fake bank, and we strongly recommend exercising extreme caution before entering into any relationship or transaction with this entity.