Notices for residents in Panama
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.
PANAMA UPDATES ITS TAX LIST: DO NOT GET CAUGHT UNPREPARED
Panama has updated the list of jurisdictions subject to the automatic exchange of financial information for tax purposes. Executive Decree No. 21 adopts the list of countries with which Panama may transmit tax information under the CRS framework, known as the Common Reporting Standard. This means that Panamanian financial institutions subject to reporting obligations must use this list to identify reportable accounts, apply due diligence procedures, and submit the relevant information to the competent authority.
The key point, if you reside in Panama or maintain economic, banking, corporate, or asset-related interests in the country, is that the automatic exchange of financial information is now part of an increasingly broad international reality. The CRS was created to strengthen tax cooperation between jurisdictions and make it more difficult to conceal accounts, investments, or asset structures abroad. For this reason, this new measure increases the risks if you have moved to Panama, opened bank accounts, incorporated companies, managed investments, or structured your assets without receiving proper legal and tax assistance.
Incomplete information, an incorrectly completed form, an unclear tax residence, or a structure created without assessing its international effects can lead to very serious consequences. The problem is not Panama. The problem is acting without a serious legal strategy. If you think that opening an account abroad or transferring your residence is enough to be protected, you are making a serious mistake. Today, banks, financial intermediaries, and tax authorities operate within an increasingly connected system. Information can move from one jurisdiction to another, according to the applicable rules and existing agreements.
In cases like these, the assistance of a specialist may become necessary. Not to create shortcuts, but to avoid mistakes. A qualified professional can review your tax position, your effective residence, your banking documentation, the consistency of the statements made to financial institutions, and the impact of the corporate or asset structures used. A mistake can cost you dearly. It can lead to audits, objections, requests for information, penalties, or banking problems.
Therefore, before making decisions regarding accounts, investments, or asset planning in Panama, it is essential to obtain a serious, personalized assessment carried out by competent professionals.
DEADLINE TO UPDATE RUC OR TAX ID
The General Directorate of Revenue (DGI) has extended the deadline for updating taxpayer information in the e-Tax 2.0 system until December 31, 2025.
Please note that this procedure is mandatory and applies to both legal entities and natural persons. It includes the verification of general data, location, economic activities, tax obligations, and related parties (in the case of legal entities). Related parties include the Accountant (for local operational entities), the Resident Agent, and the person acting as Legal Representative.
Legal and natural persons who do not comply with this mandatory update will be subject to fines ranging from USD 100 to USD 500.
We kindly remind you that our team is available to assist you in this process. We offer the complete RUC update service for a fee of USD 50.00.
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.
Superintendency of Banks of Panama – Clarification regarding the company named OPM Corporación I
Code EXT-SBP-2025-04357
Through this communication, we acknowledge receipt of your email in which you inform this Superintendency that the referenced company, of which you are President and Legal Representative, “has no connection whatsoever with the entity known as OPM SECURITY CORPORATION BANK.”
With respect to the verifications you carried out regarding “OPM BANK” or “OPM SECURITY CORPORATION”, we confirm that these entities do not have, nor have they ever had in the past, authorization to engage in banking business in or from the Republic of Panama, nor to maintain a Representative Office in our country, in accordance with the Banking Law. They also do not hold a Fiduciary License to conduct trust business.
NOTICE – OBLIGATION FOR BELIZE COMPANIES
The Director General of the Belize Tax Service Department (BTSD) has announced that the deadline for filing the Financial Statement Return has been further extended to December 31, 2025.
Taxpayers are also reminded that the Financial Statement Return is a summary return, and therefore, it is not mandatory to upload full financial statements; only the completion of the return form is required.