Panama Economic Data

Location 8°58′N 79°32′W Weather is tropical with a Dry & Wet season - No Hurricanes!
Size 74,177.3 km2 (28,640.0 sq mi) (about the size of North Carolina)
Capital Panama City
Time zone EST (UTC−5)
Population 4,058,374 Approx. 50% live in the capital city
Density 45.9/km2 (118.9/sq mi)
Official Language Spanish English widely spoken in the Capital
Government Unitary Presidential Constitutional Republic
Official Motto "Pro Mundi Beneficio" "For the Benefit of the World"
Currency United States dollar (USD) Balboa (PAB) coin Panama has no Central Bank and does not print it's own currency but does issue coins for local trade
GDP USD $52 Billion as of 2016
GDP Growth 5.8% as of 2016
GDP per capita $13,300 (USD) as of 2016
GNI 81.36 Billion PPP Dollars as of 2015
GNI per Capita 20,710 PPP Dollars as of 2015
Trade Balance /GDP -6.5% as of 2016
Public Debt GDP 39% as of 2016
Inflation 0.1% as of 2016
Unemployment 4.5% as of 2016
Internet Users 51.2% of the population as of 2015
Main Sectors Trade (Canal Zone), Finance, Insurance, RE
(sources) World Bank & Forbes

Economic Data

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Panama taxes Last Previous Highest Lowest Unit
Corporate Tax Rate 25.00 25.00 37.00 25.00 Percent
Personal Income Tax Rate 25.00 25.00 33.00 25.00 Percent
Sales Tax Rate 7.00 7.00 7.00 5.00 Percent
Social Security Rate 22.25 22.25 23.75 20.75 Percent
Social Security Rate For Companies 12.50 12.50 14.50 12.25 Percent
Social Security Rate For Employees 9.75 9.75 10.25 8.50 Percent

Panama is the fastest growing, consistent and most stable economy in Latin America

Income, personal or corporate generated outside of Panama is tax free.

Panama has implemented a sound ‘social safety net’ with excess income generated from Canal revenues being deposited in a reserve fund for retirement pensions and contingencies. (Sovereign Fund) Panama has implemented a plan similar to the ‘CPF’ Singapore Central Provident Fund

Investment Stability Law #54 provides for ‘10 year stability’ as of the registration of the investment that all legal, tax, customs, municipal and labor rules will remain identical to those in force at the time of registration. This is an important guarantee to secure ‘no-changes’ that may affect the amortization of investments – foreign investment security is paramount in Panama.