{"id":4149,"date":"2018-01-26T07:27:06","date_gmt":"2018-01-26T07:27:06","guid":{"rendered":"https:\/\/www.conferencecall.co.uk\/blog\/?p=4149"},"modified":"2018-02-13T15:04:36","modified_gmt":"2018-02-13T15:04:36","slug":"exporting-panama-everything-need-know","status":"publish","type":"post","link":"https:\/\/www.conferencecall.co.uk\/blog\/exporting-panama-everything-need-know\/","title":{"rendered":"Exporting to Panama &#8211; everything you need to know"},"content":{"rendered":"<p>Exports from the UK to Panama are worth around \u00a3149 million, and the UK is the second largest investor in Panama with holdings worth more than $3.3 billion. This is largely due to the\u00a0Col\u00f3n Free Trade Zone, an area near the entrance to the Panama Canal dedicated to re-exporting a wide variety of merchandise to Latin America and the Caribbean.<\/p>\n<p>The UK\u2019s main exports to Panama include:<\/p>\n<ul>\n<li>beverages (notably Scotch Whisky)<\/li>\n<li>organic chemicals<\/li>\n<li>medical and pharmaceuticals products<\/li>\n<li>machinery<\/li>\n<li>transport equipment<\/li>\n<\/ul>\n<p>If you want\u00a0\u00a0to take advantage of this unique trading opportunity, here&#8217;s everything you need to know about exporting to Panama.<\/p>\n<p><!--more--><\/p>\n<h2>Where is Panama?<\/h2>\n<p>Located in central America, Panama is bordered by Costa Rica and Colombia and has coastlines on the Caribbean Sea and the Pacific Ocean.<\/p>\n<p>It&#8217;s capital, Panama City, is just\u00a0over 5,000\u00a0miles from London, with daily flights available.<\/p>\n<p>The national language is Spanish, the currency is the Panamanian Balboa, the dialling code is +507, and the top level domain for websites is .pa.<\/p>\n<p><iframe style=\"border: 0;\" src=\"https:\/\/www.google.com\/maps\/embed?pb=!1m18!1m12!1m3!1d8084482.303436115!2d-84.60334720297978!3d8.352262073007717!2m3!1f0!2f0!3f0!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x8fa61583c8be2be3%3A0x79eee04d1fa59bcf!2sPanama!5e0!3m2!1sen!2suk!4v1516660422951\" width=\"600\" height=\"450\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>What are the pros and cons of exporting to Panama?<\/h2>\n<p>A range of well-known UK businesses operate out of Panama, such as\u00a0Cable and Wireless, Diageo, GlaxoSmithKline, and Unilever.<\/p>\n<p>The strengths of the market in Panama include:<\/p>\n<ul>\n<li>Panama uses the US dollar and there are no foreign exchange controls<\/li>\n<li>100% foreign ownership is allowed<\/li>\n<li>no restrictions on the transfer and repatriation of capital and profits<\/li>\n<li>legislation guaranteeing juridical security, fiscal and tax incentives for investors<\/li>\n<li>Panama hasn\u2019t experienced major difficulties as a result of the downturn and there have been no bailouts<\/li>\n<li>economic stability, with record low inflation and sustained economic growth<\/li>\n<li>strategically located on the major world shipping route provided by the Panama Canal<\/li>\n<li>a hub for air travel<\/li>\n<li>one of the best countries for telecommunications connectivity in the world<\/li>\n<li>low unemployment at only 4.1%<\/li>\n<\/ul>\n<p>There are, however, a number of challenges that present themselves to UK businesses trading in Panama, such as:<\/p>\n<ul>\n<li>bureaucracy<\/li>\n<li>lack of clarity and transparency in public tender<\/li>\n<li>slow judicial system<\/li>\n<li>copyright issues<\/li>\n<\/ul>\n<p>If you want to trade with Panama, you\u2019ll need a reliable and cost-effective\u00a0<a href=\"https:\/\/www.conferencecall.co.uk\/conference-call\" target=\"_blank\" rel=\"noopener\">conference call\u00a0<\/a>provider to help keep in touch when travelling isn\u2019t an option. Here\u2019s\u00a0<em><a href=\"https:\/\/www.conferencecall.co.uk\/blog\/how-to-set-up-a-conference-call-between-panama-and-uk\/\" target=\"_blank\" rel=\"noopener\">How to set up a conference call between the UK and the Panama<\/a>.<\/em><\/p>\n<div>\n<p>And remember, you can now screen share and video conference, using\u00a0<a href=\"https:\/\/www.conferencecall.co.uk\/blog\/now-can-screen-share-conference-calls\/\" target=\"_blank\" rel=\"noopener noreferrer\">Crankwheel<\/a>.<\/p>\n<h2>How does tax work in Panama?<\/h2>\n<p>Panama and the UK have a Double Taxation Agreement in place, which means duties paid in Panama can be claimed back in the UK. And\u00a0Panama and the UK signed an Investment Protection Treaty in 1983.<\/p>\n<p>The main tax rates in the Panama are:<\/p>\n<ul>\n<li><strong>VAT<\/strong>\u00a0\u2013 sales tax is based\u00a0 upon the purchase price of certain goods and services.\u00a0Impuesto de Transferencia de Bienes Muebles y Prestaci\u00f3n de Servicios (ITBMS) is the Panamanian value-added tax (VAT). Alcoholic beverages and hotel accommodation are taxed at 10%, and tobacco and tobacco-derived products are taxed at 15%.<\/li>\n<li><strong>Corporation tax<\/strong>\u00a0\u2013 charged at a rate of 25%.<\/li>\n<li><strong>Income tax<\/strong>\u00a0\u2013 charged between 15% and 25%%, depending upon income.<\/li>\n<\/ul>\n<h2>How will I be affected by customs in Panama?<\/h2>\n<p>All imports into Panama are subject to a 7% value added tax (ITBMS) levied on the cost, insurance and freight (CIF) value. And this tax is also applied to certain services.<\/p>\n<p>Certain items, including pharmaceuticals, food and school supplies,\u00a0are exempted from the tax. The average of import tariffs is under 9%, with some exceptions, mainly for agricultural products considered crucial to rural economies and automobiles.<\/p>\n<p><a href=\"https:\/\/www.conferencecall.co.uk\/conference-call\"><img decoding=\"async\" class=\"alignnone wp-image-1777 size-full\" src=\"https:\/\/www.conferencecall.co.uk\/blog\/wp-content\/uploads\/2015\/05\/conference-call-banner.jpg\" sizes=\"(max-width: 600px) 100vw, 600px\" srcset=\"https:\/\/www.conferencecall.co.uk\/blog\/wp-content\/uploads\/2015\/05\/conference-call-banner.jpg 600w, https:\/\/www.conferencecall.co.uk\/blog\/wp-content\/uploads\/2015\/05\/conference-call-banner-300x59.jpg 300w\" alt=\"\" width=\"600\" height=\"118\" \/><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Exports from the UK to Panama are worth around \u00a3149 million, and the UK is the second largest investor in Panama with holdings worth more than $3.3 billion. This is<\/p>\n<div class=\"more-link-wrapper\"><a class=\"more-link\" href=\"https:\/\/www.conferencecall.co.uk\/blog\/exporting-panama-everything-need-know\/\">Read More<span class=\"screen-reader-text\">Exporting to Panama &#8211; everything you need to know<\/span><\/a><\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[22,2,7],"tags":[23,3,24],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Exporting to Panama - everything you need to know - ConferenceCall.co.uk blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.conferencecall.co.uk\/blog\/exporting-panama-everything-need-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exporting to Panama - everything you need to know - ConferenceCall.co.uk blog\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.conferencecall.co.uk\/blog\/exporting-panama-everything-need-know\/\" \/>\n<meta property=\"og:site_name\" content=\"ConferenceCall.co.uk blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/pages\/Conference-Call-UK\/178511498997826\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-26T07:27:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-02-13T15:04:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.conferencecall.co.uk\/blog\/wp-content\/uploads\/2018\/01\/panama-flag.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"346\" \/>\n\t<meta property=\"og:image:height\" content=\"240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Les Roberts\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LesRobertsMedia\" \/>\n<meta name=\"twitter:site\" content=\"@ConfCallUK\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Les Roberts\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.conferencecall.co.uk\/blog\/exporting-panama-everything-need-know\/\",\"url\":\"https:\/\/www.conferencecall.co.uk\/blog\/exporting-panama-everything-need-know\/\",\"name\":\"Exporting to Panama - everything you need to know - ConferenceCall.co.uk blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.conferencecall.co.uk\/blog\/#website\"},\"datePublished\":\"2018-01-26T07:27:06+00:00\",\"dateModified\":\"2018-02-13T15:04:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.conferencecall.co.uk\/blog\/#\/schema\/person\/fd51b09e17d75360ba18197c2c1c535b\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.conferencecall.co.uk\/blog\/exporting-panama-everything-need-know\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.conferencecall.co.uk\/blog\/exporting-panama-everything-need-know\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.conferencecall.co.uk\/blog\/exporting-panama-everything-need-know\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.conferencecall.co.uk\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Exporting to Panama &#8211; 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