Panama is conducting a unique economic experiment—it uses the U.S. dollar as currency, lacks a central bank, places no restrictions on money flowing in and out, and has few taxes. The country’s financial structure is stable and going strong, but will the boom continue? And will the good fortune spread beyond the financial sector? The general manager of the stock exchange shares his thoughts.
Executive VP & GM
Bolsa de Valores de Panama (Panama Stock Exchange)
Roberto Brenes, Executive Vice-President and General Manager of the Panama Stock Exchange, points out one reason Panama is attractive for international investors: “There are no taxes on income or on gains from foreign sources.” The country has no capital gains tax, no offshore income tax, and no estate tax. Contracts are payable in any currency. Panama has no central bank regulating currency and there’s no mandatory legal currency.