Pirates have seized another Panamanian-flagged carrier off the coast of the Seychelles. A ship flies the Panamanian flag because it is registered in the country to take advantage of the infrastructure (discount on Panama Canal transits), maritime laws, anonymous ownership options, and tax breaks. Panama is considered to be one of the best places...
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6.1 Earthquake Hits Panama
Last night, a 6.1-magnitude earthquake struck 120 miles south of the city of David, off Panama’s Pacific Coast, 6.2 miles under the ocean. The quake was felt in the regions of Bocas del Toro, Chiriqui and Veraguas but no damages have been reported. Panama City experienced major earthquakes in 1621, 1882, 1913, 1934 and...
IRS Tracking Down Evaders in Panama City
More than 7,500 Americans revealed undeclared accounts in 70 countries by yesterday’s deadline for reporting unreported income hidden in overseas accounts. Those who came forward, with accounts ranging from $10,000 to more than $100 million, will be granted partial amnesty (Reuters). For those who did not come forward, the IRS is intensifying its global hunt...
Panama 29th on 2009 Financial Development Index
The World Economic Forum has published its long anticipated 2009 Financial Development Index, and Panama is the leading financial center in Latin America according to the list, ranking 29th out of 55 countries analyzed. The rankings are based on over 120 variables spanning institutional and business environments, financial stability, and size and depth of capital...
Помощь! Stranded in the Panama Canal
Eleven Russian sailors are stranded in the Panama Canal and running out of supplies. The Piruit cargo ship was grounded while passing through the Canal in April this year. The owner – Anabatic Limited, a timber and log company – was unable to pay for repairs, and Panamanian authorities seized the ship. The crew...
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