Contrary to the popular belief, there is no such thing as an IBC in Panama. Instead, in Panama there are two popular types of companies: the Sociedad Anónima (SA) and Sociedad de Responsabilidad Limitada (SRL). SA's are very similar to private limited companies and SRL's are comparable to LLC's.
Panama still remains to be a tax heaven due to taxation on territorial basis: Income accrued from outside of Panama is not in scope for Panamanian corporate tax which currently stands at 25%.
Quite intresting is the fact that Panama City is home to one of the largest international banking center in the world next to Switzerland and Singapore. Panama has the most modern and successful international banking center in Latin America.
In June 2014, Panama made a high-level political commitment to work with the FATF and GAFILAT to address its strategic AML/CFT deficiencies. Since February 2015, Panama has taken significant steps towards improving its AML/CFT regime by enacting: amendments to the criminal code, a new AML/CFT law, and legislation enhancing the framework for international cooperation.
In attention to the recommendations and best transparency practices of the industry, the National Assembly of Panama has approved Law 18 of April 23, 2015, which established the regime for the custody of shares issued to “bearer” by Panamanian corporations.