Current edition
Doing Business In Panama Report 2024-2025
Updated version of the report AmCham shares with the business community. Available to read online or download as a PDF.
Business
The guide every investor in Panama should read
This report brings together the benefits of Panama’s special economic areas, the incentive framework and the figures that make the country an attractive place to invest. Download the latest edition and make decisions with firsthand information.
A look at the report
- US$90,500million in GDPEstimated through the third quarter of 2025 (INEC).
- #1In Maritime ConnectivityIn Latin America and the Caribbean (UNCTAD).
- US$166,727.4Million in Total Assets+60 banking institutions (SIB).
- 15%of ExportsPanama exported US$146.2 million to the United States in 2025.
Fuentes: Instituto Nacional de Estadística y Censo (INEC) de la Contraloría General de la República, Ministerio de Comercio e Industrias, UNCTAD, Banco Mundial y FMI. Cifras de la edición vigente del reporte: al actualizarlo, se actualizan aquí.
Panama, topic by topic
Panama at a glance
Economy, country risk and credit ratings (S&P, Moody’s, Fitch)
Panama–United States relationship
The Trade Promotion Agreement explained, with bilateral trade figures
Business opportunities
Logistics, agribusiness, financial services and tourism
Business regulations
Legal entities, taxes, immigration, intellectual property and public procurement
Incentive laws
SEM, EMMA, manufacturing, renewable energy, film and other special regimes
Special economic areas
Colón Free Zone, Panamá Pacífico, Ciudad del Saber and free zones
Four sectors, four growth stories
What the TPA has already achievedTrade Promotion Agreement between Panama and the United States
Since it entered into force, the Trade Promotion Agreement between Panama and the United States has consolidated a two-way trade relationship, with preferential market access and a strategic position that benefits both countries.
87% of U.S. exports enter duty-free
87% of U.S. consumer and industrial exports to Panama already enter duty-free, lowering costs for Panamanian companies that import inputs and capital goods.
The Canal carries close to 10% of U.S. trade
Close to 10% of U.S. international trade passes through the Panama Canal, reinforcing the country’s logistical weight in the hemispheric supply chain.
In force since October 31, 2012
The TPA has served for more than a decade as the legal framework that gives predictability to companies in both countries.
Special investment regimes
Panama offers several regimes with tax, immigration, customs and labor benefits. Each has its own law and governing body; the report explains them in detail.
Panamá Pacífico
Law 41 of July 20, 2004
Establishes a special regime over the former Howard Air Force Base, with tax, immigration and labor incentives. Permitted activities within the area include:
- Headquarters and back-office corporate operations
- Call centers
- Multimodal and logistics services
- Manufacturing and high-technology products
- Aircraft maintenance, repair and overhaul
Free Zones
Law 32 of April 5, 2011
Establishes a special regime with tax, immigration and labor incentives. The activities permitted within the zones, prior to export, are:
- Manufacturing
- Assembly
- Processing
- Sale of goods and services
- Telecommunications (call centers) and high technology
Colón Free Zone
Law 8 of April 4, 2016
Reorganizes the hemisphere’s main distribution center, with tax and immigration incentives for established companies. The activities permitted within the zone are:
- Import, export and re-export
- Manufacturing
- Sale, marketing and distribution
- Refining and processing of goods
- Multimodal logistics services
Ciudad del Saber
Decree Law 6 of February 10, 1998
Approves the agreement between the State and the Ciudad del Saber Foundation, with tax and immigration incentives for affiliated entities. Activities permitted within the area must relate to:
- Science
- Technology
- Human development
- Culture
Multinational Company Headquarters (SEM)
Law 41 of August 24, 2007
Creates the special regime for establishing and operating multinational company headquarters, with tax, immigration and labor incentives. Services a SEM may provide to its corporate group include:
- Management and administration of operations
- Logistics and warehousing of components or spare parts
- Accounting for the corporate group
- Technical, financial and administrative assistance
- Research and development of products and services
Need details for your sector?
The Trade Center prepares tailored information on the Panamanian market and the regimes that apply to your operation.