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Do foreigners who own property in Panama have to pay income taxes in Panama?

April 26, 2017foreigners income taxes panama pay Property

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Do foreigners who own property in Panama have to pay income taxes in Panama?

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A. The Panamanian Fiscal Code defines a taxpayer as any person or entity (corporation or partnership), national or foreign, receiving taxable income. According to the code, only income that is produced from any source within the territory of the Republic of Panama is subject to income tax, regardless of the place where it is received. This means income from sources outside Panama is not subject to taxes in Panama.

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A. The Panamanian Fiscal Code defines a taxpayer as any person or entity (corporation or partnership), national or foreign, receiving taxable income.