Since the early 20th century, Panama has with the revenues from the canal built the largest Regional Financial Center (IFC)[59] in Central America, with consolidated assets being more than three times that of Panama's GDP. The banking sector employs more than 24,000 people directly. Financial intermediation contributed 9.3 percent of GDP.[60] Stability has been a key strength of Panama's financial sector, which has benefited from the country's favorable economic and business climate. Banking institutions report sound growth and solid financial earnings. The banking supervisory regime is largely compliant with the Basel Core Principles for Effective Banking Supervision.[61] As a regional financial center, Panama exports some banking services, mainly to Latin America, and plays an important role in the country's economy. However, Panama still cannot compare to the position held by Hong Kong or Singapore as financial centers in Asia.
The mountain range of the divide is called the Cordillera de Talamanca near the Costa Rican border. Farther east it becomes the Serranía de Tabasará, and the portion of it closer to the lower saddle of the isthmus, where the Panama Canal is located, is often called the Sierra de Veraguas. As a whole, the range between Costa Rica and the canal is generally referred to by geographers as the Cordillera Central.
In Panama, nature is all about discovery. Explore the ruins of Spanish forts on the Caribbean coast or boat deep into indigenous territories in a dugout canoe. Wildlife is incidental: a resplendent quetzal on the highland trail, an unruly troupe of screeching howler monkeys outside your cabin or a breaching whale that turns your ferry ride into an adrenaline-filled event. Adventure tourism means zipping through rainforest canopies, swimming alongside sea turtles or trekking to sublime cloud-forest vistas. One small tropical country with two long coasts makes for a pretty big playground.
Hamad bin Jassim bin Jaber Al Thani, prime minister from 2007 to 2013, in 2002 acquired three shell companies incorporated in the Bahamas and another in the British Virgin Islands and through them moorage in Mallorca and a $300 million yacht named Al Mirqab.[375] The Panama Papers indicate he owns or owned eight shell companies. Subsequent reporting by Forbes found that Al Thani bought $700 million in Deutsche Bank shares in 2014 through Paramount Services Holdings and in 2015 transferred roughly half the stock to Supreme Universal Holdings, owned by a relative who had left office as emir of Qatar, also in 2013.[375]
Over £10 million of cash from the sale of the gold stolen in the 1983 Brink's-Mat robbery was laundered, first unwittingly and later with the complicity of Mossack Fonseca, through a Panamanian company, Feberion Inc. The company was set up on behalf of an unnamed client twelve months after the robbery. The Brinks money was put through Feberion and other front companies, through banks in Switzerland, Liechtenstein, Jersey, and the Isle of Man. It issued bearer shares only. Two nominee directors from Sark were appointed to Feberion by Jersey-based offshore specialist Centre Services.[93] The offshore firms recycled the funds through land and property transactions in the United Kingdom.[93] Although the Metropolitan Police Service raided the offices of Centre Services in late 1986 in cooperation with Jersey authorities, and seized papers and two Feberion bearer shares, it wasn't until 1995 that Brink's-Mat's solicitors were finally able to take control of Feberion and the assets.[93]

This place was gorgeous... Nice rooms with awesome views of property & ocean from our balcony. The pool & hot tub were so nice & we walked over to their other back-beach buildings to look at that indoor pool...it was beautiful... dim lit at night and tons of gorgeous plants... We would even love staying there in the future for less money per night if money was tighter... Either location is great. The staff were all so nice & especially Krista at the front desk.. Her customer service went above & beyond and we were so thankful. We can’t wait to stay here again in the future ! Wonderful vacation.

This place was gorgeous... Nice rooms with awesome views of property & ocean from our balcony. The pool & hot tub were so nice & we walked over to their other back-beach buildings to look at that indoor pool...it was beautiful... dim lit at night and tons of gorgeous plants... We would even love staying there in the future for less money per night if money was tighter... Either location is great. The staff were all so nice & especially Krista at the front desk.. Her customer service went above & beyond and we were so thankful. We can’t wait to stay here again in the future ! Wonderful vacation.
Panama, country of Central America located on the Isthmus of Panama, the narrow bridge of land that connects North and South America. Embracing the isthmus and more than 1,600 islands off its Atlantic and Pacific coasts, the tropical nation is renowned as the site of the Panama Canal, which cuts through its midsection. It is equally well known for its natural beauty, for its diverse plant and animal life, including hundreds of bird and tree species, and for its vibrant music and culture.
No matter what kind of Panama City Beach vacation you're dreaming about, we've got you covered. Panama City Beach, named the top 3 beach in the United States by TripAdvisor, has 27-miles of beautiful beaches to choose from and you'll find a different experience at each stop along the way. Explore as much of PCB as you can. If you love long walks along the beach, you won't find a better beach for it!
Mossack Fonseca documents provide new insight and confirmation for a previously-litigated tax case where an offshore company transferred its registration to avoid paying capital gains tax in Uganda.[482] The documents show that Heritage Oil and Gas Limited (HOGL) knew in advance of a capital gains tax that Uganda planned to enact. HOGL was then operating in Uganda and planned to sell half its Ugandan assets. It "urgently"[483] moved its registration from the Bahamas to Mauritius to avoid the tax.[482] Mauritius has a double taxation agreement with Uganda, meaning that HOGL would pay tax in only one of the two countries.[482] But Mauritius does not have a capital gains tax, so by moving there Heritage reduced its capital gains tax to zero.[484] Emails clearly show that this was the reason for the transfer, although company attorneys deny it.[482]

In the late 1970s through the 1980s the city of Panama became an international banking center, bringing a lot of undesirable attention as an international money-laundering locale. In 1989 after nearly a year of tension between the United States and Panama, President George H. W. Bush ordered the invasion of Panama to depose General Manuel Noriega, the country's de facto dictator. As a result, a portion of the El Chorrillo neighborhood, which consisted mostly of old wood-framed buildings dating back to the 1900s (though still a large slum area), was destroyed by fire. In 1999, the United States officially transferred control of the Panama Canal Zone to Panama, which remains in control today.[6]
The development in this once unincorporated part of Northwest Florida had previous names such as Floriopolis, Park Resort, and Harrison.[7] In 1906, the development was named Panama City and it was first incorporated as Panama City in 1909. When Panama City was incorporated in 1909, its original city limits were 15th Street (Hwy 98) on the north, Balboa Avenue on the west and Bay Avenue on the east. According to the Panama City Public Library's A History of Panama City,[8] George Mortimer West hoped to spur real estate development in Bay County during a period of intense popular interest in the construction of the Panama Canal by changing the town's name from Harrison to Panama City, because a straight line between Chicago and the capital of the Central American country of Panama intersected the Florida town. Additionally, since required meanders around land formations in a seaborne route to the canal added distance when starting at other ports, Panama City was the closest developed port in the US mainland to the Caribbean entrance of the Panama Canal.
On October 22, 2016, in the midst of a state visit to Germany, Varela told journalist Jenny Pérez, of Deutsche Welle that there had been "progress" in transparency and many agreements to exchange tax information, and that tax evasion was a global problem. Asked about his ties with Ramón Fonseca Mora, managing partner of the firm Mossack Fonseca, he acknowledged that he is a friend.[145]
In 2010, HOGL sold its 50 percent stake in Ugandan oil fields to Tullow Uganda for US$1.5 billion.[482] The Uganda Revenue Authority (URA) applied a US$404 million capital gains tax on the transaction and HOGL refused to pay.[482] A four-year battle in various courts ensued. Ugandan officials, including President Yoweri Museveni and the then-URA Commissioner-General Allen Kagina demanded the payment from Tullow, threatening not to renew its exploration licenses, which were about to expire, unless it deducted the tax from its payment to Heritage and remitted it to the URA.[482] Eventually Tullow made a down payment and deposited the rest in escrow, pending legal resolution of its appeal, which came in 2013. Tullow also successfully sued HOGL to recover taxes they had paid on its behalf.[482]
Prime Minister John Key responded May 7 to John Doe's remark that he had been "curiously quiet" about tax evasion in the Cook Islands by saying that the whistleblower was confused and probably European. While the Cook Islands use New Zealand currency, "I have as much responsibility for tax in the Cook Islands as I do for taxing Russia." New Zealand does represent the Cook Islands on defence and foreign policy, but not taxation, he said.[495]
The US on the other hand refused to sign on to the Common Reporting Standard set up by the Organisation for Economic Co-operation and Development, alongside Vanuatu and Bahrain.[414] This means the US receives tax and asset information for American assets and income abroad, but does not share information about what happens in the United States with other countries, which in other words means that the United States has become attractive as a tax haven.

Diamond Ocean Enterprises, a Mossack Fonseca entity set up in 2005, reported its purpose as financial consulting to a Namibian diamond manufacturer and polisher.[209] According to the law firm's records, Deutsche Investment Consultants (Asia) Limited, a Mossack Fonseca company set up in the British Virgin Islands for the now-imprisoned Mafioso Vito Palazzolo by Wolf-Peter Berthold, a German banker based in Hong Kong, is a director of the firm. Its shareholders include Peter von Palace Kolbatschenko, Palazzolo's son, Berthold, and Giovanni Agusta.[209]
According to Ouestaf the documents make it clear that while Crei investigators were interested in the funds in Pouye's Monaco account, they did not know that their source was an offshore account he created himself.[20] The two contracts prove that there was in fact a relationship between the defendants and DP World. Investigator Papa Alboury Ndao told the court in February[when?] that he had discovered two payments of $13 million each from a subsidiary of DP World FZE to a Singapore bank account belonging to Karim Wade. However the bank in Singapore refused to cooperate and Ndao was forced to drop that line of inquiry.[20]

According to Ouestaf the documents make it clear that while Crei investigators were interested in the funds in Pouye's Monaco account, they did not know that their source was an offshore account he created himself.[20] The two contracts prove that there was in fact a relationship between the defendants and DP World. Investigator Papa Alboury Ndao told the court in February[when?] that he had discovered two payments of $13 million each from a subsidiary of DP World FZE to a Singapore bank account belonging to Karim Wade. However the bank in Singapore refused to cooperate and Ndao was forced to drop that line of inquiry.[20]


"This is a unique opportunity to test the effectiveness of leaktivism", said Micah White, co-founder of Occupy, "... the Panama Papers are being dissected via an unprecedented collaboration between hundreds of highly credible international journalists who have been working secretly for a year. This is the global professionalization of leaktivism. The days of WikiLeaks amateurism are over."[79]
The government of Rwanda uses an offshore company to lease a private jet for its senior politicians.[441] Leaked documents show that Brigadier-General Emmanuel Ndahiro, using a London address, become a director of a British Virgin Islands company, Debden Investments Ltd. in 1998, owner of a jet aircraft. Ndahiro, a close advisor of president Paul Kagame, was then spokesman for Kagame's military.[441] According to the Panama Papers the owner of the company was Hatari Sekoko, who ran a number of real estate and hotel ventures such as the Marriott in Kigali.[439]
What is there not to like about PCB? Every condo/hotel that I have stayed in has been amazing! All with a beach view I might add. My favorite places to eat are the All American Diner and breakfast, lunch, or dinner! They have good food and nice friendly staff every single time. And my other favorite is Sharky's Beachfront Restaurant! SHEESH! The food and the drinks are delicious and reasonably priced for a tourist town and the portions are huge! Panama City Beach is my favorite place to visit!
The definite origin of the name Panama is unknown. There are several theories. One states that the country was named after a commonly found species of tree (Sterculia apetala, the Panama tree). Another states that the first settlers arrived in Panama in August, when butterflies are abundant, and that the name means "many butterflies" in one or several of indigenous Amerindian languages that were spoken in the territory prior to Spanish colonization. The most scientifically corroborated theory by Panamanian linguists, states that the word is a hispanicization of Kuna language word "bannaba" which means "distant" or "far away".[14]
Because of the city's position on St. Andrews Bay, bridges are very important to the area, and most directions into or out of the city require the use of one of three large bridges to cross parts of the bay. These are the Bailey Bridge to the north on Hwy 77, the Dupont Bridge to the south on Hwy 98 and the Hathaway Bridge to the west on Hwy 98. The largest of these is the Hathaway Bridge, which is the only direct connection between the beach side of Panama City, otherwise known as Panama City Beach .
Central Bank of Cyprus officially declared: "With regard to press reports citing leaked documents, known as the Panama Papers, the Central Bank of Cyprus announces that it is assessing the information to the extent that it may concern the Cypriot banking system and taking, where necessary, appropriate action."[180] A Cypriot online paper said "The Cyprus link stems from the fact that Fonseca runs an office in Cyprus and, more specifically, in Limassol. In a chart, the leaks name Cyprus as a tax haven (countries that offer little or no tax), although it has a corporate tax rate of 12.5%, the same as Ireland."[180]

In addition to these tourist attractions, Panama City offers many different options when it comes to hotel accommodations, including the first Waldorf Astoria hotel to open in Latin America, and many small boutique style hotels that have smaller numbers of guest rooms and offer a more intimate vacation. Nightlife in the city is centered around the Calle Uruguay and Casco Viejo neighborhoods. These neighborhoods contain a variety of different bars and nightclubs that cater to the tourists visiting the city.[33]
Mossack Fonseca has managed more than 300,000 companies over the years.[95] The number of active companies peaked at more than 80,000 in 2009. Over 210,000 companies in twenty-one jurisdictions figure in the leaks. More than half were incorporated in the British Virgin Islands, others in Panama, the Bahamas, the Seychelles, Niue, and Samoa. Mossack Fonseca's clients have come from more than 100 countries. Most of the corporate clients were from Hong Kong, Switzerland, the United Kingdom, Luxembourg, Panama, and Cyprus. Mossack Fonseca worked with more than 14,000 banks, law firms, incorporators, and others to set up companies, foundations, and trusts for their clients.[107] Some 3,100 companies listed in the database appear to have ties to US offshore specialists, and 3,500 shareholders of offshore companies list US addresses.[108] Mossack Fonseca has offices in Nevada and Wyoming.[109]
Kojo Annan, son of former Secretary-General of the United Nations Kofi Annan, appears with Laolu Saraki, the son of the late Nigerian senator Abubakar Olusola Saraki, as shareholders in Blue Diamond Holding Management Corp, registered by Mossack Fonseca in the British Virgin Islands in 2002.[29] The two were directors of Sutton Energy Ltd, also registered in the British Virgin Islands in 2002, then transferred to Samoa.[29] In 2015, Annan used another shell company first registered in the British Virgin Islands, then transferred to Samoa, to purchase an apartment in London for $500,000.[29]
Panama was inhabited by indigenous tribes before Spanish colonists arrived in the 16th century. It broke away from Spain in 1821 and joined the Republic of Gran Colombia, a union of Nueva Granada, Ecuador, and Venezuela. After Gran Colombia dissolved in 1831, Panama and Nueva Granada eventually became the Republic of Colombia. With the backing of the United States, Panama seceded from Colombia in 1903, allowing the construction of the Panama Canal to be completed by the US Army Corps of Engineers between 1904 and 1914. The 1977 Torrijos–Carter Treaties led to the transfer of the Canal from the United States to Panama on December 31, 1999.[9]
The Panama Free Trade Agreement, supported by Obama and Clinton, has been accused of enabling the practices detailed within the Panama Papers through regulatory oversight.[416] However, an Obama administration official said the argument has "zero merit".[417] John Cassidy of The New Yorker, said the Panama Free Trade Agreement actually forced Panama to release information to the American regulatory authorities on "the ownership of companies, partnerships, trusts, foundations, and other persons".[418]

Located at the tip of the Azuero Peninsula, Pedasi is a quaint unassuming beach town with a pristine downtown area. The expat community numbers several hundred within the total population of just under 5,000. This expat community is growing as visitors have discovered this treasured jewel. Not much further down the two-lane road is Playa Venao, one of Panama’s best surfing beaches.
As of the 2000 census, the city's median household income was $31,572, and the median income for a family was $40,890. Males had a median income of $30,401 versus $21,431 for females. The city's per capita income was $17,830. About 12.1% of families and 17.2% of the population were below the poverty line, including 24.5% of those under age 18 and 14.9% of those age 65 or over.
The Ministry of Economy and Finance of Panama, Dulcidio de la Guardia, formerly an offshore specialist at Mossack Fonseca competitor Morgan & Morgan, said the legal but often "murky" niche of establishing offshore accounts, firms and trusts make up "less than half a percentage point" of Panama's GDP. He appeared to suggest that publication of the papers was an attack on Panama because of the high level of economic growth that the country had shown.[137]
Areas of alluvial soils (which develop from clay, silt, sand, and gravel deposited by streams) are especially fertile but are limited to the lower parts of river valleys. The commercial banana plantations around Puerto Armuelles and in western Bocas del Toro province are mainly on alluvial soils. Some of the soils along the inland edges of coastal mangrove swamps have also proved productive. In some areas, exceptionally fertile soils have developed from volcanic ash.
Prime Minister Ayad Allawi, a former vice president of Iraq, owned property through Mossack Fonseca shell companies registered in Panama and the British Virgin Islands, for security reasons following an assassination attempt, according to his spokesperson, who added that any income from the properties was reported and taxes paid "promptly and on time."[87]
US authorities say that Steinmetz paid Mamadie Touré $5.3 million for her help in obtaining the concession from her husband Lansana Conté, president of Guinea, shortly before he died.[442] According to Global Witness, an offshore company belonging to Touré, Matinda, received a payment of $2.4 million from a company named Pentler Holdings. Several more payments were promised as well as 5% of BSGR shares in Simandou. Pentler owned 17.65% of BSGR Guinea.[458]
The leaked documents indicate that about US$2 trillion has passed through the firm's hands.[110] Several of the holding companies that appear in the documents did business with sanctioned entities, such as arms merchants and relatives of dictators, while the sanctions were in place. The firm provided services to a Seychelles company named Pangates International, which the US government believes supplied aviation fuel to the Syrian government during the current civil war, and continued to handle its paperwork and certify it as a company in good standing, despite sanctions, until August 2015.[101]

In 1501 Rodrigo de Bastidas of Spain landed on the Caribbean side, discovering the Americas. Just a short 18 years later, 1500 Spanish settlers had established the oldest European settlement on the Pacific Coast of the Americas in what was called Panama Viejo, near the current Panama City. Finding that the two oceans were not far apart, conquistadors began transporting goods from the Caribbean side to the Pacific side in what became known as the El Camino Real or Royal Trail. This enabled two-way traffic of carts carrying treasures to go from sea to sea. In 1671 the famous pirate Henry Morgan burned down the original Panama City.
Bidzina Ivanishvili became wealthy in Russia before returning to Georgia and becoming prime minister in 2012; his public official's asset declaration was 72 pages long.[86] However, he does not list Lynden Management, a Mossack Fonseca company which held about 20% of the shares of Raptor Pharmaceuticals (which he did declare), a US-based company listed on the New York Stock Exchange.[86] He refused for nearly four years to provide a copy of his passport and a proof of address to the law firm, which needed it to comply with money-laundering regulations as well as inquiries into the company by the Financial Investigation Agency of the British Virgin Islands.[86]
Businesswoman Ingibjörg Pálmadóttir and her husband Jón Ásgeir Jóhannesson have for several years financed their business dealings through a Panamanian company, Guru Invest, which owns shares in retailer Sports Direct through Rhapsody Investments (Europe), based in Luxembourg.[202] Guru Invest paid around US$16 million to Glitnir bank after it crashed to cover the debt of Gaumur, one of Jón Ásgeir's companies, and loaned ISK 100 million to Jón Ásgeir's company Þú Blásól through an offshore company he owns named Jovita. Asked by journalists at Kjarninn where that money came from, Ingibjörg did not reply.[202] Ingibjörg is the primary owner of the 365 media group, which owns the Icelandic news outlets Vísir.is, television channel Stöð 2 and radio stations Bylgjan, X-ið [is] and FM 957, none of which seem to be reporting this disclosure.[202]
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