The city of Panama was founded on August 15, 1519, by Spanish conquistador Pedro Arias Dávila. The city was the starting point for expeditions that conquered the Inca Empire in Peru. It was a stopover point on one of the most important trade routes in the American continent, leading to the fairs of Nombre de Dios and Portobelo, through which passed most of the gold and silver that Spain took from the Americas.
Panama (/ˈpænəmɑː/ (listen) PAN-ə-mah, /pænəˈmɑː/ pan-ə-MAH; Spanish: Panamá IPA: [panaˈma] (listen)), officially the Republic of Panama (Spanish: República de Panamá), is a country in Central America,[8] bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean Sea to the north, and the Pacific Ocean to the south. The capital and largest city is Panama City, whose metropolitan area is home to nearly half the country's 4 million people.[3]

Of Panama’s many short rivers, those that flow to the Caribbean include the Sixaola, Changuinola, Indio, Cricamola, La Miel, and Chagres. Rivers flowing to the Pacific include the Chiriquí Viejo, Santa María, Chepo, Chucunaque, and Tuira. During the rainy season the Tuira is navigable for some 40 miles (60 km) and the Chepo for 20 miles (30 km). Water in the Panama Canal does not flow from coast to coast; rather, it is released from the rain-fed Gatún and Alajuela (Madden) lakes in the central highlands. In effect, the water flows to both coasts simultaneously via the canal’s system of locks and dams. For details on the engineering and operation of the waterway, see Panama Canal.
During World War II, construction of military bases and the presence of larger numbers of U.S. military and civilian personnel brought about unprecedented levels of prosperity to the city. Panamanians had limited access, or no access at all, to many areas in the Canal Zone neighboring the Panama city metropolitan area. Some of these areas were military bases accessible only to United States personnel. Some tensions arose between the people of Panama and the U.S. citizens living in the Panama Canal Zone. This erupted in the January 9, 1964 events, known as Martyrs' Day.
A diverse multicultural city of almost 1.3 million, Panama City offers a lot more than an up-close view of the Canal. Shantytowns slink up alongside shiny high-rise condos. The Old City is an atmospheric labyrinth of churches, plazas and palaces. Fifteen miles from downtown Panama City, Soberania National Park is an excellent destination for hiking and birding. For a fascinating look at the canal, take a taxi or local bus to Miraflores Locks Visitor Center and look down on the traffic below.
Ouestaf, an ICIJ partner in the investigation, reported that it had discovered new evidence that Karim Wade received payments from DP World (DP). He and a long-time friend were convicted of this in a trial that the United Nations and Amnesty International said was unfair and violated the defendants' rights. The Ouestaf article does not address the conduct of the trial, but does say that Ouestaf journalists found Mossack Fonseca documents showing payments to Wade via a DP subsidiary and a shell company registered to the friend.[20]
New Zealand's Inland Revenue Department said that they were working to obtain details of people who have tax residence in the country who may have been involved in arrangements facilitated by Mossack Fonseca.[493] Gerard Ryle, director of the International Consortium of Investigative Journalists, told Radio New Zealand on April 8, 2016 that New Zealand is a well-known tax haven and a "nice front for criminals".[494] New Zealand provides overseas investors with foreign trusts and look-through companies. New Zealand government policy is to not request disclosure of the identity of either the settlor or the beneficiaries of the trust, and thus the ownership remains secret, and as a consequence, thus hiding the assets from the trust-holder's home jurisdictions. These trusts are not taxed in New Zealand. These trusts can then be used to acquire and own New Zealand registered companies, which become a vehicle by which the trust owners can exercise day to day control over their assets. These New Zealand-registered companies can be designed not to make a profit using loans from tax havens and other profit shifting techniques: the result being tax free income with the general respectability that has typically been associated with companies registered in New Zealand.
According to the Panama Papers, Kabila's twin sister owns part of an offshore company with interests in Congo that include a part of mobile-phone company Vodacom Congo. The government called a press conference to warn journalists against printing the names of any Congolese figures that might appear in the documents.[441] Kabila's sister, Jaynet Désirée Kabila Kyungu and Feruzi Kalume Nyembwe, an advisor to their late father and former president Laurent-Désiré Kabila are both directors of Keratsu Holding Limited, a company registered in Niue through Mossack Fonseca a few months after the elder Kabila's assassination.[439] Keratsu held 19.6% of the shares in Congolese Wireless Network, which held 49% of Vodacom Congo.[439]
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]
Angola's $5 billion sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), promotes itself as a vehicle of development and prosperity for Angola. The FSDEA is headed by José Filomeno de Sousa "Zenu" dos Santos, the son of President José Eduardo dos Santos, who has been in power since 1979. Funded by the state-owned petroleum company Sonangol, the FSDEA has critics who say that its record-keeping is murky and that it seems to engage in nepotism and cronyism.[443]
United States President Ronald Reagan began a series of sanctions against the military regime. The United States froze economic and military assistance to Panama in the middle of 1987 in response to the domestic political crisis in Panama and an attack on the US embassy. These sanctions did little to overthrow Noriega, but severely damaged Panama's economy. The sanctions hit the Panamanian population hard and caused the Gross Domestic Product (GDP) to decline almost 25 percent between 1987 and 1989 (see Acosta n.p.).[32]
The high levels of Panamanian trade are in large part from the Colón Free Trade Zone, the largest free trade zone in the Western Hemisphere. Last year the zone accounted for 92 percent of Panama's exports and 64 percent of its imports, according to an analysis of figures from the Colon zone management and estimates of Panama's trade by the United Nations Economic Commission for Latin America and the Caribbean. Panama's economy is also very much supported by the trade and export of coffee and other agricultural products.[citation needed]
Leader of the Opposition Jeremy Corbyn said "The government needs to stop pussyfooting around on tax dodging"[311] and called for "direct rule" to be imposed over British Overseas Territories and Crown dependencies that act as tax havens.[312] Former Business Secretary Vince Cable agreed, although former attorney general Dominic Grieve described the proposal as a "bit of a nuclear option"[313] which would "destroy the livelihoods" of BVI inhabitants in the finance industry.[314] The Labour Party also said that Cameron's planned "anti-corruption" summit in May[315] would be "a charade" if Cameron, as chairman of the summit, did not require representatives of all Crown dependencies and overseas territories to attend.[316]
While no standard official definition exists, The Economist and the International Monetary Fund describe an offshore financial center, or tax haven, as a jurisdiction whose banking infrastructure primarily provides services to people or businesses who do not live there, requires little or no disclosure of information when doing business, and offers low taxes.[32][33]
For over 300 years, the Spanish ruled Panama. Struggles to gain control of many of the Central American countries continued for decades. In 1821, Panama gained independence from Spain only to join what was then Colombia later that same year. In 1846, a treaty between Colombia and the United States was signed, permitting the U.S. to construct a railway across the country. 

Ethnic groups in Panama include Mestizo people, who have a mix of European and native ancestry. Black Afro-Panamanians account for 15–20 percent of the population. Most Afro-Panamanians live on the Panama-Colón metropolitan area, the Darien Province, La Palma, and Bocas Del Toro. Neighborhoods in Panama City that have large black populations include: Curundu, El Chorrillo, Rio Abajo, San Joaquín, El Marañón, San Miguelito, and Santa Ana.[citation needed] Black Panamanians are descendants of African slaves brought to the Americas in the Atlantic Slave Trade. The second wave of black people brought to Panama came from the Caribbean during the construction of the Panama Canal. Panama also has a considerable Chinese and Indian (India) population brought to work on the canal during its construction. Most Chinese-Panamanians reside in the province of Chiriquí.[citation needed] Europeans and white-Panamanians are a minority in Panama. Panama is also home to a small Arab community that has mosques, practises Islam, as well as a Jewish community and many synagogues.
For expats from the U.S., Panama is also convenient because the currency is the U.S. dollar. No matter where you’re from, you’re likely to appreciate the fact that there are many English speakers in Panama, especially among the well-trained medical community. The hub that is Tocumen International Airport makes it easy to fly from Panama to nearly anywhere in the world…often with no layovers.
Panama was under Spanish rule for almost 300 years (1538–1821), and became part of the Viceroyalty of Peru, along with all other Spanish possessions in South America. From the outset, Panamanian identity was based on a sense of "geographic destiny", and Panamanian fortunes fluctuated with the geopolitical importance of the isthmus. The colonial experience spawned Panamanian nationalism and a racially complex and highly stratified society, the source of internal conflicts that ran counter to the unifying force of nationalism.[19][page needed]

Leaked documents suggest that Mossack Fonseca helped tuna export company Borda Azul set up a shell company in the British Virgin Islands in order to avoid Costa Rican taxes. The firm, now out of business, was headed by Hermes Navarro, president of the Costa Rican Football Federation from 1999 to 2006.[403] In the late 1990s the Finance Ministry and Prosecutor's Office investigated Borda Azul and other export companies for allegedly misusing tax credit certificates; in 1997 dozens of companies had been accused of using the certificates for fraud and to launder drug profits.[403]


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.
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.
Angola's $5 billion sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), promotes itself as a vehicle of development and prosperity for Angola. The FSDEA is headed by José Filomeno de Sousa "Zenu" dos Santos, the son of President José Eduardo dos Santos, who has been in power since 1979. Funded by the state-owned petroleum company Sonangol, the FSDEA has critics who say that its record-keeping is murky and that it seems to engage in nepotism and cronyism.[443]

After meeting your local guide, you’ll begin your Panama City tour by wandering through the old historic district of Casco Viejo, which is so beautiful it’s been named a UNESCO World Heritage site. Here, your guide will point out landmarks and important features of the neighbourhood, and fill you in on the secrets that only locals know.  Continue on through Balboa, exploring some of the old U.S. military zone, and see the headquarters for the legendary Panama Canal before heading to the Miraflores Locks visitor centre. Here you’ll be able to see the ships on their journey through one of the most famous canals the world, which connects the Atlantic and Pacific oceans. This part of your Panama Canal tour will tell you all you need to know about this incredible feat of engineering, with help from your local guide and a self-guided tour through the museum dedicated to the Canal. From here you’ll head to Ancon to explore more of this famous part of the city before moving on to the Amador Causeway to take in the view of the Bridge of the Americas. We’ll grab bite a bite to eat and enjoy a little nature walk on the Smithsonian-owned Punta Culebra. Enjoy this amazing and historic 'secret' part of Panama City – if you’re lucky, you might even spot a sloth!  Finally, your local guide will drop you off back at the start point. From here, you’re free to shop at a local market, enjoy the view from one of the many rooftop bars or take a well-deserved rest and reflect on all you’ve learned about the awesome Panama City!


The Swedish Financial Supervisory Authority (FI) said on April 4, 2016, it would investigate the actions of Nordea, one of the largest financial institutions in the Nordic countries, after the Panama Papers revealed the bank's Luxembourg office had helped to set up nearly 400 offshore companies for its clients between 2004 and 2014 in Panama and the British Virgin Islands for their customers.[280][281]


Mossack Fonseca, required by international banking standards to avoid money-laundering or fraudster clients, is, like all banks, supposed to be particularly alert for signs of corruption with politically exposed persons (PEP), in other words, clients who either are or have close ties to government officials. However they somehow failed to turn up any red flags concerning Tareq Abbas even though he shares a family name with the president of Palestine, and sat on the board of directors of a company with four fellow directors the firm did deem PEP because of their ties to Palestinian politics. Yet Mossack Fonseca actually did and documented due diligence research, including a Google search.[106]
Samina Durrani, mother of Shebaz Sharif's second wife, and Ilyas Mehraj, brother of his first, also figure in the documents. Habib Waqas Group/Ilyas Mehraj is listed as a shareholder with 127,735 shares in Haylandale Limited, registered July 24, 2003 in the Bahamas. Mehraj has denied knowing anything about "any company whether incorporated in the Commonwealth of Bahamas or anywhere else under the name: Haylandale Ltd."[366] Rainbow Limited, the newest of the three offshore companies owned by Samina Durrani, was registered September 29, 2010 in the British Virgin Islands (BVI).[366] Armani River Limited, registered in the Bahamas on May 16, 2002, describes its assets as "property in London, which is not currently rented."[366] Assets of Star Precision Limited, registered in BVI May 21, 1997, were reported as "cash as the investment portfolio. We are also holding 1,165,238 shares in Orix Leasing Pakistan Limited."[366]
Oleguer Pujol [es], son of Jordi Pujol, former President of the Generalitat of Catalonia considered a linchpin of Catalan independence, granted[clarification needed] the diversion of a commission of 6.8 million euros from the sale of an office to an opaque society, which repaid, with another offshore company, about 5 million more. His Pujol family, parents and children, are charged with several counts of tax fraud and corruption, among other crimes.[262]
The terminal ports located at each end of the Panama Canal, namely the Port of Cristóbal, Colón and the Port of Balboa, are ranked second and third respectively in Latin America in terms of numbers of containers units (TEU) handled.[48] The Port of Balboa covers 182 hectares and contains four berths for containers and two multi-purpose berths. In total, the berths are over 2,400 metres (7,900 feet) long with alongside depth of 15 metres (49 feet). The Port of Balboa has 18 super post-Panamax and Panamax quay cranes and 44 gantry cranes. The Port of Balboa also contains 2,100 square metres (23,000 square feet) of warehouse space.[49]
The firm won’t discuss specific cases of alleged wrongdoing, citing client confidentiality. But it robustly defends its conduct. Mossack Fonseca says it complies with anti-money-laundering laws and carries out thorough due diligence on all its clients. It says it regrets any misuse of its services and tries actively to prevent it. The firm says it cannot be blamed for failings by intermediaries, who include banks, law firms and accountants.
The urban population, many living below the poverty level, was greatly affected by the 1989 intervention. As pointed out in 1995 by a UN Technical Assistance Mission to Panama, the bombardments during the invasion displaced 20,000 people. The most heavily affected district was impoverished El Chorrillo, where several blocks of apartments were completely destroyed. El Chorrillo had been built in the days of Canal construction, a series of wooden barracks which easily caught fire under the United States attack.[40][41][42] The economic damage caused by the intervention has been estimated between 1.5 and 2 billion dollars. n.p.[32] Most Panamanians supported the intervention.[34][43]
To start this tour, you will be picked up in central Panama City and taken halfway up the Panama Canal to the town of Gamboa, where the Chagres River meets the canal.  A professional bilingual guide and boat captain will be waiting for you in a spacious covered boat.  During your 90-minute boat cruise you will ride along the waters of the Panama Canal right next to the ships passing through on their way to the Atlantic or Pacific Oceans.  The destination is Gatun Lake, where you will cruise around islands created during the canal construction and see the abundant wildlife on their shores.  You will visit the famous Monkey Islands where we can see capuchins, howlers, and tamarins in their natural habitat.  The islands are situated in a world renowned tropical birding area, and along the shores you might catch glimpses of crocodiles, capybara, coati, agouti, iguanas, and much more.  The tour will finish with transportation to central Panama City.
One of the newer tourist areas of the city is the area immediately east of the Pacific entrance of the canal, known as the Amador Causeway. This area is currently being developed as a tourist center and nightlife destination. The Smithsonian Tropical Research Institute operates a station and a small museum open to the public at Culebra Point on the island of Naos. A new museum, the Biomuseo, was recently completed on the causeway in 2014. It was designed by the American architect Frank Gehry, famous for the Guggenheim Museum Bilbao and the Disney Concert Hall in Los Angeles.[34] Just outside the city limits is the Parque Municipal Summit. A new convention center called the Amador Convention Center is being built in Amador by CSCEC in a joint venture with a Panamanian company called CCG Cocige. The Panamanian ministry of Tourism hopes for the convention center to house 100 international events annually. There were plans(proposed by Panamanian president Juan Carlos Varela) to build in Amador a campus for the embassy of the People's Republic of China in Panama, however the plans were eventually dropped, due to criticism from the general public and fears that tourists could easily assume that Panama was Chinese territory. Varela in response said that Amador is an area that "must have more value".

Former Secretary of State and 2016 Democratic presidential candidate Hillary Clinton condemned "outrageous tax havens and loopholes ... in Panama and elsewhere"[423] at a Pennsylvania AFL–CIO event. Clinton added that "some of this behavior is clearly against the law, and everyone who violates the law anywhere should be held accountable", but it was "scandalous how much is actually legal".[423] Clinton promised that "We are going after all these scams and make sure everyone pays their fair share here in America."[423]


The city of Panama was founded on August 15, 1519, by Spanish conquistador Pedro Arias Dávila. The city was the starting point for expeditions that conquered the Inca Empire in Peru. It was a stopover point on one of the most important trade routes in the American continent, leading to the fairs of Nombre de Dios and Portobelo, through which passed most of the gold and silver that Spain took from the Americas.
The OECD, the G20, or the European Union could also institute another list for countries that are inadequate in more than one area. Countries meeting none of these criteria, such as Panama, Vanuatu and Lebanon, would go on the blacklist. Countries that meet only one criterion would go on the greylist.[51] In April 2016, if this greylist had been in place it would have included nine countries: Antigua and Barbuda, Bahrain, Brunei, Dominica, Liberia, Nauru, Samoa, Tobago and the United Arab Emirates.[51]
Former South African president Thabo Mbeki, head of the African Union's panel on illicit financial flows, on April 9 called the leak "most welcome" and called on African nations to investigate the citizens of their nations who appear in the papers. His panel's 2015 report[436] found that Africa loses $50 billion a year due to tax evasion and other illicit practices and its 50-year losses top a trillion dollars. Furthermore, he said, the Seychelles, an African nation, is the fourth most mentioned tax haven in the documents.[437]

Casa Loma is located in Panama City Beach and features a Gulf-front outdoor pool and free WiFi access. Pier Park, offering shopping and dining, is 7 minutes' drive away. Just a short walk to the beach but if you didn't want to go to the beach there was a very nice pool to swim in. House keeping was great and so were the staff. There was no problem with parking.
Bjarni Benediktsson, Iceland's finance minister and the chairman of Gunnlaugsson's coalition partner, comes from one of Iceland's wealthiest families. He confirmed that he owned 33% of Falson & Co., a Seychelles shell company founded in 2005 to purchase real estate in Dubai. It was still active in 2009, when Benediktsson was already a member of parliament with financial disclosure requirements. He said he registered the company with tax authorities, and he was not aware that it was registered in the Seychelles.[196] Minister of the Interior Ólöf Nordal and her husband had powers of attorney for Dooley Securities S.A., an offshore company located in Panama. She said that the company was founded for her husband but was never used, so she did not think she had to disclose it.[196] Hrólfur Ölvisson, the managing director of Gunnlaugsson's Progressive Party, says the Mossack Fonseca companies that list his name have been inactive a very long time, and were legal.[196]
ItineraryThis is a typical itinerary for this productStop At: Fort San Lorenzo, Colon, Colon ProvinceThe ruins of San Lorenzo Fort which is famous for repelling attacks by all the pirates of the Caribbean for almost 75 years. Duration: 1 hourStop At: Agua Clara Locks, Colon, Colon ProvinceYou will have the opportunity to see post-Panamax boat transiting the new Canal Locks.Duration: 1 hour 
×