Panama as a tax haven

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The Republic of Panama is one of the oldest and best-known tax havens in the Caribbean, as well as one of the most established in the region.^[1] Panama has had a reputation for tax avoidance since the early 20th century, and Panama has been cited repeatedly in recent years as a jurisdiction which does not cooperate with international tax transparency initiatives.

Panama's offshore sector is intimately tied to the Panama Canal, which has made it a gateway and entrepôt for international trade.^[2] There are strong similarities between Panama and other leading tax havens like Hong Kong, Singapore and Dubai. On paper at least, Panama has the largest shipping fleet in the world, greater than those of the US and China combined, according to the Tax Justice Network.