Tag Archives: Quijano & Associates

ILN Today Post

Game Changer! Inauguration of expanded Panama Canal ushers in New Era of global trade

On Sunday, June 26th, 2016; the inaugural transit of the Panama Canal Expansion began with the transit of Neopanamax vessel COSCO Shipping Panama through the new Atlantic-facing Agua Clara Locks.

Originally named Andronikos, the vessel was renamed to honor and pay respect to the country of Panama and the Canal.

The Expansion Program is the Canal’s largest enhancement project. It included the construction of a new set of locks on the Atlantic and Pacific side of the waterway and the excavation of more than 150 million cubic meters of material, creating a second lane of traffic and doubling the cargo capacity of the waterway. While the Expanded locks are 70 feet wider and 18 feet deeper than those in the original Canal, they use less water due to water-savings basins that recycle 60 percent of the water used per transit.

 

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Intestancy in Panamanian Law: Procedure before the Courts of Justice

Any person who at the time of his/her demise leaves certain rights and obligations that are part of their patrimony and are susceptible to be transferred, by a will or without a will. Article 628 of the Civil Code patrio defines inheritance as a transfers the assets and liability rights that conforms the inheritance of a deceased person to the surviving person, to whom the Law or the testator summons to receive it. The heir will be considered the person who succeeds as universal heir and legatee the person who inherits a specific asset.

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Divorce proceeding by mutual consent in the Republic of Panama, for people living abroad

Among our various services, we found a significant increase for this kind of proceeding.

Due to the large amount of foreigners that in recent years have chosen Panama as their second home, it is logical that the increase of couples that even if they are not in the country, need to end the marriage.

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NEW MORATORIUM LAW OF 2014

By means of Law 25 of October 28th of 2014, is granted to the taxpayers, the opportunity of paying the taxes owed on their corporations and foundation of private interest that are not updated, with an exemption of 100% on fines and surcharges imposed up to the 30th September by the General Directorate of Income, until December 31st, 2014.

The government of the Republic of Panama has granted this incentive with the objective of cancelling all the fees due to date.

The omission in the enjoyment of this benefit would result in a 10% surcharge and an additional penalty interest of 2% per month or fraction from January 1, 2015.

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Financial Services Authority of Seychelles

With effect from the 1st March 2014, the Seychelles International Business Authority (“SIBA”) has been replaced by the Financial Services Authority (the “FSA”), with the coming into force of the Financial Services Authority Act 2013 (the “FSA Act”). The FSA’s new website is: www.fsaseychelles.sc.

While SIBA was both a regulator and a facilitating agency with an outward looking mission to promote Seychelles to the world, the FSA’s mission is predominantly to monitor, supervise and regulate services providers involved in non-banking financial services, which include corporate service providers, trust companies, foundation services providers and other regulated entities falling under the remit of other non-banking financial services legislation.

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PANAMA: A New Immigration Category

By Executive Decree No. 343 of the 16th of May 2012, published in the Official Gazette No. 27038, the government of the Republic of Panama has established an new immigration category, which will enable foreigners of certain nationalities to have a permanent residence in the within the Panamanian national frontiers.

The foreigner must be the citizen of any of the following countries, with which Panama has friendly, professional, economic and investment relations: the Federal Republic of Germany, the Republic of Argentina, the Confederation of Australia, the Republic of Austria, the Federative Republic of Brazil, the Kingdom of Belgium, Canada, the Kingdom of Spain, the United States of America, the Republic of Slovenia, the French Republic, the Republic of Finland, the Netherlands, the Republic of Ireland, Japan, the Kingdom of Norway, the Czech Republic, the Confederation of Switzerland, the Republic of Singapore, the Oriental Republic of Uruguay, the Republic of Chile and the Kingdom of Sweden. More…

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The Franchise in Panama

Law 35 of 1996 whereby provisions concerning industrial property were enacted established in its Article 126 that there exists a franchise when, by means of the user license of a trademark, a technical know-how is transmitted or technical assistance is provided so that the person to whom the franchise is granted may produce or sell goods or provide services in the same manner and with the operational, commercial and administrative methods established by the owner of the trademark in order to maintain the quality, the prestige and the image, which the trademark represents. More…

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