ANNOUNCEMENT 14 Jun 2013In June 2013, the government of Panama announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
On 14 June 2013, the government of Panama established limits on the participation of foreign capital in companies which offer auxiliary maritime servicesthrough the changes it introduced in the context of Law No. 41.
The amended law requires that if the owner orbare-boat charterer of ships used in auxiliary maritime services is a legal person, he/she must showthat 75% of the holders or beneficiaries of the shares are Panamanians. Furthermore, if he/she is a natural person, must be of Panamanian nationality.
The services affected by this change are in the areas of lighterage, provisioning, fuel transport and the supplying of ships with those items that are required to operate a vessel.
Furthermore, according to the changes introduced in terms of Law No. 41, 90% of the crew of vessels that provide auxiliary maritime services must be Panamanian nationals.
The affected trading partners were identified via investigating Panama's Shipping Lines by Trade. The detailed list of Panama's Shipping Lines by Trade can be accessed via the following link: http://www.zim.com/countrysites/americas/panama/en-us/pages/linesbytrade....