The colon free zone, located at the atlantic entrance to the panama canal, is the focal point for sea and air cargo transportation in the hemisphere. The free zone is, however, a classic example of interaction between government and private enterprise. Why panama colon free trade zone, panama pols attorneys. Merger control 2020 laws and regulations panama iclg. It is currently the worlds second largest free trade zone trailing hong kong but is much more accessible for merchants from throughout latin america. Net compresor toyota land cruiser 2015189 10sr17c 8pk 12v 10 compresor subaru forester 2014114 dkv14g 4pk 12v valeo. Located a few kilometers from the panama canal, the colon free trade zone was created by decree law no. Find their customers, contact information, and details on 319 shipments. Are there hotels near colon free zone with parking. It is considered the first free trade zone in the western hemisphere and the second largest in the world, supporting the development of export and import activities, manufacturing activities, reexport, sale, marketing and. The project for the construction of a multimodal logistics center is part of the colon free zone expansion plan.
The ministry of economics and finance is created as the result of a merger. Drove over to colon from panama city to site see and shop duty free. Explore colons sunrise and sunset, moonrise and moonset. If youre planning to drive around colon, or if you want to leave your car somewhere safe to walk from your hotel to colon free zone, youll want to check out our deals on hotels near colon free. Panama definition of panama by the free dictionary. If you want to be near all the action, and stay in a topnotch hotel, check out the melia panama canal, 3 miles 5 kilometers away. Companies authorized to operate in the colon free zone, pay dividend tax at a rate of 5%. It is the capital of panamas colon province and has traditionally been known as panamas second city. On 6 april 2016, through publication in official gazette no. One, the modernization of the economic service sector, and the other, a mechanism without precedent to streamline regional commerce on a large scale. Get colons weather and area codes, time zone and dst. The colon free trade zone, panama republic of panama in 1948 the republic of panama began a project to solve two basic needs at both the national and international levels.
Gatun is a small town on the atlantic side of the panama canal, located south of the city of colon at the point in which gatun lake meets the channel to the caribbean sea. Why panama colon free trade zone, panama most other tax haven nations such as bahamas, st. Sell through panamas colon free trade zone to the region a u. Known as the worlds second largest free trade zones, the colon free trade zone is considered as panamas dutyfree heaven. The colon free zone, established in the mid20th century at the northern end of the canal, has become increasingly important as a manufacturing, warehousing, and reexport centre similar to the maquiladora districts of other central american countries and mexico. Electronic ship registration system esrs this is a merge of. Panamas law number 18 of june 17, 1948 makes the free trade zone an autonomous institution that continues to help organizations succeed by letting them. Other free trade zone agreements currently in effect. Panama canal, colon infrastructure, colon free zone, new airport enrique a. Find their customers, contact information, and details on 92 shipments. Special economic zones in panama harvards growth lab. Colon free zone panama, freight forwarders cargo agents.
In this area you can find the largest port facilities of the country and the colon free zone. During 2018, the value of exports, excluding those of the colon free zone, totaled usd 672. The colon free zone is the main commercial distribution center for the hemisphere. Iclg merger control laws and regulations covers common issues in merger control laws and regulations including relevant authorities and legislation, notification and its impact on the transaction timetable, remedies, appeals and enforcement and substantive assessment in 55 jurisdictions. We use cookies to offer you a better experience, personalize content, tailor advertising, provide social media features, and better understand the use of our services. The mountainous areas and protected reserves on the countrys eastern and. Canal zone, also called panama canal zone, historic administrative entity in panama over which the united states exercised jurisdictional rights from 1903 to 1979. It was a strip of land 10 miles 16 km wide along the panama canal, extending from the atlantic to the pacific ocean and bisecting the isthmus of panama. Business panama colon free zone and other free zones. Sell through panamas colon free trade zone to the region. Panama restructuring the free zone of colon by law 8 of 2016, the colon free zone is reorganized. Our legislation addresses both the merger with foreign entities as.
The panama canal, of course is the doyen, which thrives in panama today. Our law firm was established in 1968 in the city of colon, located in the atlantic side of the panama canal. The general rules for the merger of corporations are regulated by law no. Panama reorganizes free trade zone in colon and regulates other provisions on 6 april 2016, through publication in official gazette no. It was made a free trade zone in 1953 and is the worlds second. The canal ports and maritime trade spawned the colon free zone and encouraged the growth of the panama ship registry, the largest in the world, since june 1993. Panama synonyms, panama pronunciation, panama translation, english dictionary definition of panama. Sell through panama s colon free trade zone to the region a u. A majority of panama s trade transactions are carried out in the colon free trade zone, which is one of the biggest free trade zones in the world. Canal zone, historic administrative entity in panama over which the united states exercised jurisdictional rights from 1903 to 1979. Allofthechaptersinthisbookpertainingtothe actualconstructionofthecanalwerereadandcorrected bycolonelgeorgew. Shopping at the colon free trade zone panama city forum.
The main drivers of the economy of panama the panama canal, the colon free zone and the. Originally it was located entirely on manzanillo island, surrounded by limon bay, manzanillo bay,and the folks river. Colon free trade zone location is one of the main keys to the enormous success of the colon free zone, making it an ideal hub in this age of globalization of the worlds economy. The cargo yellow aims to be the most accurate and friendly online freight forwarders, logistics services, cargo agents and moving directory for panama colon free zone, where companies can promote their services on a global scale. The colon free trade zone, panama republic of panama. The services sector includes the panama canal, shipping and container port activities, and local and offshore banking and insurance services. Colon free trade zone, one of the worlds major free trade centers for the redistribution of. Panama canal, colon infrastructure, colon free zone, new. Our client is also required to deposit a guarantee payment. Each of them offer different kinds of tax breaks based on their intended purposes. Panama reorganizes free trade zone in colon and regulates.
The colon free zone is the largest duty free area in the western hemisphere and 2nd largest in the entire world, behind only hong kong and it has more than 2,500 companies operating inside. It is considered a unique entrepot of world commerce. Free zone, the panama canal, the flexible legal system and the geographical. The cfz law modernizes the legal framework of the cftz by. Espanolthe new president of panama, juan carlos varela, announced on tuesday night that the entire city of colon could potentially be integrated into what is. The panama free trade zone, also called the colon free trade zone cfz, offers numerous benefits to international and offshore businesses. The colon free trade zone cfz offers a remarkable opportunity to u. The 80% of these stores sell their products wholesale container load, bulk or by the dozen, the other 20% of stores will sell consumer products individually.
Colon free zone infrastructure panama logistics portal. Kitts, nevis, vanuatu, bermuda, costa rica, belize, isle of man, etc. Tax advantages of the colon free trade zone tax strategies. To this end the zone is constantly reconstructing and modernizing warehouse, shipping and transit systems for all types of merchandise, keeping one step ahead of modern technology and always ready to offer the best multimodal services. Established in 1948, the colon free zone cfz, a segregated free trade area. In a defined area of 400 hectares, the colon free trade zone is located at the caribbean entrance to the panama canal in the province of colon, and is considered the second largest free trade zone in the world and the largest of the western hemispere. It is currently the worlds second largest free trade zone trailing hong kong but is much more accessible for. Panama international ship registries worldwide llc. Panamas free trade zone the colon free zone is the worlds second largest free trade zone and plays an important part in panamas service economy. It covered 553 square miles 1,432 square km, of which. Of course, the more you spend the lower the percentage.
Business panama group is an international company focused on panama business and investments, panama real estate, immigration and tourism. Panamas laws have always been aimed at encouraging business, including the establishment of companies from abroad. The colon free trade zone was created in 1948 and is the 2 nd largest in the world behind hong kongs. Panama assumed sovereignty over the canal zone in 1979 and full control in 1999. Panama tax free zones panama offshore legal services.
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