Panama Releases Updated List of Tax Information Exchange Jurisdictions

Panama has recently announced an updated version of its list of jurisdictions participating in the exchange of tax information under the Common Reporting Standard (CRS). The revised list now includes two additional jurisdictions: Turkey and Saint Kitts Nevis.

The publication of Executive Decree No. 9 in the Official Gazette on June 29, 2023, marks the official update of Panama’s reportable jurisdictions for CRS purposes. This update specifically pertains to the exchange of information during 2023, covering tax year 2022 data.

Panama initiated the regulatory framework for information exchange for tax purposes through Law 51 of 2016, which was further defined by Executive Decree No. 124 on May 12, 2017. This framework established guidelines for certain jurisdictions to engage in the exchange of financial and tax-related information in accordance with the CRS, starting from 2018.

Under the Common Reporting Standard, the jurisdictions listed engage in automatic and periodic exchanges of tax and financial information. This includes sharing general details about the financial accounts of individuals classified as tax residents within any of the participating jurisdictions.

The updated list encompasses a total of 73 jurisdictions. The newly added jurisdictions are Turkey and Saint Kitts Nevis, expanding the network of countries and territories involved in the exchange of tax information. The complete list of jurisdictions is as follows:

1. Antigua and Barbuda
2. Bailiwick of Guernsey
3. Bailiwick of Jersey
4. Barbados
5. Canada
6. Swiss Confederation
7. Israel
8. Japan
9. United Mexican States
10. Federation of Malaysia
11. Russian Federation
12. Federation of Saint Kitts and Nevis
13. Gibraltar
14. Grand Duchy of Luxembourg
15. Grenada
16. Greenland
17. Hungary
18. Ireland
19. Isle of Man
20. Iceland
21. Cook Islands
22. Faroe Islands
23. Commonwealth of Australia
24. New Zealand
25. Principality of Andorra
26. Principality of Liechtenstein
27. Principality of Monaco
28. Kingdom of Saudi Arabia
29. Kingdom of Belgium
30. Kingdom of Denmark
31. Kingdom of Spain
32. Kingdom of the Netherlands
33. Kingdom of Norway
34. Kingdom of Sweden
35. United Kingdom of Great Britain and Northern Ireland
36. Argentine Republic
37. Czech Republic
38. Republic of Austria
39. Republic of Azerbaijan
40. Republic of Chile
41. Republic of Cyprus
42. Republic of Colombia
43. Republic of Korea
44. Republic of Costa Rica
45. Republic of Croatia
46. Republic of Slovenia
47. Republic of Estonia
48. Republic of Finland
49. Republic of Indonesia
50. Republic of India
51. Republic of Kazakhstan
52. Republic of Latvia
53. Republic of Lithuania
54. Republic of Malta
55. Republic of Mauritius
56. Republic of Poland
57. Republic of Seychelles
58. Republic of Singapore
59. Republic of South Africa
60. Republic of Türkiye
61. Republic of Ecuador
62. Republic of Peru
63. Slovak Republic
64. Federal Republic of Germany
65. Federal Republic of Nigeria
66. Federative Republic of Brazil
67. French Republic
68. Hellenic Republic
69. Italian Republic
70. Eastern Republic of Uruguay
71. People’s Republic of China
72. Portuguese Republic
73. Most Serene Republic of San Marino

With the inclusion of Turkey and Saint Kitts Nevis in the updated list, Panama continues to enhance its network of jurisdictions collaborating under the CRS for the exchange of tax information. This effort aligns with global initiatives to promote transparency and combat tax evasion on an international scale.