Bearer shares of Panama companies

azioni1Bearer shares of Panama companies
The Republic of Panama has approved Law 47 of 2013 which regulates the immobilization of bearer shares of Panama companies.
The most notable aspects of the Law are:
1. The Law will enter into effect in two (2) years.
2. Upon the entering into effect of Law 47, all bearer shareholders of existing Panama companies will have a grace period of three (3) years to submit the bearer shares to an authorized custodian.
3. Bearer shareholders of Panama companies that are incorporated after Law 47 enters into effect, will have a term of twenty (20) days to submit the bearer shares to an authorized custodian.
4. According to Law 47 an Authorized Custodian may be Banks in Panama with General License, a Licensed Trust Company in Panama, a Brokerage House duly licensed by the Panamanian regulator and Lawyers duly licensed in Panama.
5. A Foreign Custodian may be appointed, however, such custodian must be Banks or Financial Intermediaries duly licensed in its home countries and further apply to be an authorized custodians with the proper authorities in Panama. We will advise in due course the full requirements and costs associated with the this application.
Caporaso & partners Law Office, as a Law Firm composed of licensed attorneys will be able to act as authorized custodian of bearer shares or render the necessary advise to restructure your entities, through the use of Private Foundations, Trusts or other companies registered in jurisdictions different than Panama. As  soon as the regulations for the implementation of this law are released we will  provide further details.   
This Law will allow maintaining  Panama’s image as a jurisdiction that complies with the strictest international standards and cooperates in the fight against money laundering and terrorist  financing activities.  As a member of the  OECD’s Global Forum on Transparency and Exchange of Information, Panama  acquired this commitment which is now being satisfied.