Panama: Online Casino Paradise? :2

Panama may just become the newest hotspot for online casino entrepreneurs to call home. The Latin American country currently has no import fees, duties, and does not charge businesses any contributions. To top it all off an internet business such as an online casino would be exempt from paying income taxes and nation direct tax on capital. So far it seems like Panama is a no brainer for people who own online casinos. Who would not want to do business in a country who does not tax dividends and interest from stocks. The country’s first Fiscal Code was written in 1916 and the code stated that only the operations in the country’s borders were eligible to be taxed. A lot has changed since 1916 and many laws have been written since the first Fiscal Code.

The Onlin Gaming Act which was written in 2001 became Panama’s firs online casino related law. This particular act has made it possible for money to be transferred in and out of Panama without taxation. The laws have been a dream for online casino entrepreneurs who have comes to the Latin American to start their internet gambling businesses in a tax free state. Another advantage that Panama has over its competitors is its proximity to the United States. The country also boasts a great communications system which has been compared to those of New York or Los Angeles. Panama has a total of five fiber optic networks that connect directly to the urban hubs. Some think that this all sounds too good to be true, there is only one way to find out.