Day 166 of 365 Things To Do in Panama

Day 166 of 365 Things To Do in Panama. Shop Tax Free!

The Colon Free Trade Zone was created in 1948 and is the 2nd largest in the world behind Hong Kong’s. More than 1,800 companies operate within zone. Most of these businesses are involved with the exporting and importing industry having warehouses, factories, and re-package various products. A semi-independent governmental agency administers the Colon Free Trade Zone granting operational permits and leasing space.

To be located in the Colon Free Trade Zone requires companies having a minimum 60% of the imported products to be exported annually and hiring five Panamanians.

The Colon Free Zone consists of a port and transit systems designed for exports, re-exports, imports, manufacturing, warehouses, refining and processing goods, and other activities related to free zones.

The country of the Isthmus has 16 free zones, including the Free Zone of Colon (ZLC), the second largest free rade zone in the world.

Colon Free Zone Benefits

* No import duties

* Only a 5% dividend tax

* Zero tax on income derived from export activities, and

* Zero tariffs and quotas on imports and exports to foreign countries

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