Foreign Account Tax Compliance Act (FATCA) in Panama

BCCA publication archive

This article retains its original publication date. Its legal references and descriptions reflect the context in which it was written. For advice on your current circumstances, contact the firm.

Editorial review dated September 7, 2026: outdated references have been corrected. The original publication date is retained.

FATCA stands for Foreign Account Tax Compliance Act. This United States legislation concerns tax compliance in relation to certain financial accounts outside the United States.

The agreement with Panama

Panama and the United States signed their FATCA intergovernmental agreement on April 27, 2016. It provides for the automatic exchange of specified information on reportable accounts.

Information requested from account holders

Financial institutions may request information and certifications to determine the treatment of an account. The applicable classification should be assessed using the relevant rules and the account holder's circumstances.

Family relationships, a brief visit or a single indicator should not be used on their own to reach a conclusion about a person's tax status. The simplified descriptions in the original article have been removed to avoid that interpretation.

Preparing documentation

Individuals and businesses should keep the information supplied to their financial institutions consistent and seek advice when their circumstances change. BCCA can review your enquiry and the scope of the assistance required.

References: IRS: Panama competent authority arrangement; General Directorate of Revenue: FATCA.