Panama: Removal from EU list of high-risk third countries; extension of FATCA and CRS filing deadline
Reports on recent tax developments under the FATCA and CRS regimes
The KPMG member firm in Panama has prepared reports about the following tax developments under the FATCA and common reporting standard (CRS) regimes.
- The Ministry of Foreign Affairs on July 9, 2025, issued a press release announcing that the European Commission (EC) has officially removed Panama from the European Union (EU) list of high-risk third countries with strategic deficiencies in anti-money laundering (AML) and counter-terrorism financing (CTF) regimes. This decision follows the adoption of the Delegated Act by the European Parliament, which acknowledges Panama's substantial technical progress, sustained compliance with the criteria set by the EU and Financial Action Task Force (FATF), and targeted diplomatic efforts toward the EU. Read the July 2025 report.
- The tax authority on July 11, 2025, published Resolution No. 201-5778 (dated July 9, 2025) in the Official Gazette No. 30320, granting an extension to Panamanian financial institutions for submission of FATCA and CRS returns until August 18, 2025, for the 2024 reporting period. Read the July 2025 report.