EDTIJ \u2014 Panama’s Law 526: The Three Economic Substance Requirements<\/title>\n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Playfair+Display:wght@400;600;700&family=Source+Serif+4:ital,wght@0,300;0,400;0,600;1,300;1,400&family=DM+Sans:wght@300;400;500&display=swap\" rel=\"stylesheet\">\n<style>\n *, *::before, *::after { box-sizing: border-box; margin: 0; padding: 0; }\n body { background: #f2f0ec; font-family: 'DM Sans', sans-serif; color: #1a1a1a; }\n\n .article-wrapper { max-width: 720px; margin: 0 auto; padding: 56px 32px 100px; }\n\n .article-header { border-top: 3px solid #1a1a1a; padding-top: 36px; margin-bottom: 52px; }\n\n .article-label {\n font-size: 10px; font-weight: 500; letter-spacing: 0.22em;\n text-transform: uppercase; color: #888; margin-bottom: 22px;\n display: flex; align-items: center; gap: 14px;\n }\n .article-label::after { content: ''; flex: 1; height: 1px; background: #ccc; }\n\n .article-title {\n font-family: 'Playfair Display', serif;\n font-size: clamp(28px, 4vw, 44px); font-weight: 700;\n line-height: 1.15; color: #111; margin-bottom: 22px; max-width: 720px;\n }\n\n .article-subtitle {\n font-family: 'Source Serif 4', serif; font-size: 18px;\n font-weight: 300; font-style: italic; color: #555;\n line-height: 1.65; border-left: 3px solid #1a1a1a;\n padding-left: 20px; margin-bottom: 30px; max-width: 660px;\n }\n\n .article-meta {\n display: flex; align-items: center; gap: 20px;\n font-size: 12px; color: #888; letter-spacing: 0.04em;\n padding-top: 22px; border-top: 1px solid #ddd; flex-wrap: wrap;\n }\n .meta-dot { width: 3px; height: 3px; background: #bbb; border-radius: 50%; }\n\n .article-body { display: grid; grid-template-columns: 1fr 230px; gap: 60px; align-items: start; }\n\n .article-content p {\n font-family: 'Source Serif 4', serif; font-size: 17px;\n font-weight: 300; line-height: 1.88; color: #2a2a2a; margin-bottom: 26px;\n }\n .article-content h2 {\n font-family: 'Playfair Display', serif; font-size: 22px;\n font-weight: 600; color: #111; margin: 48px 0 18px;\n padding-bottom: 12px; border-bottom: 1px solid #ddd;\n }\n\n .pull-quote {\n font-family: 'Playfair Display', serif; font-size: 20px;\n font-weight: 400; font-style: italic; line-height: 1.55; color: #111;\n border-left: 4px solid #1a1a1a; padding: 18px 0 18px 24px;\n margin: 40px 0; background: #edeae4;\n }\n\n .req-block {\n border: 1px solid #d0cdc8; padding: 28px 28px 20px; margin: 32px 0;\n background: #eeebe5;\n }\n .req-number {\n font-size: 10px; font-weight: 500; letter-spacing: 0.2em;\n text-transform: uppercase; color: #888; margin-bottom: 10px;\n }\n .req-title {\n font-family: 'Playfair Display', serif; font-size: 18px;\n font-weight: 600; color: #111; margin-bottom: 14px;\n }\n .req-block p {\n font-family: 'Source Serif 4', serif; font-size: 15px;\n font-weight: 300; line-height: 1.8; color: #333; margin-bottom: 0;\n }\n\n .checklist { list-style: none; margin: 20px 0 26px; padding: 0; }\n .checklist li {\n font-family: 'Source Serif 4', serif; font-size: 15px;\n font-weight: 300; line-height: 1.75; color: #333;\n padding: 6px 0 6px 22px; position: relative; border-bottom: 1px solid #ddd;\n }\n .checklist li::before { content: '\u2192'; position: absolute; left: 0; color: #888; }\n\n .article-footer {\n margin-top: 72px; padding-top: 32px; border-top: 2px solid #1a1a1a;\n display: flex; justify-content: space-between; align-items: flex-start;\n gap: 32px; flex-wrap: wrap;\n }\n .footer-disclaimer {\n font-size: 11px; font-weight: 300; color: #888;\n line-height: 1.75; max-width: 500px;\n }\n .footer-firm { text-align: right; }\n .firm-name {\n font-family: 'Playfair Display', serif; font-size: 15px;\n font-weight: 700; letter-spacing: 0.08em; color: #111; margin-bottom: 4px;\n }\n .firm-url { font-size: 11px; color: #888; }\n\n .hashtag-row { display: flex; flex-wrap: wrap; gap: 8px; margin-top: 32px; }\n .hashtag { font-size: 11px; color: #666; font-weight: 400; }\n\n .section-divider {\n margin: 48px 0 0; padding: 24px 0 0;\n border-top: 1px dashed #ccc;\n font-size: 11px; letter-spacing: 0.12em; text-transform: uppercase;\n color: #aaa; font-weight: 500;\n }\n\n @media (max-width: 700px) {\n .article-body { grid-template-columns: 1fr; }\n .article-sidebar { position: static; }\n .article-hero { height: 240px; }\n }\n<\/style>\n<\/head>\n<body>\n<div class=\"article-wrapper\">\n\n <header class=\"article-header\">\n <div class=\"article-label\">EDTIJ \u2014 Legal Analysis \u00b7 International Tax Law<\/div>\n <h1 class=\"article-title\">Panama’s Law 526: The Three Economic Substance Requirements<\/h1>\n <p class=\"article-subtitle\">The law is clear in its structure. What remains to be defined is its practical interpretation \u2014 and that is precisely where companies need to prepare with information, not assumptions.<\/p>\n <div class=\"article-meta\">\n <span>EDTIJ<\/span>\n <span class=\"meta-dot\"><\/span>\n <span>July 2026<\/span>\n <span class=\"meta-dot\"><\/span>\n <span>Economic Substance \u00b7 Law 526<\/span>\n <span class=\"meta-dot\"><\/span>\n <span>Reading time: ~7 min<\/span>\n <\/div>\n <\/header>\n\n <div class=\"article-body\">\n <div class=\"article-content\">\n\n <p>Panama’s Law 526 of 2022 introduces a new compliance standard into the country’s legal framework for entities that generate foreign-source income: the economic substance requirement. Its central premise is that entities benefiting from Panama’s territorial principle \u2014 that is, entities receiving foreign-source income that is not subject to tax in Panama \u2014 must demonstrate that they actually operate substantively in the country.<\/p>\n\n <p>The law sets out three cumulative requirements in Article 707-E of the Tax Code. What the law says is relatively clear. What has not yet been defined is the regulatory interpretation \u2014 how compliance will be measured, what levels of evidence will be sufficient, and what “adequate” means precisely in each case. The implementing regulation has not been issued, and its content will be decisive in understanding the real scope of these obligations.<\/p>\n\n <p>What is available today \u2014 and what we analyze in this article \u2014 is the text of the law itself and the analytical framework that flows from it.<\/p>\n\n <div class=\"pull-quote\">The law does not ask whether your company exists in Panama. It asks whether it operates here \u2014 and whether you can prove it.<\/div>\n\n <h2>Who does it apply to?<\/h2>\n\n <p>The law applies to entities that obtain income derived from assets generating foreign-source income \u2014 income that, under Panama’s territorial principle, is not taxable in Panama. The most common categories include:<\/p>\n\n <ul class=\"checklist\">\n <li>Holding companies receiving dividends from foreign subsidiaries<\/li>\n <li>Entities with real estate or financial assets outside Panama<\/li>\n <li>Structures holding intellectual property rights or exploitation rights<\/li>\n <li>Intra-group financing entities and international treasury vehicles<\/li>\n <li>Entities with foreign-source capital gains or passive income<\/li>\n <\/ul>\n\n <p>Not every entity with a presence in Panama is automatically within the law’s scope. The assessment must be made case by case, considering the nature of the income and the structure of the entity.<\/p>\n\n <h2>The three requirements<\/h2>\n\n <div class=\"req-block\">\n <div class=\"req-number\">Requirement 1 of 3<\/div>\n <div class=\"req-title\">Qualified Personnel and Physical Facilities<\/div>\n <p>The entity must have adequate, qualified, and compensated personnel dedicated to the core activities under Article 707-B \u2014 the administration, management, and\/or control of the assets generating foreign-source income \u2014 and maintain adequate physical facilities for carrying out those activities within Panamanian territory.<\/p>\n <\/div>\n\n <p>This requirement combines two elements: the human component (qualified, compensated persons with defined functions) and the physical component (adequate space in Panama). The key word is “adequate” \u2014 a standard that points to proportionality with the nature and scale of the asset’s activities, not to a formal minimum.<\/p>\n\n <p>A question many companies are now asking is whether services provided by registered agents, nominal directors, or registered offices satisfy this requirement. The answer will depend significantly on the implementing regulation and the DGI’s interpretation, but the logic of the law \u2014 which requires personnel dedicated to the asset’s activities with real functions \u2014 suggests that purely formal or registral services will have a difficult case to make for qualifying as substance. That said, the final determination rests with the implementing regulation, which remains pending.<\/p>\n\n <div class=\"req-block\">\n <div class=\"req-number\">Requirement 2 of 3<\/div>\n <div class=\"req-title\">Strategic Decisions and Risk Assumption<\/div>\n <p>The entity must adopt the strategic decisions necessary for its operations within Panamanian territory and assume the corresponding risks in Panama.<\/p>\n <\/div>\n\n <p>This requirement targets the real governance of the entity \u2014 not formal governance (who appears in the documents), but where the decisions that actually matter are effectively made: investments, divestments, approval of material contracts, risk management.<\/p>\n\n <p>In practice, this translates into concrete questions: where does the board of directors meet? From where is a material transaction approved? Who makes the substantive decisions and from what territory? The answers must be documentable. A structure with board minutes drafted in Panama but where real decisions are effectively made from abroad faces substantial compliance risks, even though the regulation has not yet precisely defined how this element will be evaluated.<\/p>\n\n <div class=\"req-block\">\n <div class=\"req-number\">Requirement 3 of 3<\/div>\n <div class=\"req-title\">Adequate Operating Costs and Expenditures<\/div>\n <p>The entity must incur adequate operating costs and expenditures in the territory of the Republic of Panama, separate from personnel compensation.<\/p>\n <\/div>\n\n <p>The legislature requires that operations carry a real cost in the country, separate from payroll: rent, local professional services, asset maintenance, administrative expenses. The explicit exclusion of personnel compensation signals that the three requirements are complementary layers, not redundant ones.<\/p>\n\n <p>Proportionality is again the central criterion. How much is “adequate”? We do not know precisely until the regulation is issued. But the comparative logic of other jurisdictions that have implemented similar standards suggests that expenditures must be reasonable in relation to the volume and nature of the assets being managed \u2014 not a symbolic minimum.<\/p>\n\n <h2>What is clear and what is not<\/h2>\n\n <p>The law is structurally clear on three points. The requirements are cumulative: there is no partial compliance. Documentary evidence is the instrument of proof. And proportionality is the standard of evaluation.<\/p>\n\n <p>What is not yet clear \u2014 and where the implementing regulation will be decisive \u2014 is the granularity of each requirement: what specific documentation will be required, how services rendered by third parties on behalf of the entity will be evaluated, and what thresholds of personnel and expenditure will be considered sufficient for different types of structures.<\/p>\n\n <p>In that context, the recommendation is not to wait for the regulation before beginning the analysis. It is precisely the opposite: use the period before regulation is issued to review the current structure, identify evident gaps, and implement the improvements that the logic of the law already signals clearly.<\/p>\n\n <h2>Recommended next steps<\/h2>\n\n <ul class=\"checklist\">\n <li>Review your portfolio of entities with foreign-source income to identify which fall within the law’s scope<\/li>\n <li>Map the current status of personnel, facilities, and operating expenditures against the three requirements<\/li>\n <li>Audit the real governance of your entities: where decisions are made and what documentation supports that<\/li>\n <li>Assess whether services contracted from third parties \u2014 agents, directors, registered offices \u2014 satisfy or complement the requirements under the law’s logic<\/li>\n <li>Monitor the issuance of the implementing regulation, which will define the application criteria with greater precision<\/li>\n <\/ul>\n\n <\/div>\n\n <\/div>\n\n <footer class=\"article-footer\">\n <p class=\"footer-disclaimer\">This article is for informational purposes only and does not constitute legal advice. The implementing regulation for Law 526 had not been issued as of the publication date of this article, meaning certain aspects of its practical application remain subject to definition. To assess the impact on specific corporate structures, please consult directly with our team.<\/p>\n <div class=\"footer-firm\">\n <div class=\"firm-name\">EDTIJ<\/div>\n <div class=\"firm-url\">www.edtij.com<\/div>\n <\/div>\n <\/footer>\n\n<\/div>\n<\/body>\n<\/html>\n\n","protected":false},"excerpt":{"rendered":"<p>EDTIJ \u2014 Panama’s Law 526: The Three Economic Substance Requirements EDTIJ \u2014 Legal Analysis \u00b7 International Tax Law Panama’s Law 526: The Three Economic Substance Requirements The law is clear in its structure. What remains to be defined is its practical interpretation \u2014 and that is precisely where companies need to prepare with information, not […]<\/p>\n","protected":false},"author":2,"featured_media":3216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,7,1],"tags":[20,10,12,13,19],"class_list":["post-3302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","category-laws","category-uncategorized","tag-ley526","tag-offshore","tag-panama","tag-panama-lawyers","tag-sustanciaeconomica"],"yoast_head":"\n<title>Panama's Law 526: The Three Economic Substance Requirements -<\/title>\n<meta name=\"description\" content=\"Analysis of the three economic substance requirements under Panama's Law 526: qualified personnel, strategic decisions, and operating costs. Practical guide for entities with foreign-source income. 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Practical guide for entities with foreign-source income. 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{"id":3302,"date":"2026-07-19T19:37:08","date_gmt":"2026-07-20T00:37:08","guid":{"rendered":"https:\/\/www.edtij.com\/en\/?p=3302"},"modified":"2026-07-19T19:37:10","modified_gmt":"2026-07-20T00:37:10","slug":"economic-substance-panama-law-526-requirements","status":"publish","type":"post","link":"https:\/\/www.edtij.com\/en\/economic-substance-panama-law-526-requirements\/","title":{"rendered":"Panama’s Law 526: The Three Economic Substance Requirements"},"content":{"rendered":"\n\n\n\n\n\nEDTIJ \u2014 Panama’s Law 526: The Three Economic Substance Requirements<\/title>\n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Playfair+Display:wght@400;600;700&family=Source+Serif+4:ital,wght@0,300;0,400;0,600;1,300;1,400&family=DM+Sans:wght@300;400;500&display=swap\" rel=\"stylesheet\">\n<style>\n *, *::before, *::after { box-sizing: border-box; margin: 0; padding: 0; }\n body { background: #f2f0ec; font-family: 'DM Sans', sans-serif; color: #1a1a1a; }\n\n .article-wrapper { max-width: 720px; 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letter-spacing: 0.2em;\n text-transform: uppercase; color: #888; margin-bottom: 10px;\n }\n .req-title {\n font-family: 'Playfair Display', serif; font-size: 18px;\n font-weight: 600; color: #111; margin-bottom: 14px;\n }\n .req-block p {\n font-family: 'Source Serif 4', serif; font-size: 15px;\n font-weight: 300; line-height: 1.8; color: #333; margin-bottom: 0;\n }\n\n .checklist { list-style: none; margin: 20px 0 26px; padding: 0; }\n .checklist li {\n font-family: 'Source Serif 4', serif; font-size: 15px;\n font-weight: 300; line-height: 1.75; color: #333;\n padding: 6px 0 6px 22px; position: relative; border-bottom: 1px solid #ddd;\n }\n .checklist li::before { content: '\u2192'; position: absolute; left: 0; color: #888; }\n\n .article-footer {\n margin-top: 72px; padding-top: 32px; border-top: 2px solid #1a1a1a;\n display: flex; justify-content: space-between; align-items: flex-start;\n gap: 32px; flex-wrap: wrap;\n }\n .footer-disclaimer {\n font-size: 11px; font-weight: 300; color: #888;\n line-height: 1.75; max-width: 500px;\n }\n .footer-firm { text-align: right; }\n .firm-name {\n font-family: 'Playfair Display', serif; font-size: 15px;\n font-weight: 700; letter-spacing: 0.08em; color: #111; margin-bottom: 4px;\n }\n .firm-url { font-size: 11px; color: #888; }\n\n .hashtag-row { display: flex; flex-wrap: wrap; gap: 8px; margin-top: 32px; }\n .hashtag { font-size: 11px; color: #666; font-weight: 400; }\n\n .section-divider {\n margin: 48px 0 0; padding: 24px 0 0;\n border-top: 1px dashed #ccc;\n font-size: 11px; letter-spacing: 0.12em; text-transform: uppercase;\n color: #aaa; font-weight: 500;\n }\n\n @media (max-width: 700px) {\n .article-body { grid-template-columns: 1fr; }\n .article-sidebar { position: static; }\n .article-hero { height: 240px; }\n }\n<\/style>\n<\/head>\n<body>\n<div class=\"article-wrapper\">\n\n <header class=\"article-header\">\n <div class=\"article-label\">EDTIJ \u2014 Legal Analysis \u00b7 International Tax Law<\/div>\n <h1 class=\"article-title\">Panama’s Law 526: The Three Economic Substance Requirements<\/h1>\n <p class=\"article-subtitle\">The law is clear in its structure. What remains to be defined is its practical interpretation \u2014 and that is precisely where companies need to prepare with information, not assumptions.<\/p>\n <div class=\"article-meta\">\n <span>EDTIJ<\/span>\n <span class=\"meta-dot\"><\/span>\n <span>July 2026<\/span>\n <span class=\"meta-dot\"><\/span>\n <span>Economic Substance \u00b7 Law 526<\/span>\n <span class=\"meta-dot\"><\/span>\n <span>Reading time: ~7 min<\/span>\n <\/div>\n <\/header>\n\n <div class=\"article-body\">\n <div class=\"article-content\">\n\n <p>Panama’s Law 526 of 2022 introduces a new compliance standard into the country’s legal framework for entities that generate foreign-source income: the economic substance requirement. Its central premise is that entities benefiting from Panama’s territorial principle \u2014 that is, entities receiving foreign-source income that is not subject to tax in Panama \u2014 must demonstrate that they actually operate substantively in the country.<\/p>\n\n <p>The law sets out three cumulative requirements in Article 707-E of the Tax Code. What the law says is relatively clear. What has not yet been defined is the regulatory interpretation \u2014 how compliance will be measured, what levels of evidence will be sufficient, and what “adequate” means precisely in each case. The implementing regulation has not been issued, and its content will be decisive in understanding the real scope of these obligations.<\/p>\n\n <p>What is available today \u2014 and what we analyze in this article \u2014 is the text of the law itself and the analytical framework that flows from it.<\/p>\n\n <div class=\"pull-quote\">The law does not ask whether your company exists in Panama. It asks whether it operates here \u2014 and whether you can prove it.<\/div>\n\n <h2>Who does it apply to?<\/h2>\n\n <p>The law applies to entities that obtain income derived from assets generating foreign-source income \u2014 income that, under Panama’s territorial principle, is not taxable in Panama. The most common categories include:<\/p>\n\n <ul class=\"checklist\">\n <li>Holding companies receiving dividends from foreign subsidiaries<\/li>\n <li>Entities with real estate or financial assets outside Panama<\/li>\n <li>Structures holding intellectual property rights or exploitation rights<\/li>\n <li>Intra-group financing entities and international treasury vehicles<\/li>\n <li>Entities with foreign-source capital gains or passive income<\/li>\n <\/ul>\n\n <p>Not every entity with a presence in Panama is automatically within the law’s scope. The assessment must be made case by case, considering the nature of the income and the structure of the entity.<\/p>\n\n <h2>The three requirements<\/h2>\n\n <div class=\"req-block\">\n <div class=\"req-number\">Requirement 1 of 3<\/div>\n <div class=\"req-title\">Qualified Personnel and Physical Facilities<\/div>\n <p>The entity must have adequate, qualified, and compensated personnel dedicated to the core activities under Article 707-B \u2014 the administration, management, and\/or control of the assets generating foreign-source income \u2014 and maintain adequate physical facilities for carrying out those activities within Panamanian territory.<\/p>\n <\/div>\n\n <p>This requirement combines two elements: the human component (qualified, compensated persons with defined functions) and the physical component (adequate space in Panama). The key word is “adequate” \u2014 a standard that points to proportionality with the nature and scale of the asset’s activities, not to a formal minimum.<\/p>\n\n <p>A question many companies are now asking is whether services provided by registered agents, nominal directors, or registered offices satisfy this requirement. The answer will depend significantly on the implementing regulation and the DGI’s interpretation, but the logic of the law \u2014 which requires personnel dedicated to the asset’s activities with real functions \u2014 suggests that purely formal or registral services will have a difficult case to make for qualifying as substance. That said, the final determination rests with the implementing regulation, which remains pending.<\/p>\n\n <div class=\"req-block\">\n <div class=\"req-number\">Requirement 2 of 3<\/div>\n <div class=\"req-title\">Strategic Decisions and Risk Assumption<\/div>\n <p>The entity must adopt the strategic decisions necessary for its operations within Panamanian territory and assume the corresponding risks in Panama.<\/p>\n <\/div>\n\n <p>This requirement targets the real governance of the entity \u2014 not formal governance (who appears in the documents), but where the decisions that actually matter are effectively made: investments, divestments, approval of material contracts, risk management.<\/p>\n\n <p>In practice, this translates into concrete questions: where does the board of directors meet? From where is a material transaction approved? Who makes the substantive decisions and from what territory? The answers must be documentable. A structure with board minutes drafted in Panama but where real decisions are effectively made from abroad faces substantial compliance risks, even though the regulation has not yet precisely defined how this element will be evaluated.<\/p>\n\n <div class=\"req-block\">\n <div class=\"req-number\">Requirement 3 of 3<\/div>\n <div class=\"req-title\">Adequate Operating Costs and Expenditures<\/div>\n <p>The entity must incur adequate operating costs and expenditures in the territory of the Republic of Panama, separate from personnel compensation.<\/p>\n <\/div>\n\n <p>The legislature requires that operations carry a real cost in the country, separate from payroll: rent, local professional services, asset maintenance, administrative expenses. The explicit exclusion of personnel compensation signals that the three requirements are complementary layers, not redundant ones.<\/p>\n\n <p>Proportionality is again the central criterion. How much is “adequate”? We do not know precisely until the regulation is issued. But the comparative logic of other jurisdictions that have implemented similar standards suggests that expenditures must be reasonable in relation to the volume and nature of the assets being managed \u2014 not a symbolic minimum.<\/p>\n\n <h2>What is clear and what is not<\/h2>\n\n <p>The law is structurally clear on three points. The requirements are cumulative: there is no partial compliance. Documentary evidence is the instrument of proof. And proportionality is the standard of evaluation.<\/p>\n\n <p>What is not yet clear \u2014 and where the implementing regulation will be decisive \u2014 is the granularity of each requirement: what specific documentation will be required, how services rendered by third parties on behalf of the entity will be evaluated, and what thresholds of personnel and expenditure will be considered sufficient for different types of structures.<\/p>\n\n <p>In that context, the recommendation is not to wait for the regulation before beginning the analysis. It is precisely the opposite: use the period before regulation is issued to review the current structure, identify evident gaps, and implement the improvements that the logic of the law already signals clearly.<\/p>\n\n <h2>Recommended next steps<\/h2>\n\n <ul class=\"checklist\">\n <li>Review your portfolio of entities with foreign-source income to identify which fall within the law’s scope<\/li>\n <li>Map the current status of personnel, facilities, and operating expenditures against the three requirements<\/li>\n <li>Audit the real governance of your entities: where decisions are made and what documentation supports that<\/li>\n <li>Assess whether services contracted from third parties \u2014 agents, directors, registered offices \u2014 satisfy or complement the requirements under the law’s logic<\/li>\n <li>Monitor the issuance of the implementing regulation, which will define the application criteria with greater precision<\/li>\n <\/ul>\n\n <\/div>\n\n <\/div>\n\n <footer class=\"article-footer\">\n <p class=\"footer-disclaimer\">This article is for informational purposes only and does not constitute legal advice. The implementing regulation for Law 526 had not been issued as of the publication date of this article, meaning certain aspects of its practical application remain subject to definition. To assess the impact on specific corporate structures, please consult directly with our team.<\/p>\n <div class=\"footer-firm\">\n <div class=\"firm-name\">EDTIJ<\/div>\n <div class=\"firm-url\">www.edtij.com<\/div>\n <\/div>\n <\/footer>\n\n<\/div>\n<\/body>\n<\/html>\n\n","protected":false},"excerpt":{"rendered":"<p>EDTIJ \u2014 Panama’s Law 526: The Three Economic Substance Requirements EDTIJ \u2014 Legal Analysis \u00b7 International Tax Law Panama’s Law 526: The Three Economic Substance Requirements The law is clear in its structure. What remains to be defined is its practical interpretation \u2014 and that is precisely where companies need to prepare with information, not […]<\/p>\n","protected":false},"author":2,"featured_media":3216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,7,1],"tags":[20,10,12,13,19],"class_list":["post-3302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","category-laws","category-uncategorized","tag-ley526","tag-offshore","tag-panama","tag-panama-lawyers","tag-sustanciaeconomica"],"yoast_head":"\n<title>Panama's Law 526: The Three Economic Substance Requirements -<\/title>\n<meta name=\"description\" content=\"Analysis of the three economic substance requirements under Panama's Law 526: qualified personnel, strategic decisions, and operating costs. Practical guide for entities with foreign-source income. 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