Payment of thirteenth month bonus in suspended employment contracts

Panama, April 15, 2020. The Thirteenth Month is a special mandatory bonus that was established since 1971, to compensate the employees for their contribution to the benefits obtained by the company. It was established by two special regulations, Cabinet Decree No. 221 of November 18, 1971, which established it, and Decree No. 19 of September

Alpha Credit © closes equity financing round led by SoftBank Latin America Fund

Panama, April 13, 2020. Morgan & Morgan advised Alpha Credit ©, a leading technology firm that provides financial services to segments underserved by traditional banking institutions, specialized in consumer lending and financing for small and medium enterprises (SMEs), in the process to complete an equity financing round for more than MXN$2.4 billion (approximately US$100 million),

Measures applicable to foreigners (Video)

Panama, April 11, 2020. For your convenience, Morgan & Morgan have developed the following infographic video with the measures adopted by the Panamanian Authorities, applicable to foreigners. Click here to view: COVID-19: Measures applicable to foreigners. If you have any questions or concerns, please connect with our legal team at [email protected]

BVI Economic Substance (Podcast)

April 9, 2020. At Morgan & Morgan we continue to look for ways to provide our services and continuity to the flow of information on changes in legislation in the different jurisdictions we have presence. In light of the above, we are pleased to announce the launch of our podcast “Morgan Updates”. This effort will

COVID-19 and Panama´s Insolvency Law

7 April 2020. The health crisis caused by COVID-19 (better known as “Coronavirus”) has had a significant impact on both global and local trade. In our country, the first case, which was confirmed on March 9, triggered the implementation of significant sanitary measures that led to the necessary temporary closure of multiple enterprises, as well

Tributary Measures for Economic Relief During Panama State of Emergency

Panama, April 6, 2020.  On Tuesday March 24th, 2020, the Executive Decree 251 of the same date was published in Official Gazette 28987-A which adopts tax measures to relief the economic effects of the National State of Emergency. In this sense, the following measures are established:  Tax payments From March 20th, 2020, date in which

Panama Creates a Beneficial Owner Registry

María Eugenia Crespo, Associate, Morgan & Morgan April 3, 2020. By Law 129 of 17 March 2020 (hereinafter, the “Law”) the Republic of Panama established the regulatory framework for a restricted database named “Sistema Privado y Único de Registro de Beneficiarios Finales de Personas Jurídicas” (in English, Private and Unique System of Beneficial Owners of

COVID-19: Measures for the procurement of prescription medicines and other health products

March 25, 2020 Resolution No. 53960 of March 25th, 2020 introduced a new article establishing a special procedure for the procurement of medical supplies during the ongoing. This new provision amended Resolution No. 38941-2006-JD of February of 2006, which is the general procurement regulation for the Social Security Administration (“CSS” for its initials in Spanish). This article establishes that, during the current “state of emergency”, purchases will be made under this procedure as

Panama (COVID 19): Labor and Immigration Update 4

Ministerio de Salud ordena el cierre temporal de establecimientos comerciales y empresas salvo ciertas excepciones  DECRETO EJECUTIVO NO. 500 DEL 19 DE MARZO DE 2020 Mediante este Decreto Ejecutivo se ordena el cierre temporal de establecimientos comerciales y empresas de persona natural y jurídica en todo el territorio nacional, con excepción de las siguientes actividades:

Panama (COVID 19): Labor and Immigration Update 3

Ministry of Government suspends all international flights temporarily EXECUTIVE DECREE No. 244 OF MARCH 19TH, 2020 By means of this executive decree, published in the Official Gazette as of March 19th, 2020, the Ministry of Government suspends all international flights temporarily. Comments:  All international flights arriving and departing from Panama are suspended for thirty (30)