# Is Panama a tax haven?

On October 9, 2026, EU finance ministers took Panama off Annex I of the EU list of non-cooperative jurisdictions and moved it to Annex II. Panama stays in Annex II until the Global Forum review confirms a largely or fully compliant rating. Panama is not on Spain’s current list of non-cooperative jurisdictions, nor on Colombia’s list of tax havens.

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## The EU list

Panama left Annex I after reforming its regime for foreign income, through Law 526 of 2026 and Executive Decree 32 of September 2, 2026. It remains in Annex II because of the in-depth Global Forum review on exchange of information on request, requested on April 30, 2026 and planned for the first quarter of 2027.

Source: EU Delegation to Panama, note of October 9, 2026; Code of Conduct Group report to the Council of September 25, 2026

## What Law 526 of 2026 changed

Law 526 of May 28, 2026 applies to entities that belong to multinational groups and earn passive foreign-source income. An entity that does not qualify pays a single, final rate of 15% on that income. The rule applies from fiscal year 2027.

It does not apply to individuals: the law speaks of entities of a group with members resident in different jurisdictions. A 25% rate does not appear in the law.

[Photo: Mattias Hill](https://commons.wikimedia.org/wiki/File:Panama_City_,_Panama.jpg)· [CC BY-SA 3.0](https://creativecommons.org/licenses/by-sa/3.0) Source: Law 526 of 2026, articles 6, 707-A, 707-B and 707-D, Official Gazette 30534-B

## Spain’s list

A Spanish national who moves to a jurisdiction Spain treats as a tax haven remains a Spanish taxpayer for the year of the move and the four following years. Spain’s current list, Order HFP/115/2023 as consolidated on June 27, 2026, does not include Panama.

Source: Spain, Law 35 of 2006, article 8.2; Order HFP/115/2023

## Colombia’s list

Colombia treats as resident a national who has tax residency in a jurisdiction its government classes as a tax haven. The current list, in Decree 1496 of 2024, has 25 jurisdictions and does not include Panama. Other rules of article 10 can still make a Colombian resident.

Source: Colombia, Tax Statute, article 10; Decree 1625 of 2016, article 1.2.2.5.1, as replaced by Decree 1496 of 2024

## Questions people ask

### Is Panama still on the EU blacklist?

No. Since October 9, 2026 it is in Annex II, until the Global Forum review confirms its rating.

### Does Law 526 tax my foreign income as a person?

No. It applies to entities of multinational groups, from fiscal year 2027.

## What the law does not say

- The publication of the EU Council conclusions in the Official Journal, and the date of the next EU review.
- Panama’s status on FATF lists and on OECD lists other than the Global Forum review still to come.
- When and why Panama left Spain’s older list of 1991.

## Official sources

- [Spain, Order HFP/115/2023 on non-cooperative jurisdictions, consolidated text](https://www.boe.es/buscar/act.php?id=BOE-A-2023-3508)
- [Colombia, Decree 1625 of 2016 as replaced by Decree 1496 of 2024](https://normograma.dian.gov.co/dian/compilacion/docs/decreto_1625_2016.htm)

Last verified: October 28, 2026

## Keep reading

- [Does Panama tax foreign income?](/territorial-tax/)
- [Double tax treaties](/tax-treaties/)
- [Bank accounts and CRS](/bank-account-crs/)

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