Do you own an offshore company or foundation in Panama? Are you aware that accounting obligations apply even if you don’t operate locally?
Outsourced offshore accounting is a key service for international structures using jurisdictions such as Panama. These entities often lack physical operations but are still required to maintain clear, updated accounting records—especially under Panama’s Law 254.
What Is Outsourced Offshore Accounting?
Outsourced offshore accounting refers to the delegation of accounting services for offshore companies or private interest foundations to a trusted third party.
These entities are often used for wealth planning, asset protection, and cross-border investment, and although they might not have local income or employees, they are still subject to accounting rules.
Who Needs Offshore Accounting in Panama?
Since the enactment of Law 254 of 2021, all active legal entities in Panama, whether they operate locally or not, are required to maintain accounting records, including:
- Keep complete accounting records.
- Store those records in Panama or inform where they are held abroad.
- Deliver the records annually to their Registered Agent.
Servicios incluidos en la contabilidad offshore
Los servicios contables más relevantes que se incluyen en este tipo de contabilidad son:
1. Financial Transaction Recording
- Bank movements, income, and expenses
- Loans, dividends, investments, and capital contributions
Financial Statement Preparation
- Balance Sheet
- Income Statement
- Cash Flow Statement
Tax and Regulatory Compliance
- Rental income declarations (if applicable)
- Informative filings based on beneficiaries’ tax residency
- Compliance with CRS, FATCA, and other international standards
4. Internal & External Audit Support
- Documentation reviews
- Support for bank or authority due diligence
Why Is Offshore Accounting Important?
Maintaining proper accounting records is no longer optional for offshore entities. Key reasons include:
- Proving source and use of funds
- Ensuring regulatory transparency
- Supporting banking relationships or audits
- Demonstrating economic substance in line with international expectations
- Avoiding penalties and legal risks
Who Regulates Accounting for Offshore Structures in Panama?
Desde noviembre de 2021, la Ley 254 obliga a todas las entidades no suspendidas en Panamá a mantener registros contables. Entities involved in oversight include:
- Panama’s General Directorate of Revenue (DGI)
- Public Registry of Panama
- Superintendency of Non-Financial Entities
- Registered Agents (usually law firms)
Registered Agents must:
Keep records for at least 5 years
Ensure access to updated financial information
Do You Need Help With Your Offshore Company’s Accounting?
If you’re looking for a trusted partner to outsource the accounting of your offshore company or private foundation, LAC Accounting is one of the most specialized firms in Panama for international structures. Our team has deep expertise in Law 254 , CRS, FATCA, and international audit standards, providing tailored solutions for each type of client.
We ensure that your accounting records are clear, up-to-date, and audit-ready, no matter where in the world you operate.
We also offer full support to your Registered Agent, ensuring timely compliance with both Panamanian and global regulations.
Our Services Include:
- Day-to-day accounting for offshore companies and foundations
- Compliance with Law 254
- Full support for Registered Agents
Contact us today to ensure full compliance
lac@lacgrp.com
+507 395-5607 / 265-5849
www.lacgrp.com