Key Figures

Chief of State:
President Juan Carlos Varela
Head of Government:
President Juan Carlos Varela

Overview

Government Name:
Republic of Panama
Constitution:
Adopted: 1972; Overviews topics such as the Panamanian State, citizenship and status of foreigners, individual and social rights and duties, political rights, the structure and function of government, municipal and provincial systems, public finances, the national economy, public employees, and security forces, among others.
Government Type:
Constitutional Democracy
Republic of Panama Flag
Coat of Arms of Republic of Panama

Index of Economic Freedom

Grades each country on a scale of 0 to 100, based on ten freedoms, with 100 representing the greatest amount of economic autonomy from government intervention. Source: Heritage Foundation (2018)

Country Risk Rating

A4
A somewhat shaky political and economic outlook and a relatively volatile business environment can affect corporate payment behavior. Corporate default probability is still acceptable on average. Source: Coface (2018)

Government Branches

Main Powers Election Process Election Cycle 1
Executive

President is responsible for naming and separating the ministries, coordinating the labor of the administration of the public establishments, and presenting legislation proposed by the National Assembly. Vice president assumes president's role should he be incapable, head the cabinet although he does not have a vote, and represent the president in national and international relations.

Elected by simple majority vote.

5 years

Judicial

Supreme Court of Justice is the highest court of last resort, while electoral tribunal supervises voter registration, the election process, and the activities of political parties.

Supreme Court of Justice magistrates are appointed by the president.

Suggested 10 year terms

Legislative

National Assembly main legislative body of Panama.

National Assembly has 45 elected members by open-list proportional representation in multi-member constituencies and 26 members elected by plurality vote in single-member constituencies.

5 years

Regional Trade Blocs

No Regional Trade Blocs

International Organization Participation [2]

Environmental Agreements [3]

Tax Information [2]

Tax Authority:
Ministry of Finance
Tax Name:
VAT

Sources:

  1. ElectionGuide http://www.electionguide.org/
  2. EY, http://www.ey.com
  3. CIA World Factbook, https://www.cia.gov/library/publications/the-world-factbook/
  4. U.S. Bilateral Relations Fact Sheets http://www.state.gov/r/pa/ei/bgn/