Up to now a Customs declaration is required for persons arriving or leaving Panama’s airports, or crossing through Customs control points at borders, ports and Free Trade zones, with cash, precious metals and stones, and bearer monetary instruments (such as checks, travel checks, bonds, stocks) in an amount that exceeds PAB10,000 = USD10,000 or its equivalent in other currencies.

In February Héctor Alexander, Minister of Economy and Finance, sent to the National Assembly the project of Law 623 which will require de presentation of documentation which shows the provenance of the valuables being declared. 

Given that Panama, especially in its International Airport is a very active point for International connecting flights, authority is also sought to inspect such valuables being carried by passengers in transit, and if it is advisable retain the funds for 15 days to investigate its provenance. 

In addition to the existing Cash declaration another form is created, called “Declaration of provenance of cash, valuables, precious stones and metals and negotiable instruments”, to be filed for amounts superior to PAB10,000 = USD10,000. The value will be established based on the exchange rate of the day prior to the declaration.

The National Assembly has approved it in its first reading, and now it is being set for a second reading, before it is sent to the P{resident of Panama to sign it into law.

Source: National Assembly of Panama.

Courtesy: Manuel J. Tejada A.; Leidy Edith Tejada.


*** Would you like to share your comments, corrections or news? Please contact info@mriguide.com

©2022  MRI BANKERS’ GUIDE TO FOREIGN CURRENCY™. All rights reserved.