Dear Clients:
The Republic of Panama took the decision to adhere to international standards in regard to tax transparency. That is why on October 28, 2016, it was enforced Act N° 51 from October 27, 2016, whereby it is established the regulatory framework for the implementation of Exchange of information for tax purposes, specifically the Common Reporting Standard (CRS).
CRS requires financial institutions established in the participant jurisdictions, to implement processes of due diligence in order to document and identify tax residents in foreign jurisdictions of the financial institutions, with the purpose exchanging any information as may apply, in accordance to the agreements and regulations, among such jurisdictions.
Unibank, S.A., in compliance and cooperation with these regulations, has implemented procedures and polices concordant with such national and international guidelines.
According to the abovementioned, from July 1, 2017, all account holding clients in our entity, shall fill out the self-certification form of tax residence. In case that you have filled out the form yet, we kindly invite you to contact your account official o come to any of our branch offices.
If you have any doubts or questions regarding how to define your tax residence status, please visit the OCDE website: http://www.oecd.org/tax/automatic-exchange/ or contact your tax advisor.
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