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At this moment there are in the National Assembly two draft bills on the future Judicial Career Law, one proposed by the Supreme Court of Justice and the other one by the Presidency of the Republic. This article explains the main differences and similarities between these Judicial Career Law projects. Ways to enter to the Judicial Career · Both projects adopt the idea of public competition as the general mechanism of admission to the Judicial Career ...

Morgan & Morgan | June 2009

I. Legal Framework The banking business in the Republic of Panama is regulated by Decree-Law No. 9 of February 26, 1998 and its amendments (the “Banking Law”). The Banking Law created the Superintendency of Banks (the “Superintendency”), which is the government agency in charge of supervising and overseeing banking operations and the exercise of the banking business in the Republic of Panama ...

Morgan & Morgan | October 2019

On May 19, 2016, the concept of a “Bankruptcy,” as the legal term was defined, ceased to exist under Panamanian law. Law 12 of 2016 (the “Insolvency Law”) entered into force on that date and introduced new proceedings into our legal system. These proceedings are referred to as Reorganization and Liquidation ...

Morgan & Morgan | October 2019

In 2013, Virginia Ginni Rometty - CEO of IBM, said “I would like you to think of big data as the next natural resource that can be to our era what steam, electricity and oil were for the Industrial Age."   Probably, you have read or heard: Data is the new oil! Data is the new bacon! Data is the new currency! These analogies have become very popular because data is now considered one of the most important commodities ...

Our present time is in constant evolution and Artificial Intelligence (AI) has demonstrated its ability to revolutionize entire industries and improve our quality of life in many aspects. In our global interconnectedness, it is a reality that organizations are already working on implementing AI for various purposes, including improving processes and the way they do business ...

Alta QIL+4 ABOGADOS | October 2018

The role of the Millennial lawyers and the recent incorporation of Artificial Intelligence (“AI”) in law firms are current trending topics. As a 27-year old associate of a law firm based in Guatemala City, every time I read about AI and that global law firms are incorporating AI to their practice, I ask myself, will I be replaced by it (or IT) ...

Morgan & Morgan | August 2012

Although Cyprus usually tends to be associated with company formation (in an international tax planning context), Cyprus has an efficient trust legislation in force. The latest legal reform of trusts has enhanced the appeal of Cyprus International Trust (CIT) to both professionals and high net-worth individuals.Legislation and Legal Requirements CITs used to be governed by the International Trusts Law of 1992 ...

Morgan & Morgan | July 2020

An entrepreneur has a lot to consider when starting a new business ...

Confinement and strict measures of social distancing are now part of the reality of millions of people around the world. Given the uncertainty presented by the world panorama in the economic, political, social and cultural fields, the authorities must go one step further to try to mitigate the severe consequences that the COVID-19 pandemic has caused globally ...

The incorporation of the Law on Security Interests in El Salvador has the objective to create a registry for security interests, that is to say, the inscription of the security interests’ creation, modification, extension, termination and execution, as well as the publicity of these instruments. The Commercial Value that some brands have, plays a very important role and represents, for some entrepreneurs, a mechanism which enables them to access credits ...

Morgan & Morgan | June 2020

Civil Aviation Authority: All international flightsshall remain suspended untilJuly 22, 2020. National Immigration Authority: All identifications issued by the National Immigration Authoritythat weredue to expirebetween March 13 and July 31, 2020,willremain validuntilOctober 31, 2020,without incurring in fines or surcharges ...

As of August 7th, 2018, the amendments of the Consumer Protection Law (CPL), which includes for the first time, the consumer protection in the field of electronic commerce (e-commerce), taking that as the contracting process or the goods, services and commercial information trading through data communication webs ...

Alta QIL+4 ABOGADOS | October 2012

Temporary Suspension of the Definition of Pension Plans (employees' deductible expenses) as those approved by the “Corresponding Authority” Provisional Suspension of mandatory use of Banking System to evidence Payments and Disbursements of Expenses Higher than Q.30,000 ...

Alta QIL+4 ABOGADOS | November 2012

Temporary Suspension of the Definition of Pension Plans (employees' deductible expenses) as those approved by the “Corresponding Authority” Provisional Suspension of mandatory use of Banking System to evidence Payments and Disbursements of Expenses Higher than Q.30,000.00 In the past, the Tax Administration questioned on a case by case basis Pension Plans administered by private Banks, as employees´ deductible expense ...

Alta QIL+4 ABOGADOS | September 2020

Although in Guatemala there is no legal frame for “Telework”, it could be said that it is a way in which services are provided in a location other than the employer's office or headquarters. What makes this modality so attractive? What is the key to make it work? The key is in TECHNOLOGY, in the innovative and efficient use of tools that allow us to be connected without being anchored to a specific place ...

Alta QIL+4 ABOGADOS | April 2020

The SAT, Superintendecy of Tax Administration, has recently published the new procedure to request payment plans (agreements), via email. The procedure goes as follow: 1. Taxpayer should send an email to the email address correspondent to his fiscal address and region:  Central Region: [email protected] Occidental Region: [email protected] Northeast Region: [email protected] South Region: [email protected] ...

BLP | February 2023

A free transfer is when the donor (transferor) bestows a benefit or right without being paid, even though the transfer may be subject to the fulfillment of certain conditions, such as an inheritance, donation, or prize. The taxpayer in this type of conveyance is the party who accepts the benefit or right (transferee) since they receive an income. A donation deductible under article 39 of the Tax Agreement Law is exempt since it receives a different tax treatment ...

The Digital Assets Law, which is in force since February 1, 2023, aims to establish a legal framework that provides legal certainty to the transfer operations of any title of digital assets used in public offerings issued in El Salvador ...

Morgan & Morgan | August 2020

Panama, 24 July 2020. By means of Rule JD-01-2020, published in the Official Gazette No. 29076 of 24 July 2020, the Superintendence of Non-Financial Regulated Persons (SNFR) has established a set of rules and obligations imposed to attorneys and accountants whenever they incur in any of the regulated activities under Law 23 of 2015, which relates to prevention of money laundering, financing of arms of mass destruction and financing of terrorism ...

Morgan & Morgan | September 2020

A company’s need for substantial amounts of capital is intensified when looking to grow quickly, or develop an innovative product that will disrupt the market in a meaningful way. This is true to any company, and is especially true to innovative and disruptive startups, which aim at creating new markets, revolutionizing existing ones and prevailing over traditional market participants ...

Morgan & Morgan | September 2020

At the beginning of astartup’slife,the use of financial resources in the most efficient way is of vital importance.It is for this reasonthatthe incentives that a country can provide to an entrepreneurand hisnewlyformed company can potentially determine how and how much that company willgrow ...

In the plenary session of December 6, 2023, the Legislative Assembly of El Salvador approved a series of new reforms to the Commercial Code to implement certain provisions with innovative elements to facilitate business in the country, boost the economy, and contribute to economic growth. All of this is achieved through the modernization of commercial legislation, adapting it to the current dynamics of national and international trade, and leveraging technological advances to achieve this goal ...

Morgan & Morgan | October 2011

Back in 1999, a law was adopted renovating an autonomous regulator and putting in place a modern regime to govern securities and capital markets in Panama, placing the local regulatory environment very much in line with legislation in force in more developed markets such as the United States (including, for example, the creation of the indirect holding system) ...

Morgan & Morgan | November 2017

Most of holidays and national mourning that are covered by Article 46 of the Labor Code of the Republic of Panama are in November, December and January. In fact, they are considered as such, November 3, 5, 10 and 28; December 8 and 25; and on January 1 and 9 ...

Morgan & Morgan | August 2017

Introduction. Panama has become a popular destination to immigrate in the region, due to its economic growth and socio-political stability which contrasts with other neighboring countries´ intricate conditions. Within the last decade, multiple infrastructure projects, as well as incentives favorable to establish and operate multinational companies have resulted in an increase of foreign nationals within the country, creating a multi-ethnic and multi-cultural society ...

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