We have now been made aware of a notice given that they intend to cease to be registered in the Isle of Man and will look to continue in a country or territory outside the island, namely the Republic of Panama as Bedouin Group Inc. HMRC and Panama Panama: New Double Taxation Convention signed in London on 29 July 2013 Double Taxation Convention A first-time comprehensive Double Taxation Convention between the UK and Panama was signed in London on 29 July 2013 by The Rt Hon William Hague MP, Secretary of State for Foreign and Commonwealth Affairs and H.E. Mr Fernando Núñez Fábrega, Foreign Minister of Panama.
The Convention generally follows the OECD Model Double Taxation Convention. Important features include exemption from withholding tax on certain dividends and low withholding rates on interest and royalties. The Convention also includes the latest OECD exchange of information article. The text of the new Convention is available on the HM Revenue & Customs website, and will be published by the Stationery Office as soon as it is presented to Parliament for approval.
This treaty is not currently in force; CONVENTION BETWEEN THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND AND THE REPUBLIC OF PANAMA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL GAINS