You are required to declare any amount over U$10,000 in cash, financial instruments, or negotiable documents when entering or leaving Panama by air, land, or sea. Failure to comply with this obligation may result in criminal sanctions under Article 375-A of the Panamanian Criminal Code.
Declaration: You are required to declare any amount over US$10,000.00 in cash, financial instruments, or negotiable documents when entering or leaving Panama by air, land, or sea.
Criminal Sanctions:
- If you fail to declare the full amount or provide false information, you can be sentenced to 2-4 years in prison.
- The undeclared money, financial instruments, or documents will be confiscated by the authorities.
Additional Penalties for Foreign Nationals:
- In addition to the prison sentence, foreign citizens will be immediately deported from Panama upon completion of their jail term.
- They will also be permanently barred from re-entering the country.
The purpose of this law is to combat financial crimes such as money laundering, tax evasion, and the financing of illegal activities. Panamanian authorities take these declaration requirements very seriously, so it is crucial to fully comply when traveling with large sums of money or financial assets. Travelers are expected to follow the declaration rules. Failure to do so can result in severe legal consequences, including imprisonment and permanent exclusion from Panama.
If you need to speak to a Panamanian lawyer, please call us at +507 6290-3468 or email us at info@lawyerinpanama.com.