Panama may leave the EU tax blacklist on 9 October

Update, 9 October: EU finance ministers removed Panama from the blacklist and moved it to Annex II pending a Global Forum review. Read the full story.

If you hold a Panamanian company, bank with Europe, or care how relocators judge the country's financial reputation, treat this week's foreign-ministry amplification as a watch-the-calendar story, not a done deal.

On 28 September 2026, Panama's Ministry of Foreign Affairs (MIRE) amplified Bloomberg-sourced reporting that European Union finance ministers are expected to consider removing Panama from the EU list of non-cooperative jurisdictions for tax purposes at an October Ecofin meeting. Telemetro, Crítica, Infobae, and The Rio Times all carried versions of that trail. The specific 9 October date in Luxembourg comes from Ecofin agenda coverage and Bloomberg reporting summarized by The Rio Times, not from MIRE naming the day in its own post. Familiar sources say Panama would leave the list entirely, while Vietnam would move to the softer "grey list."

What is confirmed, and what is not

The European Union has not published an official delisting yet. The Council's last formal revision (17 February 2026) still had Panama among about ten listed jurisdictions. Ecofin's October agenda includes approving conclusions on the biannual list update. Until ministers act and the Council publishes, Panama remains officially listed.

Local caution exists too. Lawyer Adolfo Linares, quoted via La Estrella in The Rio Times (29 Sep), said his own source expects Panama to stay listed and warned Brussels could attach fresh conditions even after a removal.

Why Mulino's team is talking about it now

Leaving discriminatory international lists has been a stated priority for President José Raúl Mulino. This year Panama passed economic substance rules (commonly cited as Law 526, with implementing detail in Executive Decree 32) aimed at shell companies and untaxed passive foreign income of multinational-group entities. From fiscal year 2027, affected Panama companies need real staff, offices, and decision-making, or face a 15% tax on qualifying untaxed passive foreign income. Those domestic rules stay in force regardless of what Ecofin does on the EU list.

MIRE also recalls last year's exit from the EU's high-risk third-country list tied to money-laundering deficiencies. MEF minister Felipe Chapman and foreign minister Javier Martínez-Acha have publicly framed cleaner substance rules and optimistic "good news" language around the European process (via Bloomberg / La Estrella trails).

What delisting would change for people living here

A clean exit would mainly cut a reputation tax: fewer EU defensive measures against listed jurisdictions, and an easier story for banks, investors, and employers who still flinch at "blacklist" headlines. It would not erase substance obligations for multinational-group entities, and the EU revises the list again every February and October.

Bottom line for expats: put 9 October on the calendar. Celebrate nothing until the Council publishes. If you run a holding company or SA with European counterparties, ask counsel how substance docs and banking KYC should look before and after Ecofin, and do not confuse a Bloomberg tip plus MIRE cheer with a legal change already in force.

Based on MIRE (28 Sep 2026) amplifying Bloomberg-sourced October Ecofin expectations; 9 Oct Luxembourg via Ecofin agenda / Bloomberg coverage (Rio Times); plus Telemetro, Crítica, Infobae. Expected EU decision, not a confirmed delisting.