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While there is a 10% witholding tax on Panamanian dividends, Bladex has been granted a special exemption that eliminates tax obligations as well as the dividend witholding (p. 66 of 20-F). This exemption may not last forever, but currently, the company doesn't pay taxes and there is no witholding of dividends for shareholders.

US shareholders are still subject to the US dividend tax, though.
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