International investment and financial planning firm Blacktower Financial Management Group has received a licence to offer advice services in Panama.
Blacktower said that the Panama operation will offer a range of services, including overseas pensions advice, tax planning and wealth management.
The services will be available to both residents and expats after the firm acquired the regulatory and licensing requirements needed to operate in the region.
The firm also outlined the opportunity this presents for members of its adviser network, Nexus Global, which was established back in 2010.
Gavin Pluck, group managing director at Blacktower, said: “It can be incredibly challenging for advisers and smaller wealth management firms to gain access to smaller markets such as Panama.
“This expansion is not only significant in Blacktower’s development, but it also represents a pivotal moment in the evolution of our IFA network and offers a real opportunity to those operating under our regulatory umbrella.”
John Westwood, chairman and founder of both Blacktower and Nexus, added: “Panama, whilst small, is a valuable addition to our regulatory footprint. It has proved itself to be one of the fastest growing economies in the last decade, doubling its income per capita.
“With our Cayman entity just across the Caribbean sea, it is incredibly encouraging to see Blacktower cementing its presence in this part of the world and illustrates our ongoing expansion outside of Europe in to regions such as Latam.