This morning I enjoyed a sumptuous buffet breakfast at the Hotel RIU with my longtime friend and Panamanian attorney, Augusto. He’s just had a new baby, and from the way he was pounding the coffee, Augusto’s not getting much sleep.

He’s also swamped at the office; Augusto is a key figure in a rapidly growing practice area for his Panamanian law firm– tax compliance. Funny thing, though, it’s not Panamanian tax compliance, it’s US tax compliance.

That’s right.

There are a lot of Panamanians who, for one reason or another, have US citizenship. During Latin America’s tumultuous times several decades ago, many families with means temporarily moved to the United States so that they could watch the turmoil from their television sets instead of their living room windows.