Panama is fully in the pocket of Corporate America. Think Panama Papers.
So if you’re rich, it’s pretty private until someone hacks the firm you’re using. If you aren’t as rich as people who wish you ill, it offers no protection.
I kind of answered your later question too — Panama bows to the highest bidder. I wouldn’t consider them a privacy haven of the sort we’d be looking for; they specialize in corporate privacy.
Okay that's cool and all but what does that mean in practice? The Five Eyes pays panama to force a panama company like Nord to spy on someone? Can you explain what you mean?