How can i change my itunes profile?

Do you have a credit card registered to a valid address in Panama? If you don't - you can't use the Panama Store - if there is a Panama Store. If you meet the requirements .....

Go to Settings>Store>Apple ID - tap your ID and then tap View Account. Enter your password and then go to Country/Region and make the change in there.

I recommend doing this in the app store as well. Tap the featured tab in the app store, swipe to the bottom of the screen - tap your ID in the lower left corner and repeat the procedure in there.

App Store Frequently Asked Questions (FAQ) - http://support.apple.com/kb/HT2001

"To change countries, scroll to the end of the iTunes Store home page and click the flag indicating the current country. To choose a different country, click the appropriate flag."

iOS: Changing the signed-in iTunes Store account - http://support.apple.com/kb/HT1311

If you don't meet iTunes' US residency criteria then you will need to download it from itunes Panama (if there is one). It doesn't matter if it is free. You're restricted to itunes Panama if that's where you now reside.

The iTunes Store in a country is intended only for use by that country's residents while they are in the country. To use the iTunes Store in a country you need a credit card (or other card type if acceptable in a country) issued in that country, billed to an address in that country, and also be physically present in that country when using the store.

E.g., "The App and Book Services are available to you only in the United States, its territories, and possessions. You agree not to use or attempt to use the App and Book Services from outside these locations. Apple may use technologies to verify your compliance." - http://www.apple.com/legal/itunes/us/terms.html#APPS