9/23/2020
PANAMA RELOCATION - PANAMA LEGAL CENTER
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DID YOU KNOW PANAMA RELOCATION IS ON THE RISE? Summary Panama Fact: Population: 4,000,000 ( approximate) Capital City: Panama City Currency: US Dollar Political: Democratic Republic Main Source of Income: Panama Canal Climate: Tropical; hot, humid, cloudy; rainy season (May to January), dry season (January to May) Time Zone: GMT-5 Language: Spanish ( some Panamanians are bilingual ) Country Code: 507 ( telephone ) Coastline: 2,490 km
TOP REASONS TO MOVE TO PANAMA What Is Panama Cost of Living? Panama’s cost of living is signi cantly lower compared to Europe and the Northern Hemisphere according to a recent Global Cost of Living survey conducted by The Economist. Panamanian salary is between $500. -$1,000 month, whereby one can live happily. But of course it all depends on your lifestyle. Panama economy is growing but the in ation control and people live in harmony and enjoy the Panamanian culture. That’s why so many people from Europe, USA, South Africa, etc. choose Panama to live.
What Is Panama Tax Rate? Panama has much lower tax rate than North America, Europe and most Western Hemisphere countries. Income earned outside of Panama is tax free. Panama levies a corporate tax rate on its corporations who enjoy similar tax deductions as in the U.S. Employees and self-employed in Panama earning less than $11,000. are not subject to taxes. Employees and self-employed who earn between $11,000. and $50,000. only pay a low 15% tax rate. Those making $50,000 or higher pay a at 25% tax rate.
Is Panama Keep Growing? Panama has a strong economy which wasn’t hurt by the worldwide economic crisis. In fact, Panama’s economy has grown at an average of 8% (GDP) over the past ve years.
Is Panama A Safe Haven For Foreign Investors? Article 44 of Panama’s Constitution protects real estate private ownership and private investments. The Civil Code of Panama guarantees equal application of the law for citiz foreigners including leases and commercial contracts. Panama even has a Foreign Investor Protection Law (Law 54 of 1998) providing equal rights for all foreigners in all matters of trade, industry, importing and exporting. Panama guarantees that foreigners can dispose of their investment pro ts as they see t including repatriating their investment funds and pro ts to other countries with the un right to commercialize their production in Panama. This is a great incentive for foreigners looking to relocate to Panama. Learn more about Panama Real Estate Properties https://www.panamalegalcenter.com/panama-properties/
Does Panama Have A Cheap Labor? Cost of hiring Panamanians compared to Europe, Canada, and the U.S. is much lower whereby the current minimum wage in Panama City is $624/mo. Commercial lease inexpensive too. And it is easy to start a business in Panama. The 2010 Latin Business Index published by the Latin Business Chronicle website named Panama as the number o place to do business in Latin America”.
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With quality highways which connect the Atlantic and Paci c oceans and the interior. Panama City is has eliminated their old buses and replacing them with brand new Volvo bus has built a new, modern metro subway system. The Panama Canal expansion will be completed in late 2014 which will handle larger ships. Nearly every international and d airport has or is being renovated. New domestic ight airports are being built across the country.
Is Panama Immigration Law Liberal? Panama’s immigration laws are the most liberal in the Western Hemisphere with over a dozen ways to immigrate to Panama. Foreigners can become permanent residen investing in Panama’s economy for as little as $80,000. The pensionado visa, applies to anyone over 18 years of age who are receiving monthly lifetime annuities or pensions minimum of $1,000. Panama’s president issued new decrees in 2012 declaring 50 friendly countries. Panama Friendly Nations Visa is very popular for many people interested in relocating to Panama. People can apply for immediate permanent residency by starting a new business, buying an existing Panama business, or being o ered a j Panama. Panama’s ease of immigration makes Panama relocation a breeze.
Panama has a lot to o er besides what is mentioned above. Panama o ers warm year round climate and a variety of beautiful natural environments along with a bustling and capitol city. Foreigners who are considering moving to another country because of the high cost of living, soaring taxes, or the cold weather, should think about what Panam o er. Learn more about SEM Companies https://www.panamalegalcenter.com/multinational-corporation-sem/ (https://www.panamalegalcenter.com/multinational-corporation-sem/)
WHY RELOCATE TO PANAMA? Why do so many people from all over the world choose Panama? Often I ask the same question! After living here in the past 12 years I have realized that Panama has much more than simple retirement place, Panama City is a very city that all types of business and corporations choose to. People from all ages and countries move to Panama to invest and Latin America culture. Panama has a modern infrastructure and highway that connects Paci c to Caribbean. High speed Internet Cable connectivity and Cell phone companies such as Claro o er a telecommunications for all Panama residents. Travelling on Panama is not di cult, You do not need a car to see Panama. All you can do is to go to Panama City Terminal and you’ll nd all kinds of buses and mini buses that you from Panama City to everywhere. Another words, Panama travel is easy and a ordable. In addition, many Panamanians speak English uently especially in the area of COLON. This is because many years ago Panama was a military base for American forces an Americans mingled with Panamanians and even married Panamanian women. Panama Canal located in Panama city and is the place to visit. Panama Canal is the major source of income for Panama and in the year 2019, Panama Canal income exceeded $3 B Tocumen International Airport is the HUB in the Central America and makes it easy to travel to Panama from anywhere in the world.
Beautiful Panama Scenes Everywhere If you travel from COLON to CHIRIQUI, you will see tons of beautiful and serene landscape, white sandy beaches and lush mountaintops. You can go to ISLA SAN BLAS and n water and original Panamanians from the area. Foreigners and Expats that are looking to explore Panama, will nd Panama, a country of diversi ed culture and landscape. For e one can travel from COLON on the Caribbean side and reach have the Paci c Ocean in San Carlos by lunch time in less than two hour time. Another part of Panama that is very popular with foreigners:
ISLA SAN BLAS BOUQUETTE BOCAS DEL TORO VOLCAN EL VALLE DE ANTON CORONADO SANTA CATALINA SANTA FE TABOGA ISLA GRANDE There are many beautiful places that is beyond this article but these are a few that stands out. There are rivers, lakes and beautiful beaches in Panama. Learn more Panama Escrow Agent https://www.panamalegalcenter.com/panama-escrow-agent/ (https://www.panamalegalcenter.com/panama-escrow-agent/)
Panama Is An International Hub Everyone is looking to explore and live their own life. Some looking for much relax environment, away from hustle & bustle. Others looking for retirement place and some looki business in Panama. No matter what is your objective, Panama is a very diversi ed country that o ers something for everybody. Some expats like it because the currency is US d they can easily integrate with other Expats.
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Panama is a very small Latin America country between Costa Rica and Colombia but you will nd tons of immigrants and foreigners living happily and working together. Panama C major source of income for Panama and government of Panama enjoys such luxury when it comes to source of income.
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Panama culture, food and friendly people is one of ashy part when relocating to Panama. There’s a palpable excitement as the country is coming into its own. In Panama City, discover hundreds of high rise buildings and it is called MINI MIAMI. Panama is a major international hub for business and its COLON FREE TRADE ZONE o ers all types of mercha the wholesale and retail levels at a very cheap prices. As far as sport goes, you’ll nd shing, sur ng, golf, tennis, sailing as well as other fun activities. HOWEVER THERE IS NO SNOW OR SKIING IN PANAMA.
Relocating to Panama is Easy! For those looking to move to Panama or live here part-time, trelocating to Panama is easy. There are two ways that you can get your residency:
1. Panama Friendly nations Visa 2. Pensionado Residency You need to have a Panamanian attorney to represent you before the Panama Immigration o ce to get your residency. The process takes about 1-2 months once you have papers in order. The cost of getting residency in Panama varies depend on the attorney and associated cost. Panama Attorneys typically charge between $1,500. to $3,000. to foreigner’s immigration case. Panama cost of living is a ordable and a couple can live modestly with $1,500. per month. If you daydream about sunshine all year around, tropical beaches, and welcoming locals, then Panama is the place to move forever. FOR MORE INFORMATION, EMAIL US:
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