International
Transportation and Trade
The country’s most famous attraction
is, of course, the Panama Canal. The canal
has established Panama as not only the commerce
center between the Americas, but also as
an international business hub. Direct flights
arrive daily from most destinations in Latin
America, the US and Europe. It is a 2-3
hour flight from Miami, New Orleans or Dallas.
Tourists from around the world are lured
to Panama for its pristine nature, world
class shopping at competitive prices and
nightlife. Panama is home to the world’s
second largest Free Zone enabling tourists
to find renowned brands at much reduced
prices.
Real
Estate
Any foreigner can own real estate properties
in Panama, under the same laws as if you
were a Panamanian citizen. You can do it
under your personal name, or under an established
corporation. For financing of the property,
it is very similar to the process used in
the US. Since we have the dollar as national
currency, you will get the same financing
rates as you would in the States. We will
guide you through all the processes of acquiring
the mortgage, from the time you buy until
we deliver the property. Currently new properties
have a 20 year exoneration period, where
you don’t have to pay any kind of
real estate property tax. This was established
by the government as an incentive for national
and foreign investments.
Quality
Construction
You will be pleasantly surprised by the
high quality of our company’s and
the Panamanian construction in general.
Homes are well built and tastefully designed.
Panamanian architects attend US construction
industry conventions to keep up-to date
on the latest in construction styles, floor
plans and quality living. Another surprise
is the refreshing variety of architecture
styles. While in the rest of Latin America,
Spanish colonial dominates, in Panama modern
architecture bounds.
VISAS
As a qualified pensionado/retiree in Panama,
you will be entitled to:
Plus Panama’s
pensionado law stipulates that anyone entering
the country as a qualified pensioner today
is guaranteed that status as long as he
chooses to stay in the country.
The
Tourist Pensioner Visa
This visa is designed for persons whose
pension from a government entity or private
corporation is $500 or more ($600 or more
for a couple per month). It is granted indefinitely.
The benefits include one-time exemption
of duties for the importation of household
goods (up to $10,000) and an exemption every
two years of duties for the importation
of a car. However, please note that under
this visa you cannot qualify to acquire
Panamanian nationality.
Private
Income Retiree Visa
This visa is for persons who don’t
have a monthly pension, are no longer working,
and have received a retirement lump sum.
As a visa requirement, that money is to
be deposited on a five-year certificate
of deposit with the National Bank of Panama,
to yield at least $750 a month (at current
rates the face value of the CD would need
to be approximately $260,000). The visa
is renewable every five years, as long as
the CD is renewed. The Private Income Retiree
Visa includes such benefits as a traveling
Panamanian passport (that however does NOT
grant nationality), a one-time exemption
of duties for the importation of household
goods (up to $10,000), and an exemption
every two years of duties for the importation
of a car.
Person
of Means Visa
Designed for those who wish to live in Panama
off their own means, without the need or
desire to work or start a business. The
person must have a one-year certificate
of deposit in any local bank of at least
$100,000. Upon applying for the first, provisional
renewal of this visa, the certificate of
deposit must also be renewed for one more
year. After renewal, the visa is granted
permanently with the right to a cedula (local
identity card). Five years after obtaining
the permanent visa, holders will be eligible
to apply for Panamanian nationality.
Investor
Visa
Designed for those who wish to establish
a business in Panama (note, though, that
some retail businesses and some professions
are reserved to Panamanians). There must
be a minimum investment of $100,000 and
minimum of three, permanent
Panamanian employees hired. It is granted
provisionally for one year and after renewal
is granted permanently with the right to
be issued a cedula. Five years after obtaining
the permanent visa, holders will be eligible
to apply for Panamanian nationality.
Small
Business Investor Visa
It is designed for those who wish to establish
a small business in Panama (note that retail
businesses and some professions are reserved
to Panamanians). There must be a minimum
investment of $10,000 and minimum of three
permanent Panamanian employees hired. It
is granted provisionally for one year, and
needs to be renewed three more times before
it is granted permanently with the right
to a cedula. Five years after obtaining
the permanent visa, holders will be eligible
to obtain Panamanian nationality.
Medical
Of course, one of the major concerns we
all face living overseas, is receiving proper
medical Attention. Excellent medical service
is available in Panama City. Hospital Punta
Pacifica recently opened and it is affiliated
with John Hopkins. Panama City is only a
three hour flight to Miami, it would be
easy to return to the states for major Medicare
treatments. Medical costs are far less than
in the states. These costs are usually under
what your normal deductibles would be anyway.
Security
& Political Stability
Panama is a Democratic Republic. After the
removal of Manuel Noriega in 1989, Panama’s
growth has been a steady progression of
investments and employment. As in Costa
Rica, a national police has replaced the
military. There is no political unrest.
Since Panama is pursuing international investment
and eco-tourism, foreigners are readily
welcome. In fact, many new laws creating
attractive incentives for the foreign investor
have been recently passed. The culture is
very similar to the U.S. Many of the same
stores and restaurants, such as Sears, Price
Costco, Bennigan’s, TGIF, and others,
have branches here. Many people have a big
misconception about Panama in thinking it
is a jungle with hammocks strung between
coconut trees. Panama City is a thriving
modern metropolis where you can get most
anything you can in the states at a lesser
price. Luxury items are readily available.
Panama has the highest rating for tourist
safety from Pinkerton Intelligence Services
and a low crime rate in general. One of
the first things foreigners who live in
Panama will tell you is how safe they feel.
In Panama City- petty street crimes that
hinder tourists in other countries are uncommon.
Panama City, like every big city has some
neighborhoods best to avoid, but in general
you can go about Panama City day and night
without worrying. This is true for most
of the country with few exceptions.
Investment
Since the U.S. dollar is the basis of the
Panama currency, it makes investing simple.
Major U.S. and international banks are well
represented. Investment in Panama can become
very profitable. As the community grows,
there is an increasing need for more lodging,
stores, restaurants and tourist orientated
services.
In its effort to offset the losses from
the Panama Canal and the closure of the
military bases, the Panamanian government
has created a host of incredible incentives
to attract foreign investment.
To build hotels,
restaurants, tourist agencies and any tourist
related business.
