Relocation Panama has a lot to offer besides what is mentioned above. Panama offers warm year round climate and a variety of beautiful natural environments along with a bustling and exciting 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 Panama has to offer!.
Growing & Stable Economy
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 five years.
Low Cost of Living
Panama’s cost of living is significantly lower compared to Europe and the Northern Hemisphere according to a recent Global Cost of Living survey conducted by The Economist
Safe haven for foreign investments
Article 44 of Panama’s Constitution protects real estate private ownership and private investments.
Relocate Panama, Immigration Services Panama
Top Reasons to Relocate to Panama
Low Cost of Living – Panama’s cost of living is significantly lower compared to Europe and the Northern Hemisphere according to a recent Global Cost of Living survey conducted by The Economist. A typical Panamanian salary is between $1,000-2,000/month, whereby one can live happily. But of course it all depends on your lifestyle. To afford yourself a comparable lifestyle to one lived in a medium size U.S. city, you can expect overall costs to be about 25% less – one of the many great reasons for Panama relocation.
Lower income tax rates than Europe and most Western Hemisphere countries. Income earned outside of Panama is tax free. Panama levies a low 25% 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 USD are not subject to income taxes. Employees and self-employed who earn between $11,000 USD and $50,000 USD only pay a low 15% tax rate. Those making $50,000 or higher pay a flat 25% tax rate.
Growing & Stable Economy – 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 five years.
Safe haven for foreign investments – 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 citizens and 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 business matters of trade, industry, importing and exporting. relocate panama
Panama guarantees that foreigners can dispose of their investment profits as they see fit including repatriating their investment funds and profits to other countries with the unimpeded right to commercialize their production in Panama. This is a great incentive for foreigners looking to relocate to Panama. Relocate panama
Cheap Labor force – Panama labor laws, and 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 space is inexpensive too. And it is easy to start a Panama business. The 2010 Latin Business Index published by the Latin Business Chronicle website named Panama as the number one “best place to do business in Latin America”. relocate panama
The fastest path to permanent residency in Panama is the Friendly Nations Visa. If you are a citizen of any of the 50 countries that Panama considers “Friends of Panama”, you and your direct relatives can apply for immediate permanent residency. Direct relatives include a spouse and children up to 18 years of age or 25 if they are full time students.
The 50 Friendly Nations
There are now 50 countries listed as friendly in the ever-expanding list of countries Panama considers as qualifying for this visa. Here they are, in alphabetical order.
To qualify, you must open a Panamanian bank account with a minimum balance of US$5,000 (and US$2,000 for every dependent), and either open a new company or buy an existing business in Panama. You can also find employment in “any professional services company in Panama”, but you will need proof of employment when you apply. Talk to an attorney about the specifics of starting a company in Panama or what requirements you would need to meet to work for a Panamanian company.
Documents we need from you for the bank account:
- Recent Utility Bill
- Recent Personal Bank Reference
- Documents Required for Immigration:
- Add to your cash flow estimates of $5,000 that you would need to deposit with a local bank to prove Financial Solvency.
- Copy of Passport
- Second form of Government issued identification like a Driver’s License from your country of residence
- Clean Police Certificate for the last 2 years from your country of residence.
Panama has a good infrastructure with quality highways which connect the Atlantic and Pacific oceans and the interior.
Panama has a good infrastructure with quality highways which connect the Atlantic and Pacific oceans and the interior. Panama City is eliminating their old busses and replacing them with brand new Volvo busses while building 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 domestic airport has or is being renovated. New domestic flight airports are being built across the country.
Panama’s immigration laws are amongst the most liberal in the Western Hemisphere with over a dozen residency visas so foreigners can become permanent residents by investing in Panama’s economy for as little as $80,000 USD. The Panama retirement visa, also know as the pensionado visa, applies to anyone over 18 years of age who are receiving monthly lifetime annuities or pensions of a minimum of $1,000 USD can become permanent residents. Panama’s president issued new decrees in 2012 declaring 48 friendly countries citizen’s can apply for immediate permanent residency by starting a new business, buying an existing Panama business, or being offered a job in Panama. Panama’s ease of immigration makes Panama relocation a breeze. relocate panama
Panama has a lot to offer besides what is mentioned above. Panama offers warm year round climate and a variety of beautiful natural environments along with a bustling and exciting 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 Panama has to offer. relocate panama
We provide specialist immigration services to individuals, professionals, businesses and investors alike. Panama visitor’s visa, student visa and work visa and residency services are undertaken with an experienced Panama immigration consultant who can help and advice with your migration needs. We believe our success is based on the reputation we have for corporate integrity, the professional pride we take in our work, the quality and care we take in developing strategies, the long term relationships we have developed over the years and the consideration with which we treat our clients and service providers.
Our experienced Panama immigration consultants are able to help secure quality outcomes for your migration to Panama. This is borne out by the fact that most of our Panama immigration consultant services and Panama visa work is sourced offshore from referrals, the best kind of advertising, and a great source of pride to us. Clients can be confident in the knowledge that our staff believe they are the best in the business.
The company understands and is particularly empathetic to the rigors, uncertainty, frustrations and difficulties associated with securing a Panama, a Panama work permit and residency or business migration generally. Our company aim is to simplify the migration to Panama process for our clients.
Apart from assisting individuals in gaining Panama visitors/student visas, work permits and Panama residency, we are retained as advisors to a number of large corporate clients and our Panama immigration lawyer is often asked for comment by the media on issues of governmental immigration policy when changes take place.
We are very experienced in the area of recruitment and have a strong, nation-wide job placement program, supported by very experienced personnel who are always looking for clients with specialist skills. Our business services are able to assist migrants in either establishing or buying into existing businesses. Virtually every conceivable opportunity is available in Panama and the only limitation is the past business experience of migrants.
With Immigration Visa 247, you (the client) have access to multilingual staff for ease of communication and translation, sound migration information, solid business and general resettlement advice; supported by a wealth of experience, sound research and expert opinion.