ADVANTAGES AND BENEFITS OF MOVING TO PANAMA
Panama immigration benefits.
Panama's main attractions are Panama Emigration Benefits and Services. In addition, the cost of living in Asia is significantly lower than in Europe and the Northern Hemisphere. This is according to a recent Global Cost of Life Maintenance study by The Economist.
Immigrating to Panama has many benefits
The Economist's Global Cost of Living study found that Panama has significantly lower living costs than Europe and the Northern Hemisphere.
In Panama, we can live happily with a salary of $1000-2000 per month.
There are, of course, a lot of factors to consider.
Europe and Western countries have lower income tax rates.
Tax-free income comes from outside Panama. Tax deductions for businesses are the same as those in the United States, and the corporate tax rate in Panama is 25%.
Self-employed individuals and employees who earn under $11,000 USD a year in Panama are not subject to income taxes.
Self-employed individuals and employees earning more than $11,000 USD pay income tax at a low 15% rate; wages exceeding $50,000 USD are taxed at a 25% rate. Immigration Panama
Over the past five years, Panama's economy has grown by an average of 8% (GDP).
The safest place for foreign investment.
The Constitution protects real estate and private property.
Panama's Civil Code guarantees equal application of the law for citizens and foreigners, including leasing and commercial contracts.
There is even a Foreign Investors Protection Act (Law 54 of 1998) that provides equal rights to all foreigners in the business of trade, industry, import and export.
Tax rates on income in Panama are lower than those in Europe and most other countries.
There is no tax on income earned outside Panama.
Panamanians are also subject to this rule.
Since several years ago, Panama has been regarded as one of the world's premier retirement destinations. A Forbes Magazine list of the top 10 retirement destinations ranked Panama 1st in 2014.
The many advantages that Panama offers make it a leading business destination, including: A recent report by The Economist's intelligence unit ranked Panama City among the world's most affordable cities; There is first-class medical care and hospitals; Additionally, more direct flights to Europe and Latin America are available; According to national and international agencies, the economy increased 7.3% in 2014, below average in Latin America. An immigration system that is friendly to professionals and investors is also necessary.
An important mechanism that Panama has established is the "Friendly Country" immigration system, which aims to attract both investment and professionals. Panama's government introduced a new system of permanent immigrant visas for citizens or nationals of specific countries on May 16, 2012. It provides preferential treatment to nationals of different countries under Executive Order No 343 . This special and preferred program was originally open to 24 countries, but was later expanded to include 48 countries or autonomous jurisdictions.
What are the benefits of this preferential treatment?
Main advantages are the fact that, once the application is approved, the National Directorate of Immigration grants the permanent residence to the applicant; For other types of visa, permanent residence status is usually granted after two years, provided that the applicant meets all the requirements. Additionally, the visa only needs to be renewed every two years, requiring only one trip to Panama. It offers a great advantage for those who frequently travel for business or work, or for those who want a second home in Panama but have not yet decided to emigrate. As a result of this visa, applicants are able to travel to Panama with immigration status without having to arrange everything in advance. However, the applicant must establish some kind of investment, business or working relationship with Panama.
Which countries are on the list?
Nationals or citizens of one of the following countries are eligible for this new visa: Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Great Britain and Northern Ireland, Greece, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Monaco, Montenegro, The most Serene Republic Marino, Netherlands, New Zealand, Norway, Paraguay, Poland, Portugal Of Malta, Serbia, Singapore, Slovakia, South Africa, South Korea, Spain, Special Administrative Region Hong Kong, Sweden, Switzerland, Taiwan, United States and Uruguay. Mexico will soon be added to the list, according to a recently signed free trade agreement.
What family members or dependents can be accepted under this visa?
The applicant can extend the benefits of this visa to: his spouse, minor children, minors who are not his natural children, but under his guardianship and custody and upbringing, unmarried children over the age of 18 and under 25 years of age who are in higher education, parents of the main applicant, and relatives with disabilities.
If the applicant is already in the country, can the application be made?
Visa applications must be submitted in Panama by the applicant.
These are some elements and features of the new immigrant visa for nationals of specific countries with professional or investment ties to Panama. This visa is an ideal means and simple tool for foreign nationals who want to take advantage of the excellent opportunities currently offered by the Republic of Panama.