Panama has a wonderful diversity in living and lifestyles, from beach front homes to highland tropical rainforests or Caribbean island communities. To those who want Golf, or the fantastic Pacific Ocean game fishing. Potential residential opportunities range from city views and the convenience of everything at your door step to mountain retreats, beach and island communities so that a special place can be found to suit anyone's taste. It is not hard to see why Panama offers some many options to so many people and why it’s now the worlds 2nd most popular second home and retirement destination.
Panama Territorial Tax laws and it’s unique banking secrecy and financial structures make Panama a very safe haven for investment, in particular property which is still seeing growth and delivering great Return on Investment and will continue to do so over the next 10 years. Panama has a diversity of flora and fauna that is found in no other place, due to the Isthmus' position as the crossroads of North and South America. Once you decide where to settle, you have the security of knowing that, as a foreigner, you can own property easily and are granted exactly the same rights and protections as a Panamanian property owner. The City of Panama distinguishes itself because of its cosmopolitan nature. Its unique geographic location has made it one of the world’s capitals-with-such-diversity. Within an hours drive from Panama’s modern capital city, visitors and locals can reach untouched primary rainforest, pristine white sand beaches, and Hispanic colonial ruins.
If you are thinking of retirement, having a vacation residence, or investing don’t hesitate to discover this hidden paradise. Advantages - Local Currency: American Dollar
- Official Language: Spanish, but many Panamanians are bilingual (Spanish/English)
- Population: 3,309,679 (July 2008 estimate)
- Government: Constitutional Democracy without military
- Official Time: GMT-5 (same as Eastern time in US without light savings)
- Voltage: 110 V
- Climate: Panama City has a tropical maritime climate; hot and humid. Temperatures range between 27ºC and 33ºC (80ºF and 95ºF). There are two seasons: dry or summer from December to April, and rainy from May to November. Even at sea level in the rainy season, it is cooler than the U.S. summers.
International Transportation & Free Trade Zone
The country’s most famous attraction is, of course, the Panama Canal. The canal has established Panama as not only the commerce centre 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 Trade Zone in Colon and tourists can find renowned brands at much reduced prices. The Colon Free Trade Zone of Panama is the largest in the Western Hemisphere and the second largest in the world. It was created in 1948, and houses 1,751 merchants, receives more than 250,000 visitors yearly and exports more than 11 billion dollars annually.
Real Estate
Any foreigner can own a property 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 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 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, were you don’t have to pay any kind of 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 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 abounds along with traditional and European styles. Panama Expat Associations
An important attraction of Panama is one of the products of the country's popularity - a growing population of newcomers, blending in but also forming a social pool of potential friends and contacts. This is most important to the North Americans and Europeans for whom the language and culture barrier can be a problem. The expat social scene is lively both in Panama City and in other areas popular with the new settlers, such as Boquete, Bocas del Toro and the mountain and beach areas to the west of Panama City. Regular meetings and events are a great way to make new friends, share experiences and learn more about living in Panama. In Panama City contact expatexplorers@expatsinpanama.com
In the west of Panama contact honey@laestanciadelencanto.com
In Boquete visit Boquete.org
Americans may also want to contact the American Society of Panama (amsoc.org). Stability & Equal Rights The Investment Stability Law of 1998 guarantees both foreign and national investors alike, equal rights to investments and business practices. This allows Panama to provide an environment for foreign investing which requires no special authorizations, permits, or prior registration. The law also provides a 10 year guarantee for investments stating that tax, customs, municipal, labour and legal rules will remain the same as those at the time of registration. This secures that no-changes will affect the amortization of investments. Currently more than 2 billion dollars worth of projects have been registered under this legislation.
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 Johns 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. Visas. Residency & Retirement Panama has numerous residency programs, all designed to attract foreign investors and retiree's. Please click here to see our "Visas and retirement" section for full details. Security & Political Stability
Panama is a Democratic Republic. 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 neighbourhoods 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 a few exceptions. Investment Opportunities
Investment opportunities in Panama range from Real Estate Development, Tourism, Colon Free Trade Zone projects (ship and port services, cruise ship tourism, future canal construction), Telecommunications, Ecommerce, Petroleum Free Zones, and mining exploration. 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. Tourist related industry: - To develop hostels, motels, and restaurants within the recognized National Park tourist development zones.
- To grow and produce natural woods.
- To buy and restore national land marks.
For those qualifying under these special laws, here is a brief on some of the incentives.
The type and length of the basic incentive will vary depending on your particular endeavour. - 20 year tax exoneration, from payment of taxes on real property.
- 15 year tax exoneration from the payment of taxes on the companies’ activities.
- 20 year exoneration from the local ITBM sales tax and taxes on imported items, used solely for your tourist business. This includes no taxes on vehicles, furniture and any other items not locally available in equal quantity or quality and must be business related.
|