In an attempt at lessening the impact of barriers to investment in Panama, the government recently loosened immigration laws specific to foreign investors and skilled workers seeking visit or settle here.

Decree Law #3 was passed in 2008 to create mechanisms through which visitors could obtain temporary or permanent residency, work permits, and in some instances, citizenship entitling them to a Panamanian passport. The driver behind Law #3 was Panama’s desire to open the country to persons able to promote the Panama’s economic interests via investments of capital and/or exceptional skills. If you fit in either category, you can anticipate a warm welcome here.

An expanding community of international investors and businesses has discovered the tremendous benefits arising from a relationship with this forward looking nation.

Panama offers a wide range of tax and immigration incentives to encourage investment in reforestation projects, manufacturing and assembly plants, import/export related distribution facilities, software development, call centers, and many other sectors.One of the big pluses to Panama’s super supportive business environment is the right to live and work here while enhancing your economic fortunes. Panama offers some of the most interesting and exciting lifestyles in the world. Your residency here can be a path to Panamanian citizenship providing the substantial benefits associated with dual citizenship.

If you are considering a business, banking, investment, or retirement strategy in Panama, make sure to begin by building a strong relationship with a local attorney. There are many third party sources able to help you select the best attorney for your needs. These groups provide unbiased reviews of providers in Panama’s professional community speeding you to a successful pairing.

For more information on banking, estate management, taxation, employment, forming a Panamanian foundation or corporation, real estate, trade policy, corporations, tax benefits, local economics, vessel registration, obtaining legal counsel, or any other topic related to doing business in Panama… click here.

Once you have decided to move to Panama, there are a few final tasks that should be on your checklist.

The first one is become familiar with the local language. Language can be your biggest challenge. Trying to communicate can be the most frustrating part of the adaptation process. Not being able to understand what you hear around you, or what you read, is like being isolated from the entire world. Luckily, a lot of English spoken in Panama, so don’t allow a lack of Spanish fluency to keep you from moving here. But do familiarize yourself with some of the most basic and essential Spanish phrases.

Second, you should figure out how you will take care of your finances like paying credit card bills and taking care of other similar responsibilities. The modern technology of the Internet has, thankfully, made moving abroad much simpler in recent years. Most responsibilities, like paying bills, can be managed easily online.

Third, deal with the cultural shock and be prepared. Learn as much as you can about Panama, its culture, its food, its social customs and how its own people adapt to visitors, colleagues or neighbors from another country. Prepare yourself mentally for the change. Be ready to experiment with new things and always keep an open mind.

Finally, keep in mind that moving to Panama, or any other country for that matter, can seem a little hectic and overwhelming at first. So just take your time and make sure that when making important decisions, like buying real estate for example, you are proceeding cautiously and finding the best deals possible.

There is no question that you will be in the swing of things, enjoying your new life in Panama, even more quickly than you had anticipated.

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Panama has become one of the hottest business places in Latin America. The first step of an interested small or big business investor will be to obtain the proper type of visa to operate in Panama. Below you will find a simple guide to the most frequent business visa issued by the Panamanian Immigration Directorate.

Let it start by talking about the Small Business Investor Visa designed for those who wish to establish a small business in Panama. It is important to know that retail business and some professions are reserved for Panamanians. The most important requirements for this type of visa are the minimum investment of $40,000 and a minimum of three permanent Panamanian employees hired.

The Investor Visa is designed for those who wish to establish a business in Panama. There must be a minimum investment of $150,000, and a minimum of three permanent Panamanian employees hired.

The Person of Means Visa it is only for those who wish to live in Panama off their own means, without the need to work or start a business. The candidates must open a two-year fixed-term deposit account with a local bank for at least $200,000, or purchase real estate in the amount of $200,000, or purchase real estate worth a minimum of $80,000 and open a two-year fixed-term deposit account for at least $120,000. The accounts and the real estate must be in the applicant personal name, fully funded, and free of mortgages or encumbrances.

These types of visas are granted provisionally for one year, and need to be renewed three more times they are granted permanently. After five years, the right to a national identification card and Panamanian Nationality is granted.

If you have a different type of investment in mind, note that Panama offers many different visa alternatives. The visas listed above represent just a few of the more popular options.

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Gaining residency in Panama is relatively easy for retirees. Gaining citizenship is essentially impossible. The most recent revision of Panama’s Immigration Laws went into effect in September of 2008. Under this law a person receiving social security or a private pension can gain residency in Panama.

This is referred to as a “pensionado” visa and, providing you are over 55 years old, you will be referred to as a “jubilado” which means retired person. This status also allows you all sorts of discounts for medications, doctor’s office visits, and more if you show your residency visa.

To become a resident in Panama you need to hire an attorney. Only the attorney or “abogado” can do your paperwork and deal with immigration officials. The current cost runs around $1,500 in costs and legal fees.

With the recent change in the law you need to prove that you receive $1,000 or more per month from Social Security or a private pension. If you come with your wife or children you need $250 a month more for each dependent.

You will need to demonstrate each year that you still are receiving benefits.

Documentation:

You need to have at least 6 months before your passport expires and they need copies. They also want an original birth certificate, with the stamp and five passport photos.

Also, before you leave home go to your country records department and ask for a “police report.” This will be a notarized statement that you have no record of arrests or convictions for any crimes. You need to send this to the nearest Panamanian Consulate for authentification. Include a stamped self-addressed envelope and don’t open it when you get it back. Give it to the lawyer in Panama.

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Whether you are coming to Panama to work or to retire, you will need your passport. Make sure before you leave that your passport has at least six months before expiration or Panama will not start processing your papers. In other words, they do not care if you plan to start your pensionado visa and return to Toronto while you wait for the papers to process. They want six months remaining on your passport.So, check your passport and get if renewed if you are that close to expiration.

You will also need certified copies of your birth certificate. That is those with the embossed seal. Considering that you will be a long way from home and certified copies of birth certificates are not that expensive, get three.

You will need five passport photos. They are cheap and easy to get in Panama, but it is easier to do before you leave home.

If you are planning on getting married in Panama, especially if that is your route to residency, bring your divorce papers if you were previously married. These should be obtained from the records department in the county where you were divorced and not a copy.

A small notebook is a great idea for writing down lawyer’s names, phone numbers, and address. In this electronic word we rely on cell phones and Blackberries, but if you forget or lose you charger, you will be out of luck on day five.

The other issue is organization and not losing your documents. A pocket folder of the kind you can buy in an office supply store is a good place for all of your documents. Then plan on carrying that in your carry-on luggage.

For more information regarding your move to Panama, click here.

Panama’s already red hot tourism sector just got a major shot in the arm. Legislators here approved new concessions that provide tourism related businesses with some of the most lucrative tax concessions ever granted in Latin America or the Caribbean.

Panama’s first initiative aimed at boosting tourism was called Law Number 8. This legislation provided ventures like hotels, receptive tour operators, transport, restaurants, tourism centers, nightclubs, theme parks, zoos, convention centers, marina complexes, and other businesses located within tourist development zones with 20 year exemptions from the payment of import taxes on the materials, furniture, equipment, and vehicles needed to develop and operate their businesses. Qualified ventures also received an exemption from real estate taxes on property used in the conduct of their businesses, as well as tax free use of government owned airports and piers. Just to round things out, Law 8 also allows approved businesses to accelerate the depreciation of real estate assets by as much as 10% per year.

More recently, Panama’s tourism industry received another big boost with the passage of a Decree that provides an outright exemption on all income earned from the operation of approved projects built within specified “Tourism Zones”. To qualify, projects must be approved by IPAT (The Panama Institute for Tourism). Once this is accomplished, investors can pocket 100% of their earnings for a whopping 15 years!

To say that Law Number #8 and other efforts by the Panamanian government have been a success would be an understatement . Since its passage, tourism giants like Intercontinental, Marriott, Radisson, Sheraton, and Holiday Inn have set up shop here, and more are on the way.

If your plans include developing a tourism related business in Panama, make sure to position yourself in a tax positive way. To do this, you will need help from a competent local attorney. To insure that you choose the right one, make sure to contact one of the many third party sources able to provide you with unbiased reviews of individuals and firms.

For more information on real estate development, forming a Panamanian foundation or corporation, employment, banking, trade policy, corporations, tax benefits, local economics, vessel registration, obtaining legal counsel, or any other topic related to doing business in Panama… click here.

When you retire to Panama you will find your move here to be an instance of easy in… not so easy out. Unlike many foreign destinations, retirees can obtain a resident visa in Panama with relative ease. The problem is, once you settle down in paradise, you might never want to leave!

The people of Panama want you for a neighbor. This retiree friendly nation has rolled out the red carpet to seniors from around the world and things couldn’t have worked out better for both sides.

There are several different ways to obtain your visa when retiring to Panama, but the most popular is also the easiest. This option is called a “Retirement Visa”. To get one all you have to do is prove a monthly income of greater than $500, provide a standardized health certificate, and pass a background check. If you decide to stick around a while, you can upgrade to a “Home Buyer’s Visa” by purchasing of a home worth $200,000 or more. This option allows you to begin working toward the many advantages of dual citizenship.

Panama takes its visa program seriously, but you will find that the folks in immigration are patient and always willing to lend a hand when needed. Immigration laws here offer something of a “reset” button as well. If you should overstay your visa, all you have to do is leave the country for a few days then re-enter. This resets your immigration clock, and you can begin again.

When calculating your retirement budget remember that spending your golden years here can help you stretch your dollars in many ways. For example, when you retire to Panama, you will no longer have to pay taxes on income you earn outside of the country. In addition, if you buy your retirement home with the right guidance, you won’t have to pay property taxes for up to 20 years. These two factors alone will usually save upwards of 30% of the dollars you are now spending back home.

It is also important to remember that Panamanian law allows you to invest and bank in secrecy. The mechanisms that make this financial privacy possible have also produced one of the best estate management jurisdictions on earth.

The people of Panama want you to retire here. As proof, the Panamanian government has instituted one of the most generous senior discount programs on earth. Panama’s “Pensionado Program” provides qualified retirees with discounts on a wide range of good and services. You’ll save up to 50% off of regular ticket prices for entertainment options like movies, theaters, sporting events, etc. Qualified seniors also save 50% off of the price of mid-week hotel stays, 50% off of the cost of closing your home mortgage, 30% off public transport costs, 25% off domestic air tickets, 25% off at restaurants, 20% off of professional and home repair fees, 20% off the already low cost of a Doctor’s care, 5% off of your hospital bills if you are not insured, 15% off of the cost of dental and eye exams, 10% off on local prescription prices… and more!

If you are thinking about retiring in Panama or just visiting to develop an asset protection, business, banking, or investment strategy, make sure to begin by building a strong relationship with a local attorney. There are many third party sources able to help you select the best one for your needs. These groups provide unbiased reviews of providers in Panama’s professional community speeding you to a successful pairing.

For more information click here

Panama’s retiree community is growing by leaps and bounds everyday. You’ll find tens of thousands of seniors from nations around the world enjoying their golden years in the sun drenched climes of this equatorial paradise.

If you are giving some serious thought to retiring here, why not ask a new friend what they think about the idea?

You’ll find lots of great information about life in Panama in various media, but there is nothing like meeting and sharing with others first hand. Just plan a trip to Panama and make sure to allow lots of time to visit with existing residents in some of the retirement areas of the country.

You can begin in Panama City with trips to see various high rise condo towers. Your real estate agent can arrange for you to spend some casual time in the social areas of each tower. In this setting you can enjoy relaxing conversation with folks just like you. You will find that making new friends this way is easy. It is tearing yourself away so that you can continue on to your next stop that is hard.

When you have learned a bit about the city life, continue up the coast to Playa Blanca or maybe hop a ferry out to the Pearl Islands for a taste of retirement living in a more natural setting. While in the area, your Panamanian real estate agent can arrange poolside and club house meetings with more new friends.

Before you bring your research to a close, make sure to journey into the mountains surrounding Boquete. This area is one of Panama’s most popular retirement destinations. The cool mountain air and lush rainforest climes of this remarkable place have made it a legend among seniors from around the world. Your real estate agent can arrange for you to attend some of the many social events that fill the calendar of busy seniors here. Bring your address book, these are friends you won’t want to leave behind.

Everywhere you go in Panama, your new friends will provide enthusiastic confirmation that retirement here is great. Your only real challenge will be deciding where to settle down, but you can bet that your new friends will have some ideas on this as well.

When planning your move to Panama remember that your life here can help you stretch your retirement dollars in many ways. For example, when you retire to Panama, you will no longer have to pay taxes on income you earn outside of the country. In addition, if you buy your retirement home with the right guidance, you won’t have to pay property taxes for up to 20 years. These two factors alone will usually save upwards of 30% of the dollars you are now spending back home.

It is also important to remember that Panamanian law allows you to invest and bank in secrecy. The mechanisms that make this financial privacy possible have also produced one of the best estate management jurisdictions on earth.

The people of Panama want you to retire here. As proof, the Panamanian government has instituted one of the most generous senior discount programs on earth. Panama’s “Pensionado Program” provides qualified retirees with discounts on a wide range of good and services. You’ll save up to 50% off of regular ticket prices for entertainment options like movies, theaters, sporting events, etc. Qualified seniors also save 50% off of the price of mid-week hotel stays, 50% off of the cost of closing your home mortgage, 30% off public transport costs, 25% off domestic air tickets, 25% off at restaurants, 20% off of professional and home repair fees, 20% off the already low cost of a Doctor’s care, 5% off of your hospital bills if you are not insured, 15% off of the cost of dental and eye exams, 10% off on local prescription prices… and more!

If you are thinking about retiring in Panama or just visiting to develop an asset protection, business, banking, or investment strategy, make sure to begin by building a strong relationship with a local attorney. There are many third party sources able to help you select the best one for your needs. These groups provide unbiased reviews of providers in Panama’s professional community speeding you to a successful pairing.

For more information click here

The long lines for which they have to spend thousands of users of the National Migration Service forced the authorities of this institution to change its hours of operation.

Beginning August 17, all the administrative staff will begin work at 8:00 am and ending at 5:00 pm. The previous time was 7:30 a.m. to 3:00 p.m.

The director of the entity, María Cristina González, confirmed that within two weeks  in the port areas of Panama the operating offices of Migration,  will work 24 hours.

This agreement was signed in conjunction with the Maritime Chamber of Panama.

People who have restricted  citizenship and have a visa for the United States, Canada, Australia or the European Union may now enter the country with a tourist visa, as ordered by the government.

Citizens of countries like China, UAE, Philippines, India, Bulgaria, Angola, Cameroon, Zimbabwe, among others, and have a visa issued by United States, Canada, Australia and the European Union may now enter the country with tourist visa.

These individuals, who previously came to Panama with an approved visa, which required the consent of the Council for Public Security and National Defense and took up to six months to be approved, may now visit the country with a 48 hours in advance notice. They won’t have to pay fees to lawyers, which in these cases may be more $1,500 dollars.

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