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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