Tax residence is the "place where the person has his habitual abode" while tax domicile is the place established by the person, as the principal place of business and interests and as the place to receive service of all official notices and communications of the Revenue Agency.
It is advantageous to own one or more tax residences for the possibility of managing an offshore business or different offshore activities by coordinating them with the most suitable tax authority for that activity. It is not a simple question of paying more or less taxes, but of being able to take advantage of Free Trades, in the form of conferences, free trade treaties and even different and often zero taxes.
For the taxable person, however, a tax residence allows him to decide where to be taxed and on the basis of what, deeming one place more appropriate than another.
Up to 4 different tax residences.
No, theoretically the legal course of your tax residence begins from the day on which you are registered in the consular district of the new country of residence, as far as the natural person is concerned. As for the legal entity, it simply coincides with the country of origin or incorporation of the company.
The documents, regardless of the country you choose, are: Cumulative certificate of residence, citizenship, birth, family status and a general criminal record certificate associated with a Certificate of pending charges. All annotated.
All of our services are intended for people aged 18+.
The conference to which you, as Italians, will refer to to ask for permanent residence in Panama is called "Treaty of Friendship" in slang terms and officially "Convention of Commerce and Navigation Panama Italy". As you will notice the legal name places emphasis on the word commerce and navigation. The conference was created to guarantee two things: the residence and then the citizenship in Panama of the Italians. To obtain residency and then be entitled to citizenship, Italians must demonstrate a "commercial" link with the Republic of Panama. This obliges the opening of a company of which you are only the true owners and sole shareholders (or 50% shareholders) of one company and only one. This requirement is often not understood or deliberately omitted by street advisors, such as called in Panama, or the last resources looking for customers, whose purpose is not to guarantee a legal transfer procedure in Panama, but to make money on the shoulders of poor customers who accept the risk to save on the company. What happen ? Essentially the client does not pay the company, only the legal process of obtaining residency. His advisor maybe just a front page of some unlucky law firm, will use a company recycled hundreds of times by changing the shares of the same in the name of the last victim. The victim will proceed to obtain the residence that will initially be provided. After 1 or two years into a usual migration review, it turns out that the same company that the customer knew nothing about is being blacklisted for too many cases of customers becoming a resident through the same residency. As a result, residency was cancelled, and he was unable to get it back for the rest of his life. Worse if the 5 years have expired, and when applying for citizenship, the past requisites are reviewed and it is discovered whether the case of intentional negligence but hidden from the client has not been made beforehand. So here is a typical case of "last minute offer" in which many fall.
Source : Panama Migration
Source : PDF Source ( Number 8 of the PDF refers to the company)
Read about how to do residency in Panama, the procedures and its visas
Currently the number one destination for digital nomadism is Playa del Carmen, Mexico. The tropical town, overlooking the second largest coral reef in the world, and grown inside a tropical jungle that almost seems like a "film", has the best infrastructure, such as an internet up to 700mb/s fiber optics, wifi present everywhere, zero crime, zero rain, and sunshine 365 days a year with a cost of living 5 and a half times lower than Panama and 8 times lower than the Italian one (average).
Yes, certainly. Panama is currently not the best residence. It is certainly one of the best. As with accounts and companies, there is no "One solution fits all". It depends on your needs and your business as well as your vision of life.
