Find out how to get the residence in Panama ( residence in Panama in 6 steps) and live in a tropical paradise with unique tax advantages. Moving to Panama is simple and convenient, with a low cost of living and an exceptional quality of life.

Moving to Panama means joining a vibrant and global community, with unique opportunities for those looking for a new lifestyle. It becomes a digital nomadic nomad and find out how to work in a favorable fiscal environment, surrounded by beaches and innovation.

Panama attracts expats who have chosen the country to start a second life. Panama is one of the countries where to move to pay less taxes, but how to move to Panama as an Italian? A relocation and expatriation to Panama requires obtaining a permanent residence in Panama. Italians can request and obtain a transfer to Panama easily through the Panama-Italy friendship treaty or convention. If you are american and you have  a second italian citizenship too, you can request the Permanent Panama Residence via the Panama Italia Treaty , more easy, cheaper than the Panama Friendly Nation Visa Program, the program that allow Americans among other 50 countries to request the temporary ( not permanent ) residence in Panama.

Panama offers many ways to move, but the advice is for Italians, to move to Panama only via the Panama - Italy conference explained on the Procedures and Visas for Panama . Some residence visas in Panama such as those obtained through the Panama Friendly Nation Visa, i.e. a friendly treaty between Panama and 50 countries defined as friends of Panama, do not apply to Italy, which is lucky enough to have its own personal and cheaper and faster visa proceeding through the Panama-Italy Treaty. The long name of the treaty is: Conference of Commerce and Navigation between the Republic of Panama and the Italian Republic, amicably known and called the Panama-Italy Friendship Treaty. Remember that Panama is the safe place to hide and protect your wealth in difficult times like the ones we are experiencing today.

How to move to live and work in Panama

Moving to live in Panama is the important plan B of a lifetime and works as a form of life insurance when you fear for your freedom of movement, or fear for your financial freedom. Moving to Panama means doing it both personally and fiscally. Therefore, expatriating to Panama becomes a highly desired process even when one is absolutely not subject to any legal, fiscal, financial or social problem in Italy but feels the need to satisfy the planning of one's life by contributing to a prosperous and free future, ascribing , today, that if there is time and possibility, a second residence in a second country like Panama. Many decide to move to Panama even decades before an actual move and expatriation to Panama. This is because in 10 or 20 years we will not know if moving to Panama via the Panama Italy conference is still possible and that today's laws and easy requirements exist even in the distant future. Moving to Panama involves precisely a transfer of residence to Panama. Transfers of residence are highly requested services in these tumultuous and precarious years from an economic and social point of view. Therefore, more and more people are looking for ¨easy¨ countries in which to transfer their residence. This leads to countries like Panama getting the attention of too many people. Therefore we are witnessing a general tightening of the rules of transfer of residence to Panama and other countries which, as far as Panama is concerned, still for reasons of simple luck has not affected the procedure for Italians. By now for all the countries of the world, moving to live in Panama has become exclusive and prohibitive in terms of costs, and for all the countries of Latin America they have become very strict and upright with the requirements for expatriating. Moving to live in Panama today is complicated if you are not Italian. For example, Panama has tightened the famous Panama Friendly Nations Visa, making the residence from permanent to temporary to be renewed every year, and the economic requirements have jumped from 5,000 USD deposited in the account in Panama to 200,000 USD blocked, if you want to keep your residence active . Well, this risk is really too high and unacceptable for an Italian, who currently enjoys a too cheap treaty, to move to live in Panama, i.e. only 5,000 USD to deposit, and once you have transferred your residence to Panama, you can withdraw it immediately , and only 3 days of practice in Panama (with us doing it quickly) and it's really easy to move to Panama. That's why we recommend making a transfer to Panama today. Don't wait for the next few months . It's just a very simple paperwork to start from your home and that doesn't force you to live in the country. You will not be obliged to live in Panama, you will make the real transfer to Panama, the physical and fiscal one in future years and when you are interested in doing so. But in the meantime, you'll sleep easy having your Plan B, a credit card-sized escape in your wallet.

Moving to Panama as plan B in life

To move to live in Panama you need to take up residency. Residency in Panama can also be transformed into tax residence in Panama when the legal requirement to stay in the country for at least 183 days a year is satisfied or if one registers with AIRE at the Italian embassy in Panama. The request to move to Panama starts from your home in Italy. Without a doubt, the first step is to proceed with the request for the remote opening of a company in Panama, an indispensable requirement in order to subsequently be able to request to move to Panama. The Panama company opening is done remotely from your home with us, approximately 40/45 days before flying to Panama to apply for residency in Panama.

General information about Panama

The Republic of Panama is a country located in southeast Central America, on the Isthmus of Panama that joins South America with Central America. It is bordered to the north by the Caribbean Sea, to the south by the Pacific Ocean, to the east by Colombia and to the west by Costa Rica. Its mountainous territory is interrupted only by the Panama Canal which connects the Pacific Ocean with the Caribbean.

It has a population of over 4 million, half of whom live in the metropolitan area of ​​its capital, Ciudad de Panamá. Its official language is Spanish. Its fiat currencies are the US dollar (USD) and the Balboa (PAB), which is pegged to the dollar at a 1:1 ratio.

Its economy is the most stable in Latin America. Its main economic activities are finance, forex, banking, hedge fund creation, offshore company incorporation, asset protection, medical tourism, international wills and life and death insurance, tourism, logistics services and, to a lesser extent, l agriculture and livestock. As for its primary sector, most of its agricultural production is for export. Its main crops are sugar cane, bananas, rice, corn, coffee and tomatoes. Panama also exports a wide variety of timber, with mahogany being one of its specialties.

Its transportation and logistics services conglomerate is geared toward global trade, with its epicenter at the Panama Canal, home to container transshipment ports, free trade zones, railroads, and the largest passenger air hub in the United States. Latin America.

Tourism is one of its main industries, with over 2 million visitors a year, mainly for business, commerce and its beaches. Most of its tourists come from the United States, Canada, Europe, Central America and South America.

Panama is the offshore financial center of the Americas

Moving to Panama means moving to a large financial center. Jurisdiction is also the largest financial center in Latin America. Offshore companies benefit from advantages such as access to complete banking and financial services, confidentiality, freedom of movement of capital and total tax exemption, provided that they carry out activities exclusively outside the territory. Other common legal entities are the foundations of private interest, which are completely free from tax and commonly used as a holding entities, for the protection of assets (material or immaterial), for confidentiality and privacy, patrimonial planning, tax planning or philanthropic motifs. To move to Panama it is necessary to proceed with a suitable transfer program. Panama also has several residence programs for entrepreneurs, investors and retirees.

At Studio Panama Italia, we are here to help you through every stage of your internationalization and structuring plans and are constantly on the lookout for the best global options and locations to enhance your privacy, freedom and wealth.

The Panama Canal is one of the most important infrastructures in the world, an engineering feat that connects the Atlantic Ocean with the Pacific Ocean through the Isthmus of Panama. Inaugurated in 1914, the canal is approximately 82 km long and allows the transit of over 14,000 ships every year, making it a strategic key to global trade.

Due to its unique geographic location, the canal significantly reduces sailing times between the East and West Coasts of the United States, as well as connecting Asian and European markets. Each year, the Panama Canal generates revenues of around $2 billion , with an economic impact that goes far beyond just the maritime sector, contributing significantly to the Panamanian economy.

In recent months, statements by former US President Donald Trump have caused an international stir. Trump has expressed the opinion that the United States should reclaim ownership of the Panama Canal, saying that management should return to American control. However, these claims ignore some key facts:

1. Return of the Canal to Panama : The Panama Canal was returned to the nation of Panama on December 31, 1999, in accordance with the Torrijos-Carter Agreements signed in 1977. These treaties guaranteed complete sovereignty of the canal to the government of Panama, a historic event that ended nearly a century of US rule.
2. Independence and Sovereignty Neo-Panamax -class vessels , increasing the capacity and profits generated by the canal. Any attempt to regain control would be a violation of international law and would jeopardize diplomatic relations between the United States and Panama.

3. Strategic Global Trade : The Panama Canal is not only a national symbol for Panamanians, but also an essential component of the global economy. Its management is considered a model of efficiency and transparency, ensuring neutrality and equal access for all nations.

Trump's ideas are politically unfounded and impractical. Panama has demonstrated exemplary management of the canal, transforming it into an economic engine not only for the country but also for the entire Western Hemisphere. Furthermore, the international community firmly supports Panamanian sovereignty over the canal, making any change of control not only unlikely, but virtually impossible.

Conclusion

The Panama Canal continues to be one of the most influential infrastructures in the world, a symbol of progress and independence for the country. While certain political statements might attract media attention, the reality is that the canal will remain a sovereign property of Panama, a nation that has made it a model of success and economic growth.

Moving to Panama by obtaining a regular residence permit has many positive aspects:

• Allows you to apply for Panamanian citizenship after five years
• The process is inexpensive and simple. Panama only requires a small bank deposit to qualify, and opening a business is affordable
• There are no minimum income requirements
• It is not necessary to move to Panama to maintain residency
• Panama speaks Spanish, a language that is easy to learn
• The country's economy is constantly growing
• It allows you to take advantage of territorial taxation
• It allows you to take advantage of zero taxes and fees with the rest of the world
• Allows you to take advantage of TiEAS.

Panama is a safe and secure destination for investment, capital protection, banking and corporations, business and retirement. There has never been a better time to emigrate to Panama. After the social failure of the European project and in the midst of the social and economic crisis of the United States and the entire West, Panama remains the only healthy and safe option for all Europeans, Italians, North Americans and Brazilians looking for a safe place in Latin America. Panama has become the number one destination for Italians and Brazilians. Brazilians from 2020 onwards are after Italians the largest group of economic migrants in Panama. North Americans have historically been based in Panama which they flock to every year. Moving to live and work in Panama is the choice now taken by one out of 3 expats who decide for Latin America.

FAQs

To work in Panama by obtaining a regular work permit :

• It allows you to work legally and not be expelled for undeclared work
• The process of obtaining a work permit in Panama is simple and only requires paying for it to qualify as a legal worker in the country
• The work permit is required after taking up residency in Panama

Work permit in Panama: what work can I do in Panama as a resident?

Panama is a country of entrepreneurs and companies, corporations and banks, this is to clarify that if you want to go to Panama to work, you arrive there as a company, as a start-up or as an investor or entrepreneur. You cannot work as a resident with a valid residence and work permit, as a professional graduate in the medical or legal or engineering fields, except as an employee under certain conditions. So the jobs you can do are essentially as an employee but not as a manager. Unless you are a citizen. The Work Permit in Panama allows you to work as an employee, often unqualified for any type of job where you do not intend your role as a boss, manager or director in the medical, pharmaceutical, legal and engineering fields among other things. These roles are reserved for citizens of the country only. Panama offers normal salaries or sometimes low salaries as an employee which, combined with the high cost of living, makes it not the ideal destination for those who want to move to change their lives without being an entrepreneur and having large capitals to do so. In these conditions of lack of capital, inventiveness, dynamism or an entrepreneurial business plan, our advice is to take up residence in Paraguay.

Moving to live in Panama pros and cons :

What is it like to live in Panama? Panama is a transcontinental between Central and South America. It borders the last Central American nation to the north, Costa Rica, and the first South American nation to the south, Colombia. How one lives in Panama definitely depends on one's tastes. The country is tropical, and has a hot, humid climate for 9-10 months of the year. This means that for 9-10 months of the year in Panama it rains, often violently, but these torrential rains usually last from 2 to 5-6 hours a day. It is an important factor to evaluate if you think you want to go and live in Panama. How you live in Panama depends in that case on your climatic adaptability. Often those who travel to Panama think of the country as a Caribbean Eden like Cancun, where it rains only one month a year and then it's just sun and the Caribbean, but Panama is not Cancun, it is part of a tropical area like Costa Rica, Nicaragua, Colombia, Ecuador, Peru, Chile, etc. very rainy, hot and humid. Torrential rains, sometimes gray skies, are a common feature for a time of year, and are also the hottest times of the year, with temperatures that can exceed 30 degrees and with humidity above 90%. But it is also true that 9 out of 10 customers who choose Panama for their residence do so solely for tax purposes and current account operations, they do not go there to spend even one day a year. But then they go to live in Mexico, generally in Playa del Carmen, to enjoy the sun, the Caribbean, and proximity to the States all year round at very low costs. Costs are another factor to take into account. Panama is expensive .

Panama is expensive

Moving to live in Panama requires a certain budget. The City is definitely very dear. We still talk about a small town of tax paradise, which does not have a very diversified economy and which belongs to the foreign capital on the run to survive, in addition to the Panama channel, and therefore there is an army of bankers, lawyers, law firms, corporations, multinationals, rentiers, contractors, etc. who raise the living cost. The costs of how you live in Panama is also the dollar, the official coin of the country, and the imports of almost 100% of all consumer products, which also cost 50% more than Mexico or 30% of Colombia due to the import taxes that apply on them. Panama also has a high number of rich people, who operate in the legal, notarial, construction and corporations sectors, which make a very expensive lifestyle, so the premises, restaurants, etc. are often oriented to that consumption target and provide access to double or triple vaults also in Milan. Buying a 6 dollar cappuccino is not an abnormality in Panama.

Expensive rents in Panama

One of the sore points in moving to live in Panama is the expensive rents. Rents in decent areas, or areas considered decent for the average Italian standard, are around 800/1000 dollars a month. Consider Panama only a tax expatriation destination, expatriate your assets, your money, accounts and properties, and tax residency, but go and live if it sounds good to you, in much cheaper places like Cancun, Playa del Carmen, (Mexico ), Cali, Medellin,(Colombia) Quito, Cuenca (Ecuador), Lima (Peru), Asuncion, Luque, (Paraguay) etc etc. An excellent alternative where instead to take both tax residence like Panama, and live there at very low costs even lower than Mexico, is Paraguay, try to take a look at what we provide to take up residence in this country and read Panama Versus Paraguay for a further idea of ​​how to approach the residency application procedure. If moving to live in Panama is your dream then there will be no information or data that can divert you from your decision. Living and working in Panama could prove to be a real opportunity for personal growth and development, economic and cultural enrichment for many. For many others, the money factor and Latino lifestyle put together, therefore practically always having lunch and dinner out, having a very social life and therefore dedicated to spending meals in company but away from home, could prove to be too great an emotional and economic price to many Italians not used to eating out every day but more accustomed to preparing meals at home, something quite uncommon in all of Latin America, where the climate and the particularly social life mean that people face an extra cost to drive their meals away from home.

The mañana Attitude of Panama

Moving to live in Panama requires some relaxation of manners. A factor to consider for those who want to know how to live in Panama is what the Americans have called "mañana attitude" . Panama is strongly marked, despite its appearance made of skyscrapers and banks, with a strong aptitude, possibly the strongest in all of Latin America, to postpone everything possible that is postponeable , as long as it is not a matter of real life or death, no one will provide the requested services or keep its word on the compromises made on the dates and times established by you. They will always tell you , ok mañana, or yes mañana. Mañana means tomorrow in Spanish but in that language it also takes on an ethereal, non-precise sense of time. In Panama mañana can mean tomorrow or in a couple of months, without the interlocutor actually explaining to you when he will actually do what he promised you. The same goes for timing, in Panama if you make an 8:00 AM appointment with someone and that someone simply doesn't show up without notifying you that they will miss the appointment, it's normal and not worth taking offense at, or if they show up with 40 minutes late or a couple of hours late, consider yourself very lucky. This strong tendency to postpone what can be postponed makes it impossible for many foreigners to move to live in Panama and therefore it is decided to dedicate themselves in Panama only to the effective use of the residence for tax purposes and the use of accounts and companies with bank secrecy. In moving to live in Panama many other foreigners will find a compromise, adapting to the Latin American style of postponing things which in Panama reaches new records, and to see schedules as flexible. Another example is parties and meetings, if the invitation is for 7:00 PM for example, in almost 100% of cases, the guests will start getting ready to leave the house at 8:00 PM and show up for the meeting between 9:00 and 10:00 PM. An Italian would probably be at the party at 6:55 PM. But sure enough, not even the one who organized it would show up at that party before 10:00 PM. The time factor therefore plays a decisive role together with the cost factor in the decisions of many expatriates on whether or not to live as emigrants in Panama. For those looking for precise timetables, people who respect appointments, and in general who are as far from this way of life as possible but who still want sun, heat, and a semblance of Latin culture, then they will have to opt for Mexico, the only nation North American but culturally Latin American, who have incorporated into their culture a decent idea of ​​respecting the rules and times to which you are accustomed to having the United States as border neighbors. Even in Paraguay at the opposite pole it has greater precision in respecting the timing. Besides these factors, living in Panama in terms of health and medicine is a pleasant situation. Panama offers some of the best clinics and best specialists in all branches of medicine. Tech clinics and US trained and multilingual professionals are the welcome ticket to Panama when it comes to emigrating to a country that offers only the best of medical health options.

In which period and season is it best to visit Panama?

For Europeans there is no better time or season than winter in Europe to visit Panama. The simple fact of being able to leave the cold and gloomy winter Europe for a tourist and residential trip to a tropical and always warm country is always worth it. In fact, even the best season in Panama runs from December-January to April-May, so for those wishing to take up residence in Panama, for those wishing to travel to Panama to understand how life is lived, for those wishing to know how to live and work in Panama, the best time to organize a trip to Panama is from December to the end of May. Traveling to Panama involves a few precautions. In fact, traveling to Panama does not expose you to any risk under any profile you want to discuss it. In fact, traveling to Panama does not expose you to the risk of tropical diseases, Panama is a totally safe country and with drinkable and potable water in any home, hotel and hostel in the nation. Traveling to Panama does not expose you to the risk of malaria or life-threatening diseases. A trip to Panama is the perfect opportunity to take up residence in Panama quickly and quickly and to open a bank account with bank secrecy on the go

What are the pros and cons of moving to Panama?

What are the pros and cons of living in Panama. Traveling to Panama with the family or moving to Panama with the family does not denote any real complications in the field. Panama is a very easy country to assimilate, often at times too simple and therefore for a European it is quick and painless to adapt, taking into account the possible complications set out above. Whether you want to live in Panama as a retiree or as an investor or worker, the country offers the certainties you are looking for, always and when you anticipate a legal residence.

How much does it cost to move to Panama?

Living in Panama costs an average of about 3,000 USD per month for a single person who decides to live in Panama City, but renting out of central areas. The cost includes room and board and transport. As you get closer to the central areas, the cost of living increases. If you decide to live and rent on Avenida Balboa, for example, your cost of living in Panama should be around 4500 USD per person per month.

Security Panama: Is Panama a safe country?

In moving to live in Panama the doubt about the country's security arises spontaneously in most. Is moving to Panama safe? Yes Panama is a totally safe and pleasant country to visit both as a solo traveler and with family. The large economy of the country and its prosperous city offer an excellent social security that guarantees its citizens and foreigners who visit it a complete physical and financial security.

How many Italians live in Panama?

According to the migration of Panama to date over 150,000 are Italians residing in Panama. For the AIRE office, instead where registration is optional and at the discretion of the applicant, there are approximately 28,000 Italians formally residing in Panama.

How much money does it take to move to live in Panama?

To move to live in Panama as in any other country, it is necessary to evaluate the budget considering 12 consecutive months in the absence of employment and therefore relying on one's own savings. Considering air travel for 1 person and 12 months' rent, expenses such as electricity, gas, internet, TV, and public transport/UBER; to move to Panama it costs about 32,000.00 USD ( thirty-two thousand dollars) .

How much do you have to earn to live in the dignity in Panama?

Panama is an expensive country, and as a result it only attracts wealthy or wealthy people. The country shapes itself on that condition of tourists, future residents and entrepreneurs. For this reason, to live decently in Panama, a single should earn at least USD 5,500 a month and a family of 3 should have about USD 12,500 a month in income.

How do you become a permanent resident of Panama?

To become permanent residents in Panama, as Italians, you need to execute the Panama Italy Treaty by a law firm like ours. You can read carefully how to become a resident of Panama and how to apply for residency in Panama here

What is it like to live in Panama?

Panama has a very high standard of living (and therefore also in terms of costs they are very high), has a high average life span and among the highest salaries in the region, despite being a country that welcomes everyone, the country has oriented towards attract capital and people with very strong purchasing power and large wallets, so shops and restaurants will be oriented towards that spending and living target which can be very expensive for those who cannot afford a certain type of lifestyle. In cases like these, our advice is to opt for the Residence in Paraguay which offers the same and identical tax benefits but if you wish to live there it is among the cheapest countries in the world.

How can I contact the Italian Embassy in Panama ?

The Italian Embassy in Panama is located in PH PLAZA 58, Calle 58 Este with Avenida Ricardo Arango, Obarrio – Panama and you can contact them on the phone: 005072258948 / 005072258949 and on the website here .

How do Italian retirees live in Panama?

Moving to live in Panama as a retiree has only positive points. The country has a very good quality of life for retirees. Retirees in Panama enjoy an excellent quality of life thanks to the numerous advantages that they obtain through residence in Panama.

• 50% discount on entertainment (cinemas, sporting events, music, theatres…)
• 35% discount on transport (cruises, ferries, metro…)
• 25% discount on airline tickets
• 50% discount on hotels
• 20% discount on medicines not covered by health insurance
• 20% discount on professional services

In addition, you enjoy duty-free household items up to a value of $10,000.

Is Panama a good expatriation country for Italian digital nomads?

Yes, Panama thanks to its famous tax residence for digital nomads and its territorial taxation, as well as infrastructure, fast and close air connections to any country in the americas, and the fastest high-speed Internet in all the americas is an excellent home for digital nomads.

How much does a flight from Italy to Panama cost?

A flight from Italy to Panama has a cost that varies according to the season between 550 and 1800 USD. It is important for Panama to book your flight at least 4 or 6 months in advance, also because flights fill up immediately and hotels are often booked months in advance.

What do you need to move to live and work in Panama?

To move to live and work in Panama you need to have permanent residence through the Panama Italy Treaty 

How much does it cost to buy a house in Panama?

On average, around USD 1850/m2 is calculated for central areas and around USD 1100/m2 in non-central areas of the city. In the rest of the country the costs vary between 850 and 500 USD per m2.

How much does it cost to rent a property/apartment/house in Panama today in 2022/2023 ?

Rental prices in Panama for the years 2022 and 2023 fluctuate between 1600 USD on average for 122/m2 to 3200 USD/122m2 in central areas and around 700/950 USD for the same square meters of 122m2 in more decentralized areas, at lower m2 the price drops very little in the center, and consequently and for a single person looking for a 50m2 loft in the center the costs are similar by around 1350 USD.

What is the minimum age for residency in Panama ?

You can apply for residency in Panama at any age, whether you are an adult or not. Minors require a guardian/parent who requests residence for him and the minor as a dependent family employee and demonstrates parental authority.

Which law firms to rely on for residency in Panama?

There is a sea of ​​options for residing in Panama, unfortunately we cannot know which often attractive options for prices are really true. As for us, StudioPanamaItalia, our history, references and our company that offers, unique in Panama l 'satisfied or refunded option, we guarantee 100% obtaining the residence and in just 3 or 4 days.

Book your residence in Panama by contacting us at info@studiopanamaitalia.com

Other possible residence permits in other countries that may be of interest to you are:

• Paraguay residency visa : it has the exact same characteristics as Panama and on which we offer a great discount package for this year
• Residence visa in Uruguay : a dynamic, small country where you can move easily, but where you will have to live for a certain period
• Residence visa in Mexico : the North American giant, neighbor of the USA, where you can easily take up residency and citizenship
• Residence visa in Chile : The most modern country in Latin America, pretentious and with a Mediterranean climate, good wine awaits you
• Ecuador Residency Visa : Perhaps the most underrated of the countries, it is flooded with North Americans, Canadians and Swiss who love it

Moving to live in Panama is an excellent choice for those who decide to invest their time in business, investment and financial growth, but for all the rest you have the possibility of uniting Panama with another neighboring destination to live part of the year. Contact us for the best decision for you and your family. Pay for professional advice that can help you make a serious and definitive decision

What are the entertainments and how is the nightlife in Panama? Where to go to have fun in Panama?

Panama has a lot to offer if you are looking for entertainment. Many travel to Panama to have fun, to go clubbing, meet other people, interact with other cultures or simply "pasarla bien" as they say. From restaurants to Panama's nightlife, with discos, night clubs, casinos, etc., Panama has an exceptional nightlife scene.

What are the best nightlife experiences in Panama City?

The best places to visit at night are :

Casco Viejo, where you can go for a walk or eat in the local traditional restaurants. Casa Casco , Panama Bar Crawl, Chupito 507 , Wahaka Party, La Rana Dorada, excellent brewery, are all places that are trendy and offer a nice nightlife in Panama.

What are the best casinos in Panama?

Panaviera at Ocean Sun Casino , Ocean Sun Casino , Sortis Casino, Starbay Casino, Royal Casino, Princess Casino, Crown Casino el Panama, Majestic Casino

If you want to live investing in Panama, you can count on a highly qualified country for investments. Investing in Panama first of all allows you to invest in US Dollars USD. Owning investments, such as hard assets such as real estate in Panama listed in dollars, allows you to invest in Panama without the worry of seeing your invested capital fluctuate due to a weak currency as for example happens in Colombia ( COP , Colombian Peso ) or Brazil ( BRL , Brazilian Real) to give some examples. Investing in Panama also guarantees easy access to the quick sales market, given that everyone comes to Panama to invest in dollars and speculate on investments, so buying and selling in a few months with significant capital gains is quite common in this country which attracts capital fleeing from all corners of the world. To invest in Panama it is not strictly necessary to be a resident. Investing in Panama is legally possible as a tourist and enjoys the same rights as a foreign resident or citizen of Panama. But how to invest in Panama?

Investing in real estate in Panama is very simple and above all appropriate. Investing in real estate in Panama grants the owner the same property rights as a resident and citizen of Panama. Investing in real estate in Panama also allows you to speculate a lot on the rental side, especially corporate since Panama offers the largest corporate rental area in Latin America, with an exceptional turnover on supply and demand, and due to the always excessive demand for rentals compared to the real possibilities of finding a free property, the prices are very high so it is very easy to invest in properties in Panama by speculating on rents and always bringing home monthly rents above 1200 USD in rents. But where to invest in real estate in Panama? There are various areas to invest in Panama. The number one always remains Avenida Balboa, in the Bella Vista area, the beating and dynamic financial heart of the city, where the whole world comes to take a picture, to rent, invest, stroll in front of the beautiful coastal walls, hold meetings or request consular services. There are pearls of investment in famous but cheap residential towers, where everyone always wants to live, such as the Iconic PH Waters building on The Bay, or the Yoo Panama.

Other interesting areas are Costa del Este, the new city near the airport and very popular among company employees or new young residents of Panama. Finally, how can we forget Casco Viejo or Casco Antiguo.

The procedure for purchasing a property in Panama is a guarantee of success and investment security. This property purchase procedure is also suitable for the property rental procedure in Panama. Many, once they have obtained the Panamanian residence permit, wish to be able to really live in Panama, because they are fascinated by the beautiful residential areas of the city. The city of Panama has a lot to offer, it has large green spaces, exceptional infrastructure, incredible properties for investment or just to live there while enjoying crazy and breathtaking views from the top of its crystal towers. Living in Panama therefore requires that you own a property once the transfer is made, whether owned or rented. Let's see how to buy a property in Panama. Panama allows everyone, residents and non-residents, to invest in real estate. Panama's real estate sector is the first real estate sector in Latin America, and there is a reason: Panama's real estate sector has ROI ( Return on Investment ) highest and guaranteed in Latin America. Let's find out together how to invest in real estate in Panama. Real estate in Panama does not necessarily have a title deed. A home buyer/buyer in Panama needs to know whether he is purchasing a “titled” property (with beneficial title, with a deed) or with “rights of possession” (ROP) and the process for purchasing the two types of Panama property is different and requires an experienced attorney who can help you understand what type of real estate we are discussing. Read on and find out how to buy real estate in Panama.

How to find your favorite property to buy in Panama

There are numerous ways to search for a property in Panama. You can use special search engines like:

• Compreoalquile.com
• Encuentra24.com

These specialized search engines offer many types of houses and apartments in Panama, both second-hand and third-hand properties as well as new projects. If you decide to buy a house in Panama, or an apartment in Panama, remember that on these portals there is no due diligence on ads and that is why they should be used by experts who know how to distinguish between ads for serious and less serious people. In particular, if you are inexperienced in the practice of home buying in Panama and if you are new to this type of search, it would be best to entrust an approved licensed real estate agency through which to search for your preferred property. We at Studio Panama Italia offer this service through our licensed Real Estate Agency in Panama. Once the property that one wants is seen, the due diligence procedure begins which leads to an examination of the identity of the property and its seller. The emphasis is placed on the "Paz y Salvo" of the property. or the search for the tax history of the Property, if it is in compliance with the payment of taxes. Property tax, corporate tax and annual declaration to the DGI if the property is under a company name, then payment of the single tax respected until the day of the sale, monthly payment of condominium administration tax, water, electricity, gas, and any taxes local or municipal. It is then necessary to examine whether or not the property was under a tax embargo and whether it has a mortgage or loan in progress and that it is precisely without outstanding debts. Once this initial diligence has been completed to buy a property in Panama, we proceed with the drafting of the purchase contract. Also in this case it will be the seller who proposes it and it is necessary to check with a lawyer that this contract is not full of clauses against the buyer. It is then necessary to carry out an "Avaluo" with an agency recognized by ANATI, to verify the final cost at what value it has been set and to verify with a specialized agency that there are no hidden defects that could arise in the first six months of purchase. We at Studio Panama Italia can offer you this service for a cost of around 2500 USD. So contact us if you want to invest and buy a property in Panama or even if you just want to rent a property in Panama.

a) Property price negotiation in Panama: To negotiate the price of a property in Panama you can do it through Panama real estate agents.
If you negotiate the price of a house in Panama directly with an owner, be sure to agree on all important terms through a competent Panamanian lawyer to prepare a Panamanian real estate purchase contract, written using those terms. b) Promise to Purchase Property Contract in Panama: The buyer agrees to purchase the property in a formal written contract.
A small deposit is generally required when this contract is signed by the parties. The property is now kept open to give the buyer time to research the condition of the property and verify that the seller is indeed the owner. Register this contract with the Public Registry of the Government of Panama to alert other potential buyers that the property is not available. c) Panama Real Estate Title Search : It would be best to have an experienced attorney review the public registry records confirming that the seller is the true owner along with any liens on the Panamanian real estate.
The attorney may also look for liens or other issues related to the property. Hire a licensed surveyor to confirm boundaries on raw land. The attorney may also research public utility agencies to ensure that all bills are paid for water and sewer services. d) Purchase and Sale Agreement: This is a second contract after the property title and utilities have been sought and the buyer is ready to close on the purchase.
This contract is usually the deed of purchase of a property in Panama. You can hire an escrow agency to hold the funds and make the final payment and file the title transfer deed with the public registry. e) Transfer of Ownership : In the United States this is known as “Closing” when the ownership is transferred to the buyer where the contract of sale is registered with the public registry.

With its law n. 9 dated August 27, 1997, the Panamanian government created large incentives for real estate developers interested in Panama City's Casco Viejo (Old City).

For example, any income made from the sale or rental of your property is exempt from income tax for 10 years. You can also deduct 100% of the renovation costs from your income tax. Plus, you won't have to pay any duties on imported materials to complete the renovation. You will not have to pay any property taxes for 30 years. Nor will you have to pay any transfer fees, provided the property costs $50,000 or more. Signs of private investment spurred by these incentives are everywhere. You don't walk far without passing a restored or renovated building. Scaffolding seems to be around every corner. There is an almost “land rush” feel to condo development in the area.

In 1994, Panama passed Law No. 8, the most modern and complete law for the promotion of tourism investments in Latin America and the Caribbean.

Since the law was enacted, dozens of the world's largest hotel chains have stepped in to take advantage of it. But Panama's attractive tourism investment laws aren't just for big business. Anyone willing to invest a minimum of $50,000 in a tourism project can take advantage of the huge tax benefits and financial incentives available here.

You could build a guesthouse in the hills of Boquete; start a white water rafting group in Chiriqui Viejo; open a surfboard rental shop in Playa Santa Catalina; trekking tour groups through the wild Darién Gap; open a marina, hotel, restaurant or nightclub along the beaches of the Pacific coast; launch a horse-drawn carriage service on Isla Taboga, the “Island of Flowers,” which has no cars; takes tour groups through Panama's historic colonial-era ruins…the opportunities are endless…

With a minimum investment of $50,000 anywhere within Panama, you receive:

A 20-year exemption from all import taxes payable on materials, furniture, equipment and vehicles
A 20-year exemption from real estate taxes on all assets of the business
An exemption from any taxes levied for the use of airports and piers
Early depreciation of real estate assets of 10% per annum
And if you start a tourism business in one of the specially designated tourism zones, you can also receive a 15-year exemption on income taxes.

Panama uses the standard 120 volt AC, 60 Hz. The outlets are the same flat two-pin type you find in the US. Excellent electrical service is reliable and safe.

Panama is much better than Dubai for countless fiscal, financial, legal, tax and cultural reasons. Younger expats are often struck by mainstream and YouTube gurus who list the beauties of Dubai. Few people know that almost all of these gurus are paid in general by various pro-business and pro-tourism foundations in Dubai to make a country that has very little in it attractive. First of all, let's start with why you are looking for a foreign residence and why in general you opt between Panama or Dubai. Tax residence. Panama, unlike Dubai, allows you to obtain tax residence without the burden of reverse proof and guarantee tax treatment with zero taxes and zero obligations of reverse burden of proof towards the Italian ADE. Residency in Panama is immediately permanent after a 3-day procedure to obtain it and has no residence obligations, you do not have to live in Panama and it never expires again. You are not legally tied to the country if you do not want to live there and you may never return because residency is permanent. In Dubai every six months you are obliged to reactivate and keep your residence in force with the obligation to stay for at least 183 days a year. Furthermore, for Dubai there is an obligation to provide reverse proof of residence on your part towards the tax authorities. Another important detail is that in Panama the accounts are truly offshore, they have Swift and do not have any IBAN. Accounts in Dubai have IBAN so it means that it is an account monitored in transactions by the European Central Bank. Nobody ever talks about it and nobody ever tells you but in practice opening an account in Dubai means opening an account at any European bank without real banking secrecy.

The bank account in Panama enjoys banking secrecy endorsed by both the constitution and local regulations. In Dubai they are only state laws but not constitutional. The difference is big. Canceling a law is common practice. But erasing constitutional rights may require decades and decades of parliamentary effort. It is practically impossible for Panama to lose banking secrecy. For Dubai, which does not already have banking secrecy but only a law on the privacy of corporate transactions that do not concern natural persons, a pen is enough to abolish a law if it is forced to do so due to international pressure. Furthermore, banks in Dubai subcontract customer care services to Pakistan, Bangladesh and India. So every time you need help with your banking operations you will have to give details and data to private people who live outside Dubai in distant countries where there are no specific privacy laws.

 Panama is up to 300% cheaper than Dubai, so why would an expat who emigrates precisely to avoid paying high living costs should move to Dubai where everything costs a disproportionate amount compared to Panama? Panama has breathtaking nature, between the Caribbean and the Pacific, between mountains and hills, rivers, Amazonian-type tropical forest, rainforest and islands and archipelagos, it has one of the most uncontested natures in the world. In Dubai every year you have to endure scorching heat up to over 50 degrees Celsius, the season of sand storms, which force you to stay indoors and the impossibility all year round of being able to walk from one place to another without having to buy a car. In cultural terms, Panama is Latin, therefore close to Italian and Spanish ways, it is a place that is truly too cheerful and festive, and peaceful and safe. The religion is the same Catholic one practiced in Italy and Europe and it is not forbidden to use alcohol or dress the way you want to dress without offending modesty as in Dubai. According to the World Bank, to live as a rich person in Panama you only need 60 thousand USD per year, to live in the same way, have the same type of apartment or house and the same model of car in Dubai you need to earn around 400 thousand USD per year. It is therefore clear that from an economic perspective Panama has no rivals and should not even be compared with Dubai as an expatriation destination because Dubai itself is not an expatriation destination.

uHow to work or find work in Panama? Once you make the decision to move to live in Panama, you first need to find employment or self-employment opportunities. Moving to live in Panama for work or entrepreneurial purposes is the motivation that most calls aspiring residents to take up residence in Panama by following the 6 famous steps . Working in Panama is the dream of many. If you are interested in working or finding work in Panama it is very important to understand that without residency in Panama you cannot work in Panama. You will also need to request a work permit, an essential document for working in Panama or looking for work in Panama. To work in Panama you need to have residency in Panama. Illegal work does not exist in Panama and above all no one employs illegally because you go to prison and/or are expelled from the country and lose your residency. Once you have residency in Panama you will be able to work in Panama legally and above all you will be able to look for work. The very practice of looking for work becomes impossible if you enter as a tourist. And remember as a tourist you can only stay in Panama 90 days.

Safety, when deciding to travel and relocate, is an important issue. Security in Panama is therefore a very important issue. But is Panama dangerous? How Dangerous is Panama? Fortunately, in reality, the Singapore of Latin America is extremely safe. You can go out day or night under the same extremely high security conditions throughout Panama. In Panama City and the entire metropolitan area, crimes are absent. There are no pickpockets in the city, or any kind of risk perception. People dress well and with expensive gadgets, displaying them at any time of day or night in any place. People love to drive big expensive cars and wear thousands of dollars worth of watches, strongly show off their life success to others, so in a country with these characteristics, where people judge you by how well you dress and the brands you wear and from the brand and value of the phone and car you drive it is expected that all this opulence is well protected but above all welcome and for this reason Panama is among the safest countries in Latin America. People live very well in Panama and essentially it is a safe country that has made not only banking security but city security its flagship. Panama is not dangerous and Panama is safe for foreigners who go there to live or travel. Panama is among the safest countries in Latin America

Guide on how to move to Panama for Italians

On the specific page about residences in Panama , you can find why and how to set up a company and do business in Panama, its banking and investment options, and how to obtain residency and ultimately citizenship in this Central American country. You will notice that there are numerous visas, you as an Italian will use the first procedure explained, the famous Panama – Italy Friendship Treaty.

If one day you want to take citizenship in Panama remember that you don't have to move to Panama as a Retiree, residences as a retiree do not have access to citizenship. You have to transfer via convention Panama Italy .

How moving to Panama can transform one's lives is the reason why more and more people decide to pack their bags and make a one-of-a-kind definitive transfer path because it offers security of success and a guarantee of serenity of life in a fabulous tax and tax haven. impressive tropical paradise where you can rediscover the pleasure of improving the quality of life and keeping up with economic and social progress. The remarkable freedom that is felt and truly enjoyed in comparison to other nations is irreplaceable and unforgettable. To find out how to move to Panama Contact us at info@studiopanamaitalia.com to begin the process of safely moving to Panama by taking up secure permanent residence in Panama.

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