|
RETIREMENT – RELOCATION – IMMIGRATION TO PANAMA
ABOUT PANAMA: Cost of living, Environment, Freedom,
Health, Infrastructure, Safety & Risk, Climate
VISAS: Pensionado
Visa, Self Economic Solvency Visa, Retired Incomer,
Investor in the Small Business Sector, Investor in
the Micro Business Sector, Reforestation Visa
|
ADVANTAGES FOR
THE RETIREE |
ABOUT PANAMA
The Republic of
Panama is a sovereign, democratic country located
between Costa Rica and Colombia and it is an almost
undiscovered haven.
To put things into perspective, Panama has been a
democracy for over a decade now, in fact, it was a
democracy before the military overthrew the
democratic elected government of President Arnulfo
Arias Madrid in 1968. So democracy is not a stranger
to this country.
Finally, on December 20th of 1989 and the capture of
General Manuel Noriega, the Panamanians regained
their long paused democracy.
Besides our incredible history, Panama has an
economic performance that surpasses every other
country in the Latin American region, with an
inflation rate that over the last 30 years has
averaged less that 2% per year.
Panama is becoming one of the Top choices for people
that want to retire and/or invest…and why not?….consider
the following elements:
| |
The legal tender in Panama is the U.S. Dollar,
which derives in an stable economy; |
| |
The reliability and efficiency of it services
(legal, banking, financial, cargo, medical care,
etc.); |
| |
Costs of living are surprisingly lower than in
the US, Europe or even neighbouring countries; |
| |
No income tax is levied upon income received or
paid to you by a foreign source and no taxes are
levied on interest earned on savings accounts
and CD’s; |
| |
Panama has very low crime rates compared to
other countries in the region; |
| |
No guerrillas or terrorist activities; |
| |
The government encourages foreigners to invest
and retire in Panama. In fact, you will find
laws that encourage foreign investment and
protect it as well. No wonder why many foreign
companies have established offices to operate in
or from Panama. To name a few: Dell, Cable &
Wireless and the Spanish giant Telefonica. |
| |
Discount to retirees for services ranging from
medical visits to utility bills; |
| |
A renown International Banking Centre with
strong secrecy laws; |
| |
The second largest Free Zone in the world (next
to Hong Kong); |
| |
Daily and direct flights from Panama City to
seven US major cities such as Los Angeles,
Atlanta, Houston, New York, Newark Miami and
Orlando, plus you can catch at any of these
destinations direct flights to any part of
Europe |
Other elements you must consider are:
| |
In Panama you will find world-class dining and
hotels, excellent shopping malls with every
imaginable luxury at half or less of what you
pay in the US or Europe; |
| |
Panama has a recorded 940 species of birds,
surpassing the United States and Canada together!!!!; |
| |
Panama offers one of the best deep fishing and
surfing in the world; |
| |
More than 1,500 islands off the country's coast,
some of which offer snorkeling and diving
opportunities that rival any found in Central
America. |
| |
And of course, the Canal, one of the most
important engineering accomplishments in the
history of the world |
Cost of living:
The
cost of living in Panama is lower than the US and
much lower than Western Europe. For example,
electricity costs approximately 10 - 12 cents per
kilowatt hour depending on the area, water and trash
collection around $7 per month. Direct TV, telephone
and internet services vary according to the plans
chosen. Locally produced vegetables, meat and fish
are priced considerably lower than in the USA
although imported items may be slightly higher. The
minimum wage for housemaids or gardeners is 88 cents
per hour. Local beer at the supermarket costs 40
cents per can, a coffee in a restaurant may be as
little as 50 cents. Medical assistance can be
received as low as US$15.00. Apartments in Panama
City can be found starting at US$550.00 a month.
Very nice apartments with amazing views, can be
found in less than US$1000.00 a month.
Environment:
Panama is a small country with
big sightings. The perfect combination for the
retiree who is seeking all the commodities of a
major city just few hours away from amazing nature,
highlands, mountains, beaches and islands.
Boquete in the Chiriqui Highlands has a perfect
spring-like climate, with clean air, clear water,
and a welcoming community. On the lush green
hillsides gourmet coffee is grown and at times the
smell of roasting coffee sends wonderful aromas
through the town.
Bocas del Toro is
one of the last affordable areas of the Caribbean,
and the archipelago of Bocas del Toro is stunning.
Palm fringed islands, white sand beaches; Bocas has
everything you ever imagined for the picture perfect
tropical
retreat to hang your
hammock.
Panama City is an affordable cosmopolitan location
for those who prefer city life. With a skyline
reminiscent of Manhattan or Singapore, the high rise
buildings tower above the ocean. High class
restaurants, first class hotels and fast food
outlets, are here for all tastes and pockets.
Entertainment is varied, the latest movies, concerts
featuring foreign and local performers of all genres,
every kind of sporting event – baseball is arguably
the most popular sport and a number of Panamanian
players are found in US major league clubs.
Shopping options range from local markets to multi
million dollar super malls and luxury goods. The
Amador Causeway has a number of great restaurants,
yacht clubs and a duty free shop, it is also a great
place to bicycle, jog or walk with sea breezes and a
great view of the stunning Bridge of the Americas.
Panama City even has a rain forest within its city
limits.
Freedom:
Panama, as described before,
is a Constitutional Republic with democratic
elections every 5 years. Plus Panama does not have
military as the army was abolished in 1991.
The current President is Mr. Martin Torrijos, who
took office on September 1, 2004, after winning the
General Elections on May 2, 2004, by a wide margin.
Health:
Modern and reliable private medical services are
available. According to current legislation covering
sanitary matters, Panama offers health care
facilities to all nationals and foreign travelers
who may require them, independent of any reciprocal
agreement with a particular country.
Infrastructure:
Airports, highways, railroads, ports and the Panama
Canal are all well developed.
The
international airport connects Panama with
international world centers through the various
international carriers. In fact, there are direct
flights to 7 cities in the US, namely, Miami,
Orlando, Atlanta, Houston, Los Angeles, New York and
Newark and two direct flights to Madrid, Spain There
are two ports, Balboa and Cristobal (at either end
of the canal).
Telecommunications are also well developed with
mayor international companies competing in the local
market, such as Cable & Wireless and Telefonica, the
Spanish Telecom monster that just bought the
operations of Bellsouth in Panama and Guatemala.
The majority of the hotels in
Panama have a business center at the ready for the
foreign national that wants to maintain contact with
family, friends or business. Internet cafés can also
be found all over Panama City as well as facilities
for making long distance phone calls at low rates.
Safety & Risk:
Panama City is safer than most capital cities,
but as in any major city in the world there are some
parts where caution should be exercised. Except for
the province of Darién and only where it borders
with Colombia, the rest of the provinces in the
country are safe.
Earthquakes, tornados and other natural disasters
are not common in Panama.
Climate:
The climate is spring-like year round with
temperatures typically hot in the lowlands between
the 70’s and 90’s and cool in the mountains between
50’s and 60’s.
As
for your legal status in Panama we can secure,
through our recommended attorneys, a Visa for
yourself and your family, after of course,
determining by a careful study what type of Visa is
most convenient for you.
VISAS
At
GB OFFSHORE we provide you with a range of
legal support services designed to assist you on all
matters related to your retirement or investment in
Panama. All the legal services are rendered by our
attorneys all duly licensed to practice in the
Republic of Panama and bilingual so you can rest
assured that you will be attended by professionals.
Through our collaborators and strategic alliances we
will help you to secure a home, life and medical
insurance, bank accounts and just about everything
you need to set up your stay in Panama, either
temporary or permanent.
There are various types of visas offered by the
Panamanian Government to the foreign national,
however, we only list those that are directed to the
foreign national looking to retire and/or invest in
the Republic of Panama:
| |
Pensionado Visa |
| |
If you currently receive a pension from a
foreign government, international organization
or private company of US$500 per month this is
the right visa for you!. If you want to include
your spouse and children under your visa
application add US$100 per person. We must point
out that this visa does not grant you
citizenship. |
| |
This type of Visa allows you the following
benefits: |
| |
A one time US$10,000 exemption on the import of
items for domestic or personal use; |
| |
Every two (2) years you can import a car for
personal or family use without paying import
taxes; |
| |
Exemption on the payment of any deposit or
migratory fee related with the obtainment of the
Pensionado Visa; |
| |
Discounts on everything from entertainment to
medical bills. |
| |
We consider this programme to be the best in the
world these days, surpassing similar programs in
other countries.
For the list of requirements, costs and fees
please contact us |
| |
|
| |
Self Economic Solvency Visa |
| |
This type of Visa will enable you to secure
residence status in Panama; however, you must
make a term deposit of US$200,000 with any Bank
located in the Republic of Panama for a term of
one (1) year. We will help you secure such a
term deposit with any of the Banks we usually do
business with or with the Bank of your choosing. |
| |
A provisional residence status is granted for
one (1) year, however, permanent residence may
be applied to after this first year. A
Panamanian ID would be issued thereafter. |
| |
For the list of requirements, costs and fees
please contact us |
| |
|
| |
Retired Incomer
This particular visa is directed to those
individuals that are interested in securing a
second passport, either for safety reasons or
just to hold the passport of friendly visa
country. The applicant must make a term deposit
for five (5) years at the Banco Nacional de
Panama that yields in monthly interest the
amount of US$750. The advantages of securing
this type of visa are |
| |
You obtain a second passport. We must stress
that this passport does not grant you the
Panamanian Nationality nor residence status; |
| |
Every two (2) years you can import a car for
personal or family use without paying import
taxes; |
| |
For the list of requirements, costs and fees
please contact us. |
| |
|
| |
Investor of the small business sector |
| |
By establishing an investment in the small
business sector of Panama of a minimum of US$150,000
you are eligible for this type of Visa. The
investment may be made in any part of the
Republic of Panama, including the Colon Free
Zone. This type of Visa is directed to those
individuals that wish to acquire residence
status by establishing a business in Panama, of
course, in the small business sector. This Visa
is granted for one (1) year and can be renewed
for three (3) consecutive periods thereafter.
After that last period has expired the applicant
can file for permanent residence. |
| |
For the list of requirements, costs and fees
please contact us. |
| |
|
| |
Investor in the micro business sector |
| |
This visa is granted to those foreign nationals
who invest $40,000 in a business and hire a
minimum of 3 Panamanian workers. Proof of the
investment is needed, such as bills of sale,
commercial invoices, lease agreements, etc. |
| |
For the list of requirements, costs and fees
please contact us. |
| |
|
| |
Reforestation Visa |
| |
This visa is granted to those foreign nationals
that invest either $40,000 as a micro investor
or $80,000 as macro investor. This visa was
brought back by Resolution No. 39, April
27, 2006. The investment can be done directly or
indirectly. Investing directly means basically
that you directly invest the money yourself and
purchase an approved teak plantation. Investing
indirectly means that you purchase the shares of
a corporation that owns an approved teak
plantation. |
| |
For the list of requirements, costs and fees
please contact us. |
| |
|
| |
ADVANTAGES FOR THE RETIREE |
| |
If the foreign national is 60 (men) or 55 (women),
he or she can benefit from the discounts that
they are legally entitled by Law 14 of 2003,
namely: |
| |
50% discount on movie theaters, recreation,
cultural and sports events |
| |
30% discounts in transportation (buses, trains,
boats and ships) |
| |
25% discount on plane tickets, either for
domestic or international airlines |
| |
50% discounts on hotels, motels and pensions
from Monday to Thursday and 30% from Friday to
Sunday |
| |
25% discount in restaurants |
| |
15% discount in fast food restaurants, either
national or international franchises |
| |
15% discount in private medical clinics and
hospital services |
| |
10% discount on prescribed medicines
|
| |
Discounts on medical services, as follows: 20%
discount on medical bills from general medical
doctors or specialists; 15% discount for dental
services; 15% discount on optometry services |
| |
Discounts on premiums payable to insurance
companies for health insurance |
| |
20% discount in technical and professional
services |
| |
20% discount on prosthesis and of all the
apparatus and aid accessories |
| |
50% discount on expenses and closing bank fees
for closing personal or commercial loans |
| |
Exemption of payment of the Special Interest
Compensation Fund |
| |
15% discount on interests payable to banks or
other financial institutions for personal or
commercial loans |
| |
25% discount on utility bills |
| |
1% discount on interest rates on mortgage loan |
Contact Us
Panamá City , Republic of Panamá
Phone (507) 399-2729
Fax: (507) 399-2729
when dialing to Panamá, please dial 011 first
P.O. BOX 0831-01086 Panamá City , Republic of Panamá
E-Mail:
info@gboffshore.com
We will be glad to assist you, if you need further
information please contact
us; we will answer any enquiry you may have.
|
DISCLAIMER: Global Business Offshore is not a
bank, nor does it provide banking services.
Global Business Offshore offers international
company formation, corporate administration
services, and bank/broker introductory
services, account opening assistance and other
legal services through our recommended law
firms and agents. This website is only used
for promotional marketing purposes of Global
Business Offshore and is not intended to
portray that this is the site of a bank or law
firm.
|
|
