Panama (or República de Panamá), is a country of 75,640 km², located at the southern end of Central America. It borders Costa Rica and Colombia, where he was once part. The country is populated by 3,460,462 inhabitants in 2011.
The Canal of Panama, is now a major source of funding for the Panamanian State. One specificity of the country at the political level is that it has renounced to have a powerful army in favor of the environmental protection; it is also the country with the largest proportion covered by national parks.
Panama has the most stable economy in Central America mainly through the Canal. Panama City is also the largest financial center of Central America. Moreover, taxation is low there, Panama is classified as a tax haven by other countries.
The GDP per capita of 13,000 dollars (2010 estimate), is also the highest in the region. The percentage of GDP devoted to investment was 26.8% in 2010. The one on education was 3.8% in 2008 and the percentage of GDP spent on defense was 1%. The main activities: finance, tourism and logistics, represent 75% of GDP (Gross Domestic Product), which is growing steadily for over 20 years (1989).
From 2003 to 2009, GDP has doubled, helped by a rise in external and internal investments. Panama became a major exporter and importer regionally according to ECLAC.
Taxes in Panama
In Panama, ITBMS tax (= local VAT) of 7% is paid by the public shows, events, seminars, conferences, debates, presentations of artistic groups, professionals in general and sports pay the annual income of which exceed $ 36,000.
The import and sale of alcoholic beverages, as well as hotels, jewelry, weapons are taxed at 10% per ITBMS.
Derivative tobacco (as cigarillos and cigars) is taxed at 15% ITBMS.
Cable TV and satellite, mobile are taxed at 5% by the ITMBS.
According to Law 8 of 15 March 2010 reforming the tax code, air, sea and land transportation fleets and their passengers pay ITBMS.
Live in Panama, it's easier than you might think.
There are different residency VISA in Panama (friendly countries, investor, retiree, etc ...) But if you are not a resident, you simply go out and return to the country after three days.
The Panamanian laws are the same for all, Panamanian or foreign, and retirees are welcome.
To build, you file a building permit, there is no land use plan, enterprises are competent, and quick to implement.
Panama is a very cosmopolitan country with significant mixing from around the world. With the channel for over a hundred years, to the many Indian tribes. This mixture makes the wealth of this country at the center of the world.
The two largest oceans are separated by only 70 km, single configuration, offering large sandy beaches, bays, 3 exceptional archipelagos, islands, national park, then cool mountainous and volcanic areas.
A warm climate throughout the year, more humid Atlantic coast with clear waters and coral, few tidal range. More dry Pacific, the rich fishing grounds, greater tidal range.
A small country with great tourism opportunities, trade, economic, and has strong growth. Of kind and hospitable people who enjoy the French, a country where one does not feel political tensions, religious, where everyone in its business, a Latin country with these through, but that is completely open to the world and who demand that 'to receive it.
Real estate investment in Panama is safe, except in exceptional circumstances, a capital gain tax free or coercion, modern communications, a dynamic capital, a wide choice of real products, from the apartment to the house in secure complex beach house, property or natural environments jungle, subdivision and land development, home on the water and on stilts, a wide range is available to you.
The cost of living, albeit growing, is below the European or American level. Shopping centers to surprise you, food distribution centers worthy of what you used to know, furnitures, crafts, and many imported products, allow you to find all that you already know.
Retirement in Panama
In 2013, Panama and Ecuador were appointed by official bodies such as the two best places to retire. You can be "pensioner". With proof of your retirement, you get this status which allows you a large number of discounts on public services, or private, taxes and many other.
Some concrete examples:
- Economic growth between 7% and 10%,
- Prices lower than in Europe, 1/3 to 1/2 and less on vehicles and fuel,
- Direct and indirect taxation more reasonable, the maximum of 25% could be deducted from your income, the ITBMS is 7% to 15%
- Discounts of 20-30% made in pharmacies, doctors, restaurants etc ... for retirees,
- Learning 2 or 3 languages in one year for you and your children (French, English, Spanish).
Visit us and discover Panama
The many advantages on Taxes, Climate, Policy and Economics will seduce you and help you to come join us. Do not hesitate to make a living in Panama and you realize yourself.
Our real estate agent job in Panama is also to help you in your efforts.Contact-us