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Panama-Italy Friendship Treaty - Path to quick Permanent Residency in Panama

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OCT2023

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Being tax resident from Panama's perspective is very easy, but much less easy from Italy's‌ perspective.

183 days, No connection with Italy anymore, Real domicile in Panama, center of interest,‍ demonstrable continuous presence in the territory etc...
 
How beneficial is a Panamanian Permanent Residency if one doesn't plan to live there ...‌ only good for a Plan B? Banking? Real Estate?
 
You can have a permanent residency easily, but to be "tax resident" from Italy side‌ you need to fulfil other requirements.
Also keep in mind, if your residency in is‍ Panama, you may want to be able to prove your actual time spent there.

Panama doesn't really care of course, but Italy will.
 
How beneficial is a Panamanian Permanent Residency if one doesn't plan to live there ...‌ only good for a Plan B? Banking? Real Estate?
Is the Permanent Residency even worth pursuing if there's no⁤ plan to live in Panama?
 
I have been on contact with couple of lawyers who offer a‍ setup where you do get permanent residency there, but you do not live there. You⁠ would live and have tax residency in another country. You would then invoice clients from⁤ panama and just a little bit from your country, to have a low profile.

According to them, this is completely legal from a 1927 law since there is no obligation⁣ of disclosure from panama, and CRS is only used for crime investigations.

Any thoughts? I⁢ am trying to figure out if this is true
 
thats very old thing︀ working under friendly nations program.
its only legal for Panamas side (of course) but not︁ if you live in Italy 364 days a year for example but if youre a︂ nomad its ok.
Panamas lawyers have been hacked/targeted notoriously and its data leaked putting ppl︃ into big mess bc it was so popular.

so it may or may not be︄ working is the answer 😉
 
well sorry⁤ i wasnt interested on the italian side, i would be in a different country in⁣ EU. But regardless, i would have some tax residency somewhere, and not in Panama, so⁢ my issue would be with that country.

Lawyers show smth like 15-20 years of experience︀ so in theory that should be one thing.

However I still don't get if this︁ is evasion or simply avoidance and it's completely legal. Like, not obligation to declare makes︂ me think this is legal, but not declaring makes me think is it not.
 
in eu its certainly almost everywhere not legal.
Only in a non-dom or territorial country can this be cool (not always tho). Id could︀ think of cyprus or malta which work but idk about the eu side of things.︁
Or you nomad 3m spain, 3m italy, 3m france and 3m uk or whatever.
 
well it⁤ doesn't really need to be 3m in each, its more important that its less than⁣ 183days in any. So in theory you could spend 182days in one, 182days in another⁢ and one day traveling.
 
Please do NOT try⁠ this if you are or were a resident or citizen of ANY of those countries.⁤
The tax thieves will go to court with a bunch of witnesses who will testify⁣ under oath that you spent longer than 182 days (forget all that crap/fairy tale about⁢ your "evidence") and that your mens rea was tax evasion. I've seen it happen to︀ +dozens of people.

Of course, if you are Greek and have NEVER been a resident︁ in Spain, Italy, France, or Germany, and you do 3 months in each...nothing will ever︂ happen ***UNLESS*** you violate the dictum: "There are NO mutes in prison." 😉
 
Why is that a problem? you‍ are free to live where you want within the EU you don't even need a⁠ permission you can just settle where you want?
 
Yes, but you have to pay the TAXES!
If you live⁠ in Country A and pay taxes there for X years and then move away for⁤ Y years and return to Country A, I've seen them come after the person saying⁣ they "actually" never left. "They just went to cash out their crypto or sell a⁢ business or whatever; therefore, they owe taxes on the years they were NOT there."

Even if you win, you lose. No amount of stress is worth it. A battle with︀ useless, unproductive henchmen/House N***** under the ruse of government is NEVER EVER worth it!︁ Besides, all the legal fees and penalties you might have to pay may exceed your︂ wealth!

I can go into more detail, but if you read Ho Chi Minh's works,︃ you will see that he was pretty good at forecasting what we are experiencing today!︄

Stay OUT of the web of the TAX THIEVES! 😉
 
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