Panama vs. UAE Residency: Is Panama Still Worth It?
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Sure, same point of my comment but let's change the phrasing to: "Get salty all you want I don't give a s**t cuz I don't live of convincing people of entering my "inner circle" like every other cult so I don't care if people want to live or not in an specific place."
The only thing I cared about was correcting your false statements about a panama residence with the examples you gave so others have the correct information and at least there are users like @JackAlabama who have more knowledge about it and can say something without︀ entering into fallacies like you
The only thing I cared about was correcting your false statements about a panama residence with the examples you gave so others have the correct information and at least there are users like @JackAlabama who have more knowledge about it and can say something without︀ entering into fallacies like you
Wrong.
The Inner Circle is for former DLS Dubai Clients - my bad I "convinced" them already in the past.
What's wrong with making existing clients aware of an Inner Circle so that they can have a straightforward and well filtered way of communication and exchange at the same time allowing me to share what I'm personal doing.
I see you have︀ adopted the Latin American ignorance already quite well and you are perfectly parked in Panama.︁
For everyone who actually reads this - don't underestimate the Panama drawback to your Financial︂ Institutions and in General to your wealth. Even when you send a EUR SWIFT Transfer︃ with a Switzerland Bank having a Panama Address or Company on file can lead to︄ issues in the Correspondent Network.
Just ask yourself what's the potential issue to your Financial︅ Institutions and Investments having a Residence in a Country which is since almost a half︆ decade on the FATF Grey List and Black List of the EU+ situated in South︇ America.
If you want to live in Panama - go ahead and do so why︈ not? But I strongly advise you to not connect Panama to your Financial Institutions and︉ Investments - get another Residence for the Banking side of things.
The Inner Circle is for former DLS Dubai Clients - my bad I "convinced" them already in the past.
What's wrong with making existing clients aware of an Inner Circle so that they can have a straightforward and well filtered way of communication and exchange at the same time allowing me to share what I'm personal doing.
I see you have︀ adopted the Latin American ignorance already quite well and you are perfectly parked in Panama.︁
For everyone who actually reads this - don't underestimate the Panama drawback to your Financial︂ Institutions and in General to your wealth. Even when you send a EUR SWIFT Transfer︃ with a Switzerland Bank having a Panama Address or Company on file can lead to︄ issues in the Correspondent Network.
Just ask yourself what's the potential issue to your Financial︅ Institutions and Investments having a Residence in a Country which is since almost a half︆ decade on the FATF Grey List and Black List of the EU+ situated in South︇ America.
If you want to live in Panama - go ahead and do so why︈ not? But I strongly advise you to not connect Panama to your Financial Institutions and︉ Investments - get another Residence for the Banking side of things.
It seems that you have a lot of knowledge about UAE, but︈ you should accept that you're not in a position to talk about Panama at all.︉ For starters, you keep referring to Panama and El Salvador as countries in South America,︊ which is the first sign of extreme ignorance about the region.
Other than that, and︋ again, I understand that you have lots of happy (ex) clients in the UAE, so︌ maybe you should stick to UAE affairs.
Other than that, and︋ again, I understand that you have lots of happy (ex) clients in the UAE, so︌ maybe you should stick to UAE affairs.
Not less guys were relocating from Panama to the UAE - and men what I have seen here - unbelievable -︀ that's were I#m coming from.
El Salvador was an example because they were shilling as︁ the Blockchain Paradise here and in General since 2020/2021.
I thought I do something good︂ for the people considering Panama but it looks like it's not well seen here.
All good and all the best.
El Salvador was an example because they were shilling as︁ the Blockchain Paradise here and in General since 2020/2021.
I thought I do something good︂ for the people considering Panama but it looks like it's not well seen here.
All good and all the best.
I seriously don't know if you are just straight stupid or are just trolling me by acting as if you don't understanding the point of the comment.
Again, tell me you have︃ never send a wire from there without telling me, all serious business providers in Panama︄ already have bank accounts in Switzerland (but being fair most of them are just using︅ cimbanque and seba and we all know they open accounts to everybody basically)... Plus I︆ have said multiple times that Panama is not for people who want to keep doing︇ their life in/with Europe
EXACTLY!!! That's why I said that comparing both and calling︊ them countries in South America just shows all the knowledge he has about the region.︋ Which is actually ok, it's impossible to know everything about everywhere, that's why I for︌ example don't talk as an expert about the UAE because I'm not but while I︍ talk a lot about latam because I almost have almost 20yrs of doing international businesses︎ in Latam so I know pretty well how this region works.
It will be something good if you don't constantly fall into fallacies when someone corrects you. It's when you start saying stuff without knowing when it becomes a problem.
Again, tell me you have︃ never send a wire from there without telling me, all serious business providers in Panama︄ already have bank accounts in Switzerland (but being fair most of them are just using︅ cimbanque and seba and we all know they open accounts to everybody basically)... Plus I︆ have said multiple times that Panama is not for people who want to keep doing︇ their life in/with Europe
EXACTLY!!! That's why I said that comparing both and calling︊ them countries in South America just shows all the knowledge he has about the region.︋ Which is actually ok, it's impossible to know everything about everywhere, that's why I for︌ example don't talk as an expert about the UAE because I'm not but while I︍ talk a lot about latam because I almost have almost 20yrs of doing international businesses︎ in Latam so I know pretty well how this region works.
It will be something good if you don't constantly fall into fallacies when someone corrects you. It's when you start saying stuff without knowing when it becomes a problem.
Gents we have already determained Panama works really well for N and S America. Dubai people and s**t hole Euro people can stay on there side and have no business to talk horseshit about Latinos. I am from Europe originally but I have no desire going back. Last time Ive checked Dubai was also on a gray list f**k that place in the desert highly controlled by camel riders. I feel free in Mexico, Panama, Columbia, Venezuela, US all are still great places and I live here ZERO tax. Can you do than it Dubai? and besides the desert I have Mountains, Surfing, Fishing, world︀ class restaurants with chefs from Italy, Spain, France, Germany. Anything and everything is doable and︁ accessible from Panama or with Panama residency believe me I have several but use Panamanian︂ for most everything without any issues. Unless you like glamour of Dubai, heat and sand,︃ cameras and control over your a*s as well as your bank accounts and your money︄ belong to the Sheikh as soon as it land on that UAE account go for︅ it you have my blessing.
Sending wires from Germany or Austria to panama is almost︆ impossible we know what so what? Do you know hoe many Germans and Austrians living︇ in panama? And they all found a way around EU horseshit, basically you can solve︈ any issues form Panama or with Panama residency finally the biggest Jewish community outside of︉ Israel have control of all the major infrastructure here including bank so everything is well︊ calculated. Enjoy your day but in a different cave this is for Latinos here you︋ know s**t about this culture and people your disrespect is not welcomed. BUY
Sending wires from Germany or Austria to panama is almost︆ impossible we know what so what? Do you know hoe many Germans and Austrians living︇ in panama? And they all found a way around EU horseshit, basically you can solve︈ any issues form Panama or with Panama residency finally the biggest Jewish community outside of︉ Israel have control of all the major infrastructure here including bank so everything is well︊ calculated. Enjoy your day but in a different cave this is for Latinos here you︋ know s**t about this culture and people your disrespect is not welcomed. BUY
Are you sure about the " exclusion so that foreign-sourced income is exempt even if the mind and management here" I was doing a lot research about it and looks like you do need to pay tax on foreign income if the work was performed in Panama. For instance, if you still actively managing your online business you need to pay 15% tax. Correct︀ me if I'm wrong.
here's the source: US Tax Preparation in Panama - Understanding Taxes︁ in Panama | US Expat Tax Service
"Services and fees paid or accrued to individuals︂ and to resident corporations are not subject to income tax, except payments on dividends distributed︃ from retained earnings arising from Panamanian-source income.
Services and fees paid or accrued to foreign︄ corporations for work done in Panama are subject to income tax withholdings at corporate tax︅ rates. Services and fees paid or accrued to non-resident individuals for work done in Panama︆ are subject to income tax withholdings at a 15% flat rate.
Interests, commissions, royalties or︇ technical assistance fees paid to foreign recipients are subject to withholding tax. The income tax︈ withholding is at the regular rates for individuals or corporations but only on 50% of︉ the amount of income received by the recipient."
here's the source: US Tax Preparation in Panama - Understanding Taxes︁ in Panama | US Expat Tax Service
"Services and fees paid or accrued to individuals︂ and to resident corporations are not subject to income tax, except payments on dividends distributed︃ from retained earnings arising from Panamanian-source income.
Services and fees paid or accrued to foreign︄ corporations for work done in Panama are subject to income tax withholdings at corporate tax︅ rates. Services and fees paid or accrued to non-resident individuals for work done in Panama︆ are subject to income tax withholdings at a 15% flat rate.
Interests, commissions, royalties or︇ technical assistance fees paid to foreign recipients are subject to withholding tax. The income tax︈ withholding is at the regular rates for individuals or corporations but only on 50% of︉ the amount of income received by the recipient."
You're wrong. 😀
This is my reading of the︈ above:
- 1st part: If as a Panamanian resident, you don't have Panama-sourced income, there's︉ no taxes
- 2nd part: If you are KPMG or some international corporation with work︊ being done inside Panama, remittances back to the international corporation would be subject to withholding︋ taxes. Same goes if you're not a Panama resident and doing work from here. You'd︌ be subject to 15% withholding taxes
- 3rd part: It's related to things like interest︍ earned inside Panama by a non-resident
So the 2nd and 3rd part are for non-residents︎ mostly.
1st part confirms there's no taxes for us. 😉
This is my reading of the︈ above:
- 1st part: If as a Panamanian resident, you don't have Panama-sourced income, there's︉ no taxes
- 2nd part: If you are KPMG or some international corporation with work︊ being done inside Panama, remittances back to the international corporation would be subject to withholding︋ taxes. Same goes if you're not a Panama resident and doing work from here. You'd︌ be subject to 15% withholding taxes
- 3rd part: It's related to things like interest︍ earned inside Panama by a non-resident
So the 2nd and 3rd part are for non-residents︎ mostly.
1st part confirms there's no taxes for us. 😉
Nice, so you're saying that if I have︁ my pass-through LLC in the USA and I reside in Panama I'd pay 0% tax?︂
The only thing I'm not 100% sure about is while living in Panama, with a︃ USA or UK pass-through LLC/LLP, do you have to pay tax on the money you︄ would transfer from your US/UK bank account to a Panamanian bank account for rent and︅ food. And the rest of the profits for instance you'd keep in the US/UK personal︆ bank account and it won't be taxable since the money never went to Panama.
The only thing I'm not 100% sure about is while living in Panama, with a︃ USA or UK pass-through LLC/LLP, do you have to pay tax on the money you︄ would transfer from your US/UK bank account to a Panamanian bank account for rent and︅ food. And the rest of the profits for instance you'd keep in the US/UK personal︆ bank account and it won't be taxable since the money never went to Panama.
U.S. and U.K.︀ SMLLC is one of the most common structures used.
You don't have to pay any︁ tax on the funds transferred to a Panamanian bank account. You're confusing this with Thailand's︂ new tax laws, which does tax remittances to your local bank account.
In the case︃ of Panama, funds transferred from your U.S./U.K. SMLLCs to your Panamanian bank account would not︄ be subject to taxes.
You don't have to pay any︁ tax on the funds transferred to a Panamanian bank account. You're confusing this with Thailand's︂ new tax laws, which does tax remittances to your local bank account.
In the case︃ of Panama, funds transferred from your U.S./U.K. SMLLCs to your Panamanian bank account would not︄ be subject to taxes.
Got it. I created a thread about it and Don (staff member) is saying the opposite you need to pay tax though if you reside in Panama and it is a central management of a foreign company. check out the last messages here in my post > Panama tax residency w/US C-Corp
If you have a U.S. SMLLC, it's a pass through entity for tax purposes.
If the U.S. SMLLC has entirely foreign-sourced income and distributes all of the funds to you, a Panamanian resident, there's no taxes.
I don't have a Panamanian corporation but regardless, tax resident != taxes︀ owed.
You could be a tax resident in Cayman. It doesn't mean there's taxes owed.︁
If the U.S. SMLLC has entirely foreign-sourced income and distributes all of the funds to you, a Panamanian resident, there's no taxes.
I don't have a Panamanian corporation but regardless, tax resident != taxes︀ owed.
You could be a tax resident in Cayman. It doesn't mean there's taxes owed.︁
Got it, so to summarize for everyone who might be looking for this in the future:
If you're European (non-US citizen/resident) living in Panama and have a US SMLLC serving USA clients over the internet (service-based freelancing,︀ marketing, websites etc.) and all the money flows to your personal bank in the US/Panama/︁ you don't owe any tax in Panama nor in the US?
If you're European (non-US citizen/resident) living in Panama and have a US SMLLC serving USA clients over the internet (service-based freelancing,︀ marketing, websites etc.) and all the money flows to your personal bank in the US/Panama/︁ you don't owe any tax in Panama nor in the US?
Yes Argentina is safe, you just need to check the murder/criminal rates and you will see that is way safer than most Latam countries and the US... Of course, if you're going to be the classic european tourist who thinks the world is a rainbow then the probabilities of you getting mugged will go to the moon but that's like everywhere to be honest
Thanks
I'm sure I'll know how to stay away from trouble, the ones that get mugged, even while traveling in Europe, are Scandinavians. They seem to have a magnet for scammers and burglaries (my three Scandinavian︀ neighbors have all been robbed while sleeping in their homes with the windows opened, some︁ of them twice, and it's a gated community, welcome to Spain!)
I'm sure I'll know how to stay away from trouble, the ones that get mugged, even while traveling in Europe, are Scandinavians. They seem to have a magnet for scammers and burglaries (my three Scandinavian︀ neighbors have all been robbed while sleeping in their homes with the windows opened, some︁ of them twice, and it's a gated community, welcome to Spain!)
What if its a service provided in another country (not US or in Panama) like accommodation or a cruise, is it taxable from the US side?
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