I've been told by a law firm in Panama that you have to hire something like 8 Panamanian employees for each foreigner you hire, I haven't been able to verify this online but something to be aware of...
Panama vs. UAE Residency: Is Panama Still Worth It?
- Thread starter gatrader
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It actually depends on the structure, for example if you go with the company investment route (160k in a business) you need to hire 5 locals and at least pay them a minimum wage for 2 years... On the other hand you can also ask for residency if you're an employee of a business but being a foreigner you can only be︀ part of up to 15% of the work force so you will need to hire︁ more people.
If someone is going to Panama, just invest 300k and enjoy the peace︂ of mind of not needing to do anything else. All other schemes are overcomplicated
If someone is going to Panama, just invest 300k and enjoy the peace︂ of mind of not needing to do anything else. All other schemes are overcomplicated
Yeah but I'm afraid most people here are not in the friendly nation list so that's why I didn't mention it. I'm in the friendly nation list and I didn't even need to do the investment, I just got a mortgage with a bank for a property priced over the mark and that's it.
One thing about the pension visa: it needs to︀ be certified by a pension manager so you can prove it's a lifetime pension... Which︁ btw if we follow the 4% rule that's a 300k investment, the 40k mortgage is︂ still cheaper (20% downpayment) if you're in the friendly nations list
One thing about the pension visa: it needs to︀ be certified by a pension manager so you can prove it's a lifetime pension... Which︁ btw if we follow the 4% rule that's a 300k investment, the 40k mortgage is︂ still cheaper (20% downpayment) if you're in the friendly nations list
Yeah you need to get a mortgage of a Panamanian bank for at least $200k, most banks will ask you for a downpayment of 20% so that's an initial investment of $40k, the rest you pay it in 15-20 years (most banks don't give 30yr mortgages to foreigners). You can do the process︀ either as a natural or as the beneficiary of a Panamanian private foundation (but be︁ aware that it's harder to get the mortgage that way, better to do it as︂ a natural).
Thanks!
Any idea if someone forms a company in Panama, and that company employs you,︀ how much does it cost? If I'm not mistaken you would need to pay social︁ security and maintain the company active until you get the permanent residency. This might be︂ another option where you don't need to buy a property, or have to deposit $200K-$300K︃ in bank for 3 years.
Any idea if someone forms a company in Panama, and that company employs you,︀ how much does it cost? If I'm not mistaken you would need to pay social︁ security and maintain the company active until you get the permanent residency. This might be︂ another option where you don't need to buy a property, or have to deposit $200K-$300K︃ in bank for 3 years.
I mentioned above that I have been told you need to hire multiple Panamanians for this to work, sorry I can't remember the exact number. Alternatively, I believe some service providers may provide you with︀ something similar to a "sponsored work permit" where they "hire" you, I have no idea︁ how straight forward, expensive or legal this is however. I sure wish we could bring︂ back the days of getting permanent residency for $5000 - what a deal that was!︃
I'm in this now.
If you add up lawyer, CPA, immigration, company, taxes on your "salary", etc. you quickly get to 10-12K. It's definitely one of the more expensive routes, but the company+work-permit allow you to get into business locally if you like and your 200/300K won't be stuck if at any point you decide Panama is not for you afterall. There's no need to hire any Panamanians unless you want to hire foreigners other than yourself.
Disclaimer: I'm from a friendly nation and still in the 2-year provisional phase, so I don't know if︀ this will truly end well. As 3 separate law firms offered me this route I'm︁ fairly confident that it will.
If you add up lawyer, CPA, immigration, company, taxes on your "salary", etc. you quickly get to 10-12K. It's definitely one of the more expensive routes, but the company+work-permit allow you to get into business locally if you like and your 200/300K won't be stuck if at any point you decide Panama is not for you afterall. There's no need to hire any Panamanians unless you want to hire foreigners other than yourself.
Disclaimer: I'm from a friendly nation and still in the 2-year provisional phase, so I don't know if︀ this will truly end well. As 3 separate law firms offered me this route I'm︁ fairly confident that it will.
Make sure they are telling the correct information: https://www.migracion.gob.pa/images/img2023/pdf/02.INVERSIONISTA_MACRO_EMPRESA.pdf Panamanian law has always said you︂ need to show the proof for:
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Copia autenticada por la CSS de la planilla,︃ con un mínimo de cinco (5)panameños por solicitante, devengando el salario mínimo establecido por ley,︄ de acuerdoa la región y rubro. La misma debe corresponder a uno de los pagos︅ efectuados dentro delos tres meses anteriores al mes de presentación.
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Unless they are telling︆ you to go with a special zone business (which in some cases could be just︇ 3 or none depending on the type of business), so be careful you're not doing︈ the expenses for nothing if the case is that you will get rejected.
Btw if︉ you're in the friendly nations list and don't want to get the funding tied... Then︊ why not just investing 200k in fixed terms with banks for 3 years and you︋ get your permanent residence? No need for extra expenses and you will get your funds︌ back plus a 5% APY (avg current rates)
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Copia autenticada por la CSS de la planilla,︃ con un mínimo de cinco (5)panameños por solicitante, devengando el salario mínimo establecido por ley,︄ de acuerdoa la región y rubro. La misma debe corresponder a uno de los pagos︅ efectuados dentro delos tres meses anteriores al mes de presentación.
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Unless they are telling︆ you to go with a special zone business (which in some cases could be just︇ 3 or none depending on the type of business), so be careful you're not doing︈ the expenses for nothing if the case is that you will get rejected.
Btw if︉ you're in the friendly nations list and don't want to get the funding tied... Then︊ why not just investing 200k in fixed terms with banks for 3 years and you︋ get your permanent residence? No need for extra expenses and you will get your funds︌ back plus a 5% APY (avg current rates)
- Zero tax on foreign-sourced income. There aren't even filing requirements if your income is all abroad. Panama has a specific exclusion so that foreign-sourced income is exempt even if the mind and management︀ here
Could you explain this a little further? (Maybe any specific law?) For example running︁ a US LLC from Panama would be "officially" tax-free in Panama, even if there is︂ a clear PE?
Could you explain this a little further? (Maybe any specific law?) For example running︁ a US LLC from Panama would be "officially" tax-free in Panama, even if there is︂ a clear PE?
I do, could you please pm me asap? I think I remember you mentioning a law firm in the past that were a bit expensive but you were satisfied with.
Can you share which company you are using for this data plan?
Can you share a reliable source about management︃ being in Panama because I heard otherwise from various other people
100% agree... Food ain't that cheap for what it is. Any︆ good restaurant to recommend in PC / David?
Can you share a reliable source about management︃ being in Panama because I heard otherwise from various other people
100% agree... Food ain't that cheap for what it is. Any︆ good restaurant to recommend in PC / David?
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