Multinational companies have been attracted by the globalization policies established in Panama in order to carry out their operations and logistic centers for the region, considering as well the array of benefits they obtain by doing so, since many incentive laws for the varied industries, such as the MCH (multinational company headquartes), companies in the Colon Free Zone, companies in the Panama Pacific zone, call centers for incorporation in Panama, among others.
In 1998 the Law of Investment Stability was passed (Law No. 54 of July 22 of 1998). Said law guarantees an equitable treatment to foreign investors as the one received by nationals in regards to investments and business practices. To invest in Panama, there are no restrictions in the incoming and outgoing capitals.
Another advantage that we can mention is the use of the US Dollar as legal tender, characteristic that avoids devaluations in international monetary transactions, that may affect the investors’ incomes. We also have the Tocumen International Airport and its Hub of the Americas featuring direct flights to the world’s most important cities.
The country’s main economic engine is the Canal, and the other one that boosted economic growth was investment in construction. This sector’s dynamic is characterized by the construction of skyscrapers, the increasing foreigners’ demand, and even due to the increases of public construction. Construction’s growth is backed-up by the growing banking credit.
Advantages to Retirees and Pensioned
Panama currently holds advantages for retirees and pensioned, for Panamanians as well as for foreigners, which benefit from discounts in commerces and even flight tickets. They also receive prioritized attention at certain establishments. There also exists a special definitive residency permit for foreigners that wish to live in Panama where they are granted import tax exemptions, among others.
Accessible Immigration System
In Panama there exist diverse options regarding availability of residency permits for those looking to live, work and invest in Panama. From the Foreign Professional Visa to the Residency under the Friendly Nations Visa, depending on your profile, you may obtain your immigration paperwork in an accessible manner. Panama urges investment and professional labor.
Investing in Panama
As we have previously mentioned, for certain fields there are incentives, however it is very important to mention emblematic figures that our country has when speaking of investment and their use for doing business, not only locally but internationally. Corporations (including those offshore) and Private Foundations in Panama offer foreigners and nationals a business option highly competitive above other countries. As a brief example, Offshore Companies are not obliged to declare or pay taxes in Panama as long as their business is ran outside the territory. As to Private Foundations, although they are not allowed to carry out business, they are a asset protection tool and are characterized for being a corporation-trust-and-will hybrid. Legally, all assets belonging to a Foundation are unseizable.
Areas to Live
One of the determining causes when deciding to move to another country is adapting ourselves to the new circumstances. Panama offers areas for all tastes, fresh mountain climate such as Boquete, Volcán and Altos del María; beach areas in the Pacific and the Atlantic since we have access to both coasts, and a city boasting skyscrapers, hotels and luxurious restaurants, and where you can fin high-end medical attention, malls and more.
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- Has one of the most important banking centers of the world
- Use of US dollar as legal currency, and the no existence of devaluations
- Political stability
- Economical stability
- Free of natural disasters as earthquake and hurricanes
- Tax privileges for real estate purchases and tax exemptions for different industries (tourism, manufacturers, logistics centers, call centers, free zones, etc.) and its establishment in Panama
- Most of the professionals and commercial and business establishments are bilingual
- Credit facilities
- Accessible labor for construction and raw material
- Options diversity in relation to housing and accessibility for all income types
- Entertainment options for all kinds of tastes (city, beach, mountains)