This vibrant country holds a strategic position that has been a melting pot of cultures since the construction of the famous French Canal.
The Panama Canal is a vital economic engine, with over 14,000 ships carrying 300 million tons of goods passing through it every year, representing 5% of world trade.
For those considering import-export business in the region, Panama boasts 20 Free Trade Zones, with 11 currently active. These zones host 116 companies, primarily operating in Free Zone Corozal – Marpesca, S.A. (34), Panapark (23), and Free Zone Albrook (19).
Furthermore, the Free Zone of Colon, with over 70 years of existence, ranks as the world’s second-largest free zone after Hong Kong, located on the Atlantic coast of Panama.
Panama maintains a strong trade relationship with the United States, its main commercial partner. Its economy is based on the US dollar, simplifying transactions and bank account setup for residents.
Speaking of banks, Panama’s institutions are robust, highly liquid, and well-capitalized compared to those in the West. This financial stability instills confidence and security in investors.
The ease of establishing a second residence in Panama is astounding. Depending on nationality, investment, or higher education, applicants can opt for temporary or permanent residency.
Interestingly, depending on the type of residency applied for, living in Panama may not be required to obtain it. This flexibility means no need to own a property in the country, offering great convenience.
Regarding taxes, Panama operates with a territorial system, exempting commercial activities conducted outside its jurisdiction from taxation. This presents significant tax advantages for investors.
For those seeking quality healthcare near North America, Panama shines as a medical tourism destination. Its healthcare system features skilled professionals, trained in the US, and excellent medical facilities.
The tropical Panamanian climate is another attractive factor: consistently warm and stable throughout most of the year. Ideal for those seeking to escape colder climates and enjoy pleasant tropical weather.
Which residencies can you apply for in Panama?
Panama offers two types of residencies to consider: permanent or temporary. Both require an approval time of 3 to 6 months.
The fastest options include:
- Residency for Pensionados/Jubilados (Retirees): If you are retired or receive a lifetime pension from a government, entity, or public company, totaling at least $1,000 monthly, you may qualify for permanent residency in Panama, with customs benefits and discounts on public and private services.
- Residency as a Friendly Nations Visa: Citizens of over 50 countries listed as «friendly nations of Panama» may apply for expedited permanent residency by meeting certain criteria, such as investing in a $200,000 property or demonstrating economic solvency.
- Panama-Italy Agreement: for those with Italian citizenship, grants permanent residency with the sole requirement of being of this nationality.
Panama also offers residencies for foreign professionals, parents of children born in the country, and investors interested in reforestation projects, among other options.
It is essential to have a Panamanian lawyer with immigration and visa expertise handle the residency process, as conditions and requirements may vary. If you need more information, feel free to contact us for personalized advice.
In summary, Panama provides a range of attractions for those interested in establishing a second residence in a country with a solid economy, reliable financial system, and pleasant tropical climate.
Seize this opportunity to invest in the future and enjoy all that Panama has to offer!
