Question 1

Why Panama?

Accepted Answer

There are many opinions and reasons why Panama is a great country to visit, invest in or to live in. We are not regurgitating the different subjects here, but provide you with links to sites that are providing information. 
 
Undoubtedly one of the biggest assets of Panama is the beauty of it´s nature.  The diversity of it´s fauna and flora.  
 • Bocas del Toro and Panama in general has a large population of expats from all over the world. In Bocas del Toro live people from Australia, Austria, UK, Germany, France, Belgium, Netherlands, Spain, US, Canada, Croatia, New Zealand, Italy, South Africa, Argentina, Brasil, Chile, Venezuela, Columbia and more. A true melting pot of nations in a small community.
 • Panama is among Mexico and the Philippines among the top destinations. However, in the Philippines foreigners can not own property.
 • Although the oficial name of Panama´s currency is the Balboa, it is esentially the USD and you are not exposed to exchange rates.  The exchange rate is 1:1.  Panama does not print money, but have their own coins.  Coins although same size and shape as US coins, can´t be used in the US, Paper money yes.
 • Living in the Caribbean without the threat of Hurricanes.The only Hurricane to make landfall in Panama was hurricane Martha in 1969 (https://en.m.wikipedia.org/wiki/Hurricane_Martha)and it weakend considerably before making landfall. 
 • Panama has 7% Sales Tax , there is NO TAX on Food Items, unless consumed in a restaurant.
 • Retired Panama citizens and legal residents enjoy discounts for many services. Men over 60 years and women over 55 are eligible for discounts on transportation, restaurants (except for alcohol), medication, hotels, public events etc.
50% admission discount for all public events, theatres, movies, concerts, sports events, etc.
30% in public transportation, buses, trains, boats
25% on domestic and international flights that originate in Panama
50% hotel discounts from Monday through Thursday
30% hotel discounts from Friday through Sunday
25% discount on meals in restaurants
15% in fast food chains
15% for services reiceived in Hospitals and Clinics
20% in pharmacies for medication
20% for professional service
25% electric bill up to 600KWh per month
50% discount in airport taxes and fees
20% discount for medical consultation
15% discount dental visits
15% discount at the optometrist
 
International Living(https://internationalliving.com/countries/panama/)
British Chamber of Commerce(https://britcham.com.pa/why-panama/)
 
Smithsonian Institute(https://stri.si.edu/why-panama)
Wikipedia(https://en.wikipedia.org/wiki/Panama)

Question 2

Is it difficult to obtain a Residence Visa in Panama?

Accepted Answer

There are several different types of residence visas in Panama.
 
 • The Friendly Nations Visa is simple to obtain.  Some of the Countries you are considered Friendly Nations are The USA, Canada and Countries of the European Union.
 • Retirement Visas and the list goes on.
 
We recommend to check out the link provided here for further information

Question 3

Property Taxes in Panama?

Accepted Answer

The first table, which applies to all the properties that havebeen registered as Private Residence, establishes the following:  A. 0% all property with a value up to 120,000 dollars (tax exemption).  B. 0.5% all property with a value from120,000.01 to 700.000 dollars.  C. 0.7% all property with a value over 700,000.01 dollars.
  Then there is a second table for secondary residences, commercial and industrial properties: A. $0 – $30.000 = exonerated  B. $30.001 – $250.000 = 0.6% tax rate  C. $250.001 – $500.000 = 0.8% tax rate  D. $500,000 + = 1.0% tax rate

Question 4

Is Panama politically stable?

Accepted Answer

Since the removal of dictator General Manuel Noriega, during the US invasion in 1989, Panama enjoys a democracy.
Elections are every five years and the presidency is limited to one term.

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