Panama is an international center for banking, insurance, finance and shipping. Hundreds of thousands of corporations from around the world are established here and enjoy Panama’s offshore tax-free status and strict regulatory and confidentiality protection.
Panama is well located geographically for conducting business. It is in the Eastern Time Zone and is easily accessible by air.
Panama City is a first world, modern metropolis with a skyline that has been described as being a mini-Manhattan. Its shining new skyscrappers rise majestically into the sky.
The Panamanian government is securely democratic and its monetary system uses the U.S. dollar.
Panama has taken active steps to attract foreign investments with its world class banking community, now consisting of approximately 140 banks. Panama has put into place laws and systems that favor the establishment of offshore corporations, known generally as international business companies.
Panama's banking privacy and corporate secrecy laws provide a measure of safety, security and secrecy that one cannot find today in many jurisdictions, particularly in the United States.
Panama is a safe place in which foreigners and citizens alike can walk the streets without fear. Panama is not affected by hurricanes or earthquakes. The weather is warm, with Panama City enjoying a moderate 82 degree temperature year round. Up near the Costa Rica border, the temperature is so mild that neither air conditioners nor heaters are used at any time during the year.
Panama's prices are a fraction of what they are in the United States. Furthermore, Panama has established a program to attract Americans to Panama for retirement. This factor will grow in importance as more and more baby boomers add to the ranks of the retired, finding that the prospect of living another thirty or forty years after retirement will most likely exhaust what retirement benefits they currently have in place.
Panama's retiree visa program clearly makes it the destination of choice over Mexico and Costa Rica. The infrastructure in Panama, in part the legacy of 80 years of U.S. administration, is excellent. One can drink the water out of the tap and the taste is very good.
Many people are concerned about health issues and the quality of medical and dental care in a foreign country. In this respect, you can put your mind at ease. A very, very large percentage of the doctors and dentists in Panama are U.S. trained. The nurses are very professional and well trained. As an example of the price and quality of dental care that one can receive in Panama, Richard recently had eight veneers fitted by a U.S. trained Panamanian dentist who speaks excellent English. The cost for the work in the U.S. would have been $14,000. The work in Panama was done for $4,000.
The government of Panama offers a number of benefits to those seeking a second home or a retirement property. Foremost is the moratorium on property taxes on new construction for up to 15 years from the date of occupancy. This can amount to many thousands of dollars in savings each year. There is also a very substantial discount on products and services for those qualifying for a visa under the pension program. If you can show an income from a foreign source exceeding $600 a month you can qualify. Here are a few of the many benefits.
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50% discount at most recreational activities such as movies and sporting events.
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30% discount off public transportation (including buses and ships)
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25% discount off Copa/Continental airline flights
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50% discount off hotel stays on weekdays...30% on weekends
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25% discount at restaurants (does not include alcoholic beverages)
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15% discount at fast food restaurants
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10% discount off prescription drugs
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20% discount on doctorʼs visits
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15% discount on dental work
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25% discount on your electric bill (on the first 600 Kwh consumed)
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25% discount on your phone
