Being the safest country in Latin America, with a stable government and a tiny population, are three main reasons to relocate in Panama. Because of the Canal and the tax jurisdiction, there is a global interest in maintaining a secure investment climate throughout the Republic of Panama. Panama has experienced tremendous growth during the last two decades, attracting tourists and ex-pats from all over the world. Expats enjoy the country's sense of community, stability, and laid-back lifestyle. The inexpensive cost of living is a significant plus. International Living, a specialized publication, has named Panama the finest place in the world for retirees in 2022. The specialized magazine released its list of the finest retirement places in 2022. The highlights of moving to Panama are the facilities for retirees to gain permanent residence, the cost of living, and the social economics of each nation.
In this article, you will learn why retiring to Panama is the greatest option for you, how the lifestyle is there, and who can assist you by providing counseling on all types of support. So, stick together.
Why is Panama one of the finest retirement destinations?
This Central American country has a welcoming visa scheme for retirees. People acquire a permanent residence as a result of this program. They also receive various discounts. For example, they provide up to 15% off hospital costs, 15% off dental and ophthalmological exams, and 20% off doctor visits and necessary medications. Also, participants of Panama's retirement program receive two hefty tax advantages. They can import up to USD 10,000 in domestic equipment tax-free and buy a car every two years, also tax-free.
How is life in Panama?
Panama is a civilized country with all of the amenities and luxuries that one would expect from a developed country. It has a strong feeling of culture and tradition at the same time. High-rise residences can be found in the city center, as well as magnificent new condos and single-family projects, malls, and commercial districts located outside of the city. Because of the ease, many people who relocate to Panama choose to live in the city. One of the most significant advantages for anyone considering relocating to Panama is the availability of high-quality, diverse housing.
Panama also has a variety of excellent investment prospects for foreigners, and the government is highly accommodating to investors in terms of regulatory red tape. Panama is widely regarded as a safe place to live, with low levels of crime and violence. This makes it appealing to individuals searching for a location to retire or establish a family. Because the US dollar is the official currency of Panama, you won't have to bother about converting your money when you relocate to Panama, making your relocation much easier.
If you own a home worth at least USD 300,000, you will most likely be granted permanent residency in the country. After 5 years, you can apply for citizenship and acquire a second valid passport. You must have lived in Panama for at least the last two years to qualify. If you want to open a bank account in Panama, you must first get residence in the country. Once you have earned your residence in Panama, you will be able to take advantage of a variety of tax benefits, which may be useful for both retirees and those who are looking to settle here with their families. Retirees, women over the age of 55, and men over the age of 60 who live in Panama can also take advantage of law and discounts throughout the country.
What about immigration process?
There are many ways to move to Panama, depending on your circumstances, and this gives several advantages for individuals who desire to emigrate to Panama for a variety of reasons. You can apply for a Panama retirement visa, a student visa, a work visa, and other Panama visas such as a qualified investor visa or even citizenship by investment.
Talking about the Visa, here is another advantage. Panama provides global entrepreneurs with an 18-month visa. It permits a nine-month initial stay. After then, the visa can be renewed for another nine months. According to President Laurentino Cortizo, the Short-Term Visa is only for tourists who work remotely for multinational businesses. People who work in Panama or earn money by providing services to Panamanian enterprises are not eligible to apply for this program.
Now, one of the important parts. Relocation to a new country is hard to adjust for the first time. You will be needing proper consultations and support that will help you to establish yourself in Panama. This is where The Caporaso & Partners law firm will take care of you.
Caporaso & Partners Law Office
Caporaso & Partners is a law firm and OPM CORPORATION I that was founded in 1992. Giovanni Caporaso Gottlieb founded it. The firm is an expert in international relocation, paying fewer taxes, foreign residency and dual citizenship, banking disputes and blocked account recovery, contracts, offshore corporations, foreign companies, cryptocurrencies, and much more.
So, if you want to migrate to Panama without any complications, you should contact lawyer Giovanni Caporaso Gottlieb and his firm. Because they are the best for your support and can instantly solve any issue of obtaining your residence in Panama as well as any other question for a tax plan that allows you to pay fewer taxes.