Panama
anama has become the country of choice for many investors, retirees and Second/vacation home seekers searching for their own slice of paradise.
The country has grown in popularity due to the favorable treatment foreigners receive when investing or retiring in the country. The Panamanian government has put together one of the best financial packages in the world targeted directly to the growing number of US retirees. These incentives combined with one of the best economies in all Latin America secured its place as one of the best places in the world to retire. Some of the key advantages of investing in Panama include.
Currency
Panama uses the US dollar as its legal tender, virtually eliminating any currency exchange risks to foreign companies operating here. The country has maintained an annual inflation rate of just under 2 % for the last 40 years.
Panama Canal
The country has approved the 5.2 billion dollar expansion of the Panama Canal. This expansion will allow larger vessels to enter through the ports thus avoiding the 12,000 mile journey around South America. This project will provide a steady stream of income into the economy and create thousand of jobs for local and international engineers.
International Banking
Panama has one of the most modern and successful international banking centers in the world with more than 85 banks from 35 countries. Some of the banks present in Panama are HSBC, Bank of Boston, Scotia Bank, Citibank, International Commercial Bank of China, Dresdner and more.
Pensionado Program
Panama’s Pensionado Program (incentive program for retirees) is considered one of the best in the world and is not neccesarrily age related. Qualified pensionado/retiree will be entitled to discounts such as
- Separate (much shorter) lines in banks and public institutions
- Tax exemption to import a car every 2 years
- Import tax exemption for furniture, appliances up to US$10,000
- 25% discounts on utility bills
- 25% discount on airline tickets and 30% on other transportation
- 15% discount on loans made in your name
- 1% reduction on home mortgages for homes used for personal residence
- 20% discount on doctor's bills 15% on hospital services if no insurance applies
- 15% off dental and eye exams
- 10% discount on medicines
- 20% discount on bills for professional and technical services
- 50% discount on entrance to movie theaters, cultural and sporting events
- 50% discount at hotels during Monday to Thursday, 30% on weekend
Taxes
In an effort to increase foreign investment Panama has granted special tax incentives for national and foreign investors. Residents do not pay tax on foreign earned income. Currently select new construction buildings have an exoneration period of up to 20 years. Special areas within the historical district of Casco Viejo will be exempt from paying taxes for 30 years to increase restoration within this community.
Healthcare
Panama is ranked among the best countries in Latin America in healthcare. In March of 2006 Panama City celebrated the grand opening of Hospital Punta Pacifica. Hospital Punta Pacifica is the first facility affiliated with the prestigious John Hopkins Medical International in all Latin American and Caribbean regions.
Real Estate
Panama offers breath-taking locations such as Caribbean and Pacific waterfront property. Many people choose to reside in island, mountain and rainforest locations enjoying the tropical feel Panama has to offer. Property prices are reflective of Miami 10-20 years ago. Buying real estate in Panama is very similar to the way it is purchased in the US. Foreigners have the same rights and are treated equally when owning property in Panama.
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