There are different options for those who are seeking to become Panamanian residents or those who are evaluating Panama as a possible permanent residence.
On this occasion, we will focus on three different groups and will leave others for future articles. Let’s say you’re considering Panama because a) you want to work here, b) you want to establish a business here, or c) you want to retire here.
We keep saying “here”, because, although we provide our services both in Panama and abroad, through our international network of strategic allies, this cozy and tropical country between the Pacific and the Caribbean, is what we proudly call home.
a) Moving to Panama for work.
On this point, it is important to note that most visas granted to foreigners who are hired in our country are temporary. On the other hand, for a Panamanian company to hire a foreigner, it must comply with the 10% or 15% rule, that is, for every 10 Panamanian workers, the company can hire a foreigner, and regarding the 15%, these are foreign workers who are experts or technicians.
However, there are exceptions, as is the case of SEM (Multinational Company Headquarters), which is a very special regime that does not apply those restrictive percentages.
On the other hand, there is the Friendly Nations Visa, which allows you to apply for a temporary work permit for a term of 3 years, which makes it much more favorable for the foreigner who wants, for example, to start a business or simply work at any local company.
b) Creating your company in Panama.
Whether you’re starting a business from the ground up, bringing an already established company from your country, or even partnering with local entrepreneurs, our country offers you several types of companies that you can create, such as the limited partnership, the limited liability company and the most popular, which is the corporation.
It is very important that you secure the necessary legal advisory because your company must meet several requirements and thus avoid fines. Among these requirements is the attainment of an Operation Notice, which is nothing more than the communication made by the company to the Panamanian Government that it has begun to operate.
Simultaneously, you must register the company with the corresponding Municipality and also with the Social Security Fund and the General Directorate of Revenue.
c) Retiring in Panama.
Our country offers the foreigner who has already retired from his business or professional activity, a climate of stability and unparalleled security in the region. On the other hand, it offers a series of discounts on a multiplicity of goods and services, which will allow you to save and consequently enjoy even more your retirement or pension fund.
One of the most sought-after visas by pensioners is precisely the Pensioned Tourist Visa, because, apart from the discounts (these apply from the age of 60 for men and 55 for women), it also gives the pensioner the opportunity to import a vehicle for personal use every two years free of customs taxes and household goods up to a value of US$10,000 only once.
Moving to Panama is a big decision, and we would like that process to be as smooth and hassle-free as possible for you. At CLD Legal, we will guide you through everything, contact us today.