First, let’s qualify, I’m talking about a Look See Decide (LSD) visit…something I thoroughly recommend to anyone considering planting at least one flag in Panama. Which, interestingly, is probably the only country in the world where you could plant four out of five flags if you were to follow the Five Flag Theory including:
- Easy residency,
- Tax friendly business,
- High level of privacy, and
- Affordable fun.
The only flag where Panama falls short is in respect of getting citizenship/passport – and even that isn’t impossible as soon as you’ve been a permanent resident for five years.
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Having said all this, Panama is a third world country with 3rd world problems. We get our share of service disruptions, low-level crime and big bugs…but to make up for that, this tiny country in Central America offers:
An Escape plan without the commitment. You can activate your permanent residency status but keep it on ice and unlike many other countries there is only a compulsory 48-hour-in-country-every-two-years to keep your residency status activated.
Foreign income is not taxed. In other words, if you have monthly rental or pension income from your investments back home, you will not be taxed on these in Panama. Similarly, income from cryptocurrencies and other sources of foreign income – NOT taxed.
Solid investor confidence. In just about 10 years, Panama doubled the size of its economy, and besides the stability of the Panama Canal, the influx of retirees and libpreneurs from over the world keeps real estate investments booming.
As a Canadian-born location independent entrepreneur these are just some of the reasons I have made Panama my home for the past 12 years. In today’s video I give you more reasons why Panama remains a great option for anyone who wants freedom of establishment and free movement of capital.
There are many factors to consider when it comes to choosing a location that welcomes your business operations or financial investments in terms of banking, financial and legal regulations, ease of access, a pioneering approach towards alternative currencies and digital governance, residency options and lifestyle choices.
For me, and thousands of others, Panama ticks all the boxes.
If you’d like more information on where to start, send me a mail at firstname.lastname@example.org and let’s chat!
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