Golden Visa & Residency by Investment
Strategically positioned between Central and South America, Panama is a global center for international banking. Significant seaborne trade — the result of the Panama Canal, connecting the Atlantic and Pacific oceans.
Banking
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Panama Residency
Panama is a country that offers several residency programs. If you are interested in obtaining a residency in this tropical heaven it will save you lots of money on taxes. That’s probably one of the biggest reasons why Panama is so popular with more and more foreign entrepreneurs rushing to settle there.
Route to Panama residency:
The Republic of Panama is a country located in the southeast of Central America, on the isthmus of Panama that unites South America with Central America. It borders the north with the Caribbean Sea, the south with the Pacific Ocean, the east with Colombia and to the west lies Costa Rica. Its mountainous territory is only interrupted by the Panama Canal that connects the Pacific Ocean with the Caribbean.
It has a population of over 4 million inhabitants, with half living in the metropolitan area of its capital, Panama City. Its official language is Spanish. Its legal tender currencies are the US Dollar (USD) and the Balboa (PAB), which is pegged to the Dollar at a 1:1 ratio.
On 18’th April 2013, Greece introduced Law 4146/2013 giving Non-EU citizens and their family members the right to obtain Residency Permits by investing in Real Estate in Greece. The allowance for these types of residency permits has been integrated into the existing Law 3386/2005 “Entry residence and social integration of third-country nationals in Greece.”
According to Article 36A of the Law, a five-year Residency Permit can be granted to Non-EU citizens who own or purchase real estate in Greece, the value of which exceeds 250,000 euro.
In July 2015, Greece introduced new amendments to Law 4251/2014 under the Law 4332/2015, giving Non-EU citizens the right to obtain citizenship if they reside in Greece for 7 consecutive years, providing they stay in Greece for a minimum of 180 days for each year.
Panama’s tax regime is territorial, this means that Panama will tax all income that is sourced locally, regardless of residency status. This presents a great advantage for foreign investors and digital nomads, as their income most likely is sourced outside of Panamanian territory, thus their income tax will be 0%.
No requirement to have a work permit if your job is done remotely for a foreign company, this applies if you own your business too.
The local currency is the US Dollar, so your assets held in local banks will be protected from drastic currency fluctuations.
In Panama, to be consider a tax resident, the interested person can opt to comply with one of the following requirements:
- spend 183 days in Panama, or;
- Proof to the tax office that they have strong links with the country that they do not have with any other country.
You can make a case for the latter by becoming a resident of Panama, having a physical address (that could be a long-time rental), and certifying that you hold businesses in Panama. This requirement might seem elaborate but is very simple with the assistance of a qualified attorney.
Contact
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Tamani Arts Office Towers
1009 Al Asayel Street
Dubai, UAE - +1-888-477-4370
- info@grsvcs.com