ADVANTAGES AND PROPERTIES IN PANAMA:

 

Panama is one of the safest countries to retire and invest for the following reasons:

  • In 2009, the Panamanian economy grew at a 3.1% in the year 2009 primarily because of a surge in the sectors of construction, transportation, warehousing and communications and due to the Canal’s revenues in spite of a reduction in the transit of ships and due to Mining and Quarrying despite the stay of concessions.
  • In 2009, 5,593 constructions permits were issued in Panama City which is about 4535.2 million square meters with a planned investment of U.S. $ 1394.7 million.
  • The hotel and tourism industries had a growth of 6.5% compared to 2008.
  • Agriculture, mining, livestock, and reforestation with modern techniques are activities that the government plans to promote.
  • The weighted average mortgage rate is 6.75% for 2009.
  • The investment grade given to Panama by the rating companies S & P and Fitch is "BB +" which indicates the ability of government entities to timely meet its obligations for the issuance of securities and other financial obligations. It is estimated that by 2010 the rating will be higher, similar to that of best rated countries such as Chile, Brazil, Mexico and Peru.
  • According to art. 1171 of the Tax Code the U.S. Dollar is the legal currency in Panama. Banks shall to assume a supporting role to the free and smooth circulation of U.S. banknotes in Panama as a way to ensure at all times the legal currency in this country.
  • Since 2007 those multinational companies conducting operations from Panama intended to provide services to its Parent company, subsidiaries or affiliated companies or either setting their headquarters in Panama shall be eligible for tax exemptions and immigration benefits.
  • The Panamanian banking system has 91 banks with general and international license both of foreign and Panamanian capital.
  • Panama is the first country to legislate e-commerce with the support of public and private sectors. The public sector is replacing the use of papers, stamps and handwritten signatures for digital documents, signatures and orders/decisions of the government through the internet (e-government). In the private sector e-commerce has been implemented in some supermarket chains, banks and companies in the Colon Free Zone.
  • Thanks to investment in basic telecommunications infrastructure the broadband access is fast due to the internal fiber optic cabling and fiber optic commercial infrastructure that cross the Panama Canal.
  • Low property tax rate compared to other countries. 20 years exemption in new homes.
  • Residents and companies do not pay income tax for royalties, interests or any income that comes from abroad.
  • There is a network of international flights. It only takes 3 hours from Miami / Caracas to Panama.

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