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GENERAL INFORMATION ABOUT PANAMA

VISAS FOR RETIRED OR PENSIONED PERSONS IN PANAMA

- PANAMA PENSIONED TOURIST'S VISA

- PANAMA RETIRED PENSIONER'S VISA

- THE SIMPLE OR MULTIPLE RETURN VISA IN PANAMA

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PANAMA OFFSHORE CORPORATIONS

PRIVATE INTEREST FOUNDATIONS IN PANAMA

PANAMA OFFSHORE BANK ACCOUNTS

REAL ESTATE PROPERTY IN PANAMA

 
   

 

 

 

VISAS FOR RETIRED OR PENSIONED PERSONS in Panama

Panama’s immigraiton laws have created two types of visas, easily available to pensioned or retired foreigners, to enjoy life in this country, after retirement.

Both visas grant the status of Resident and some tax exemption benefits. One is called Pensioned Tourist’s Visa, and the other is called Retired Pensioner’s Visa.

PANAMA PENSIONED TOURIST'S VISA

Grants the right to reside in Panama, indefinitely, as long as evidence is filed that applicant receives a pension, sufficient to pay for his expenses in the country, for a monthly minimum amount of USD 500.00 or its equivalent in any foreign currency, plus USD 100.00 for each dependant.

These amounts may be increased after revision, according to cost of living indexes, by resolution of the Executive Body. This increase would not affect the rights of those persons who already have been granted the visa.

PANAMA RETIRED PENSIONER'S VISA

Grants residence in Panama for a 5-year period, which may be prorogued, as long as applicant can prove that he has enough to pay for his expenses in the country, for a minimum monthly amount of USD 750.00 plus USD 100.00 for each dependant, exclusively as product of a fixed term deposit in the National Bank of Panama (Banco Nacional de Panama), in the concept of interests.

The fixed term deposit shall be kept free from encumbrances or warranties and should be maintained for the 5-year period and so on, as long as the person may want to keep the visa. (At the moment, a fixed term deposit for the amount of USD 203,000.00 is enough, but this amount varies all the time, depending on the interest rates).



 

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The Retired Pensioner’s Visa also offers the benefit of a special passport of the Republic of Panama but without granting the Panamanian nationality.

Both visas give the following benefits:

1-

No income tax is paid in Panama for the pension received nor the interest gained from the fixed term deposit

2-

Tax free importation of new or used household goods for up to USD 10,000.00

3-

Tax free importation of a car, for personal or family use, every two years

4-

All benefits given to Panamanian retired persons by Law No. 6 of 1987 (discounts in restaurants, hotels, and some tax benefits)

5-

No obligation to pay warranty deposits, as required for other types of visas.  After filing the application, the whole procedure may take two months

OTHER NECESSARY VISA IN PANAMA: THE SIMPLE OR MULTIPLE RETURN VISA

Apart from the two visas mentioned above, to travel outside Panama and return under equal conditions, all foreigners having resident status in Panama must obtain a Return Visa.

Therefore, after the main visa is granted, a Multiple Return Visa should be obtained when traveling abroad. This only takes two days and no major requirements.

The Simple one will serve for one return entrance only, while the multiple one lasts two years.

For information on the required documentation or further information on other types of visas, please contact us at info@corbettipartners.com

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PANAMA OFFSHORE CORPORATIONS

Panama is a country with a system of efficient and trusted offshore services rendered especially in relation to offshore corporations or offshore companies and other kinds of companies. The most common, corporations, used as offshore corporations, also known in other jurisdictions as IBC’s, are ruled by Law 32 of February 26 of 1927 and allow the development of international corporate services, turning Panama into one of the major service providers in the world.

For its versatility and flexibility, Panamanian offshore corporations are an effective and secure instrument used for the administration and protection of fortunes, capable of satisfying diverse client’s needs, due to the banking and commercial systems of the Republic of Panama.

complete information about

PANAMA OFFSHORE CORPORATIONS

 

 

 

PRIVATE INTEREST FOUNDATIONS IN PANAMA

Private Interest Foundations complete the type of services used for asset protection and administration, available in Panama. Private Interest Foundations represent an alternative, different from Panamanian offshore corporations, allowing for the protection of assets destined to non commercial activities, but including its use as a holding company or for testamentary purposes.

Private Interest Foundations in Panama are ruled by Law 25 of June 12, 1995, constituting an innovative, flexible, and modern instrument, offering great advantages compared to foundations from other jurisdictions.

complete information about

PANAMA OFFSHORE CORPORATIONS

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PANAMA OFFSHORE BANK ACCOUNTS

 
   

The Republic of Panama is known as an Offshore Service Center, where its International Banking Center excels, allowing the opening of Foreign or Local Bank Accounts, in a prompt and safe manner, an indispensable tool for making financial operations in an offshore structure for tax planning and asset protection, in addition to corporations, offshore companies, private interest foundations and trusts.

The Panamanian  LAW FIRM CORBETTI & PARTNERS can help you in the process of opening offshore bank accounts in well known and prestigious banks. This law firm will guide you throughout the whole process, by offering the services of preparing the required documentation, such as the bank account opening applications and banking contracts, by drafting or obtaining the required legal documents, or by legalizing the minutes of the corporations or offshore companies under our administration.

The complete transaction can be completed with the client remaining outside Panama. Most Banks will require information and references on the commercial and banking history of the interested party, and in some occasions, a personal interview or meeting with the future bank account executive in the country, may be required. Once the application is accepted, the client can make any deposits or withdrawals, execute money transfers or give investments orders, have check books, obtain credit cards, etc. At this point, our work would be fulfilled, not having any relation with the account’s movements or with transactions made, to maintain discretion and confidentiality.

 

 

 

REAL ESTATE PROPERTY IN PANAMA

For its natural exuberance, the Republic of Panama is a place of great contrasts and beauty. Panama has a huge costal area, with beaches in the Pacific Ocean and the Atlantic Ocean or Caribbean Sea that attracts the interest of investors for with the development of real estate property housing, tourism, and commercial projects.

The most remarkable investment in real estate property is in the town of Boquete, selected as one of the main residential tourism destinies.

Its quality of life, facilities, and nice climate have favored this place, chosen by a great part of the retired or pensioner tourists living in Panama.

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