The Panama Friendly Nations Visa has gained popularity among international citizens and location-independent entrepreneurs due to the range of benefits it offers. Let’s have a look at some of its benefits:
It is one of the easiest ways to obtain a second residency in the world.
It is very easy to qualify for the Friendly Nations visa, and applications are often approved within two months. simply incorporate a corporation as a shareholder or board member and provide proof of financial solvency by depositing $5000 in a Panamanian bank. In certain parts of Europe, establishing a residency can cost millions of dollars and involve mountains of paperwork and lengthy waiting periods. Furthermore, you are not required to relocate to Panama to maintain your residency, as residency can be maintained with a limited stay.
Panama has one of the best tax systems in the world.
As a Panamanian resident, you are entitled to all of its tax benefits. Panama has a territorial tax structure, which means that you will only be taxed on income earned in Panama, and any income earned outside of its borders will be tax-free. For offshore entities that only conduct business outside of the jurisdiction, there is no capital gains tax, inheritance tax, or income tax. Your offshore earnings, investments, and salaries are essentially 100% tax-free.
Panama has a high quality of life.
Panama is a politically stable country with civil rights and personal freedom. Panama—particularly its capital city and an enterprising business hub, Panama City—offers an excellent quality of life due to its well-developed and modernized infrastructure with affordable and quality health care, high-speed internet, and good roads and bridges. Panama is a Spanish-speaking country, but English is widely used in business circles, so there is no language barrier either. The cost of living is also lower than in many other countries in the region, and the country’s central position allows for excellent connectivity to North America, the Caribbean, and South America. To top it all off, the weather is warm year-round.
If Panama is on your radar, the team at Liberty Enterprises Inc. will be glad to assist. Contact us to discuss your case today.
Here are the benefits in point form for easy reference
- Currently one the faster and simplest second residency options in the world.
- Low cost set up compared to options in Europe that can cost hundreds of thousands to millions of dollars
- Residency can be maintained with limited stay in Panama.
- Tax advantages, residents are only taxed on Panama sourced income allowing you to establish your international business in Panama while operating 100% tax fee.
- No capital gains tax, no inheritance or wealth taxes.
- Panama is a safe peaceful country with a high standard of living and excellent medical care.
- The Capital city, Panama City, is an enterprising business hub with a strong banking sector.
- Panama offers a relatively affordable living with a high quality of living.
- The central location allows easy assess to North America, the Caribbean, and South America.
- Excellent telecommuting and internet.
- English is widely spoken.
- Warm year-round weather and no hurricanes!