Legal virtual assistant

The best thing about having a residency in Panama is that you do not have to stay in the country for certain number of days to maintain your residency. In fact, you are free to travel all around the world and come back a few days every 2 years and still be in good standing to maintain your residency status.

Tax regime in Panama provides a great advantage for foreign investors and digital nomads, because Panama will tax all income that is sourced locally, but when incomes are sourced outside Panama, income tax will be 0%. Our virtual assistant service can help and assist with your personal or business tax return, being able to achieve the best solutions for your singular case.

Starting a business in Panama is very easy and quicky, it can take less than 2 weeks to open a legal entity or 3 days to get a business license, and there is no requirement to liquidate the investment. Initial investments start as low as 10 thousand dollars, therefore absolutely affordable to almost everybody. And remember that if you want to operate your business from Panama but offer your services in offshore jurisdictions, your business will pay 0% of income taxes.

USD and PBA (Panama Balboa 1:1 USD). Considering there is a reciprocity between these two currencies, your assets held in local banks will be protected from drastic currency fluctuations. Also, the dollar currency offers an easy way to set up international business and transactions.

With difference to other countries, there is no Spanish language requirement and indeed no language requirements whatsoever. Even though Spanish is the official language, English is well practiced in the main institutions.

Panama has an excellent private healthcare system with many qualified doctors and hospitals. If you’re stably living in Panama, you’ll need to sign up for the country’s national healthcare plan, which is very affordable and comprehensive. However, you can also choose from a variety of private hospitals and doctors, which the best are located in Panama City.

Even if the name could indicate that this visa is available only for people in their retirement, the reality is that anyone over 18 years of age that can show at least $1,100 USD monthly income from Donations, Royalties, Annuity, pension or any other sources can apply. If you do not have such an income, you can alternatively demonstrate a monthly income of USD 750 and a minimum investment of USD 100,000 in Panamanian real estate. The Pensionado residence visa provides several benefits, such as discounts from movie theater, pharmacies, medical and dental consultation, restaurants, hotels and more. Full benefits, however, are granted to retired of age.

Panama has a typical tropical climate. In average, it is hot and humid all year round with little temperature variation. The average temperature is around 27°C (81°F) with the rainy season running from May to November, and the dry season running from December to April. However, temperatures vary by region and altitude. In fact, for example, mountain areas such as Boquete are cooler and windier compared to Caribbean areas. So considered, there is plenty of choice for everybody.

Panama has enjoyed a very stable, steadily growing real estate market since 2005.  Through the ups and downs of the global economy, Panama’s economy has remained one of the strongest in all Latin America. The city is still experiencing a complete infrastructure overhaul with brand new transportation systems, modern subway trains from Panama City’s international airport through the center of the city to the domestic airport of Albrook. Real estate investments by foreigners in Panama have been exponentially rising over the latest 15 years. Properties in Panama are relatively affordable. Buyers can purchase highly-desirable property in Panama for less than one third or one half what they might pay for comparable property in the U.S. Plus, since property ownership is an inherent right under Panama’s Constitution, property ownership by foreigners will be treated the same as for Panamanian citizens.

Generally speaking, the cost of living in Panama is considered to be lower than many other countries in the region, and especially lower than countries like U.S., Canada and western Europe. However, the cost of living will vary depending on where you live, your lifestyle, and above all your preferences. The cost of housing in central Panama City, where expats typically live, can vary from $600 to $1000 per month for one-bedroom apartment, while a two- bedroom apartment costs between $800 to $1500 per month. Outside of the city, instead, a one-bedroom apartment may start at $300 per month. Panama’s food prices vary depending on the quality, availability, and location. Grocery budget for one person varies from $200 to $350 a month. Dining out can be very affordable for local food, you can expect to pay around $5-10. Casual meal can be around $15-20 and fine dining meal for $20-40. Public transportation in Panama is quite cheap; you can take a bus ride for around $0.25-0.35 in most cities and taxis and Uber rates starting from$2.50. Entertainment is also very affordable, and Panama is a vibrant city, you can choose among a lot of different options such as movie theaters, concerts, bars, night clubs, museums, theme parks, casinos and sport events.

Panamanians are very friendly and patriotic people, they love their country, and they are going to make you feel just at home. Since more and more foreigners have been willing to invest in Panama, this has promoted economic prosperity and continuous growth. This great economic and political stability has led to increasing developments in various sectors, such as real estate, banking, and technology, consequently reducing the unemployment rate at minimum levels.