More people than ever are retiring overseas, as they cannot maintain the same lifestyle at home as medical costs soar, inflation depletes their savings and state support declines.For most people they want a quality lifestyle at a cheaper cost, but they don’t want a culture shock. They still want to be close to home with all the comforts and there is one country that offers this:
Costa RicaRecord numbers of Americans are moving here, as it’s an affordable quality lifestyle and the culture shock is minimal for the following reasons:
WealthCosta Rica is one of the richest countries in Central America and infrastructure such as roads, airports internet access, property, shops and entertainment are all of a high quality.Large Community of retirees
Retiring overseas to Costa Rica has been the choice destination of Americans for the last decade and the large community that has built up here, has bought with it a culture to make new arrivals feel that they have the comforts of home around them.Another important point to keep in mind is Costa Rica is just a 3 hour direct flight from the southern US states, so it really no different to moving states in the US.
The main reason people are retiring overseas though is to get a better quality of life at an affordable cost.Costa Rica is popular and will continue to be so, due to the following reasons:
PriceBeachfront property at up to 70% less than in the US and a country where you can live on $2,000 a month comfortably, means that those social security checks simply go much further.
Quality of lifeLow crime, friendly locals and people who have time for each other (just like they did years ago), in one of the most beautiful countries on earth, add up to a stunning lifestyle.When you’re in your “golden years” you want to enjoy them!Costa Rica allows you to do just that, in one of the most beautiful countries on earth.
Pristine beaches, volcanoes, rainforest and an abundance of wildlife, make this a country of diversity and beauty.You can relax and enjoy a wide variety of leisure including:World class fishing, treks in the rainforest, sailing or maybe just a round of golf - The list is endless and you will nver be bored.
Baby boomers will continue to retire overseas and Costa Rica will remain a destination that attracts more and more people.Retirees get an affordable lifestyle and a quality of life that is simply not available in the US and Costa Rica is just 3 hours from the US.
If retiring overseas has not been something you have considered before because you don?t want to be in a totally different culture, Costa Rica offers you the best of both worlds:An affordable slice of paradise and all the comforts of home.If you have never considered retiring overseas, then consider Costa Rica and you may be glad you did.FREE Retiring overseas guide
For a guide to retiring overseas featuring living and investing in Costa Rica - Find out all the advantages at http://www.costaricalandlots.comArticle Source: http://EzineArticles.com/?expert=Sacha_Tarkovsky
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More people than ever are considering retiring to Panama - and it is already one of the top destinations for adventure and eco-tourism - and it is now becoming a top retirement destination.
In the USA 78 million Baby Boomers will reach retirement age in the next 10 years and they will be looking to maintain their standard of living by retiring abroad, where their pensions will go much further. Many of these future retirees are already considering retiring to Panama to get more for their money.Panama comes of Age
Panamas status as a retirement destination has come of age - as a recent poll on Modern Maturity Magazine shows. The magazine concluded that retiring in Panama was the fourth best retirement destination in the world - and International Living rates put Panama at number 1.
Should you consider retiring in Panama? Lets look at the advantages:1. Panama has a stable democratic government, and a strong economy.2. Residents and people retiring to Panama pay no tax on income from overseas.3. Foreigners can buy and own property in Panama, with the same rights as Panamanian citizens.4. An incentive program for retiring to panama is available ? and it?s one of the best in the world.5. Property tax exemptions apply to all new construction on a reducing scale - according to the value of the property.6. The US presence In Panama has always been strong, due to the canal - and this has led to the availability of a lot of products and services that make Americans feel at home.7. The Panamanians are some of the friendliest people in the world - and the expat community is growing - so the social life is lively.8. Panama has excellent communications and it also a good infrastructure that reflects the growing prosperity of the country.9. Property is affordable - less than half the price of similar properties in Florida or Arizona. Panama also has easy access, being just a few hours flying time from the southern states of the USA.10. Panama is one of the most beautiful countries in the world, with something for everyone.Theres much more to Panama than the canal bounded by the Caribbean and by the Pacific its one of the most beautiful countries in Central America. Panama has everything from stunning beaches to mountains, as well as rainforest and an abundance of wildlife.
When you retire to Panama you get a whole host of discounts promoted by the Government (Pensionado or Retiree) including:. Tax exemption to import a new car every two years. 25% discounts on utility bills. 25% discount on airline tickets, and 30% on other transportation. 15% discount on loans made in your name. 20% discount on doctor’s bills, and 15% on hospital services, if no insurance applies. 10% discount on medicines. 20% discount on bills for professional and technical services. 50% discount on entrance to movie theatres, cultural and sporting events
Is Panama the best place to retire to in Central America?In terms of living standards and stability, the only real rival to Panama is Costa Rica. While Panama was cheap like Mexico its no longer an undiscovered location in fact theres keen interest in retiring to Panama due to the many benefits and this has pushed up prices.
Panama has the same problems as many of the new emerging Central American property hot spots - namely, the government has budget problems - and a need to expand employment, and improve social services.
Panama is still a relatively young nation, and it?s still in transition - but great strides are being made - and the expat community is largely unaffected by these problems.However, as an alternative to retiring in Panama, you should also consider Costa Rica - you get a great standard of living, as costs are low. While property prices in Costa Rica are not cheap, they are very affordable - and there are bargains available in the right locations.
If you are considering retiring to Panama, then theres many plus points that are hard to ignore.FREE Guide! - The Secrets of Building Wealth in Real Estate and Land.Learn how to invest in land with low risk for long term capital growth.Visit our website and grab your free report now!http://www.LandSaleProfits.comArticle Source: http://EzineArticles.com/?expert=Stephen_Todd
Another Panamanian secret has been revealed during the past few years, it is a great place to retire to. In 2001, International Living, the renowned magazine and recognized expert for promoting U.S. expatriate lifestyles, stated that Panama is the best place to live outside of the United States. The American Association of Retired People?s (AARP) Modern Maturity Magazine, has ranked Panama’s town of Boquete as fourth in its listing of the “Fifteen best cities in the world for U.S. retirees.”
Panama’s popularity as a retirement destination is easy to define. This country’s mixture of a high quality of life, easy life-style, retirement incentives and modern amenities allow persons to change their location and lives, with very little problem.
To begin with, Panama is an incredibly beautiful country. It has a diversity of flora and fauna that is found in no other place, due to the Isthmus? position as the crossroads of North and South America. Potential residential opportunities range over city, mountain, beach and island communities so that a special place can be found to suit anyone’s taste. Once you decide where to settle, you have the security of knowing that, as a foreigner, you can own property easily and are granted exactly the same rights and protections as a Panamanian property owner.Due to the pull-out of the American military and other factors, prices for Panamanian real estate have remained basically unchanged from the early 1990s (except for “hot” areas like Boquete in Chiriqui and the islands of the Bocas del Toro archipelago).
As of this writing some representative prices in the better known areas include: a three-bedroom, apartment in Panama City, $60,000; a two-bedroom condo in a new high rise, $175,000; a four-plex building in the old Albrook military base, $155,000; a three-bedroom house with lot in Boquete, $100,000; and, a home on the beach in Colon, $40,000.
There are a number of real estate land developments ideal for retirees. Foremost among these is Altos de Cerro Azul and Altos del Maria, both within reasonable distance from Panama City but situated in cooler, mountainous areas and with their own residential infraestructure and services such as clinics and supermarkets close by.
Once you purchase your home, you can also bring your personal and house belongings with you tax-free and a new car (for private use) every two years, plus you pay no property taxes on your residence. If all this is not beneficial enough, English, is spoken widely enough so chances are you can converse with at least some of your new neighbors.
Panama is one of the safest countries in the world and has the highest rating for tourist safety from the prestigious Pinkerton Intelligence Agency. Panama is a constitutional democracy with no dictator and no standing army. Due to the presence of the Panama Canal, Panama also enjoys international protection and monitoring.
In terms of health standards Panama is among the top countries in Latin America. Life expectancy is around 75 years. A large percentage of Panamanian doctors are bilingual and have been trained in Europe and the United States. Private medical facilities are among the best in Central America (many are affiliated with major hospitals in the U.S.). In addition, health standards in most parts of the country are quite good as a result of massive sanitation programs initiated during the construction of the Panama Canal. Water is also potable in most of the country and in the cities you can drink straight from the tap.
Making the most of their money is, of course, a prime concern for retirees. The U.S. dollar has always been the republic’s currency. Panama is known for its banking center, which boasts branch banks from nearly all of the international players. On another note, the cost of living is reasonable and is much less than in the States and Europe. Inflation rates are some of the lowest known, normally hovering between 1% and 2%. Plus, pensioners, or “jubilados” to use the Spanish term receive generous price discounts such as 50% on movies and cultural events, 30% on transportation, 25% on utilities, 15% on personals loans and 1% on personal mortgages.
Those settling in Panama can expect the tab for day-to-day living to be significantly less than in “first-world” countries. Nice apartments and homes can be rented for $1,000 or less per month. Grocery prices are 25%-30% lower. A meal at a good restaurant can be enjoyed for $15-$40. First-run movie tickets are $3.75. Concert tickets range from $20-$100. Maid service is around $180 per month. Gardeners cost under $10 a day. A bottle of Scotch whisky can be found for $6.
Purchasing just what you need is not usually a problem. Due to its mixture of cultures and positioning as an international trade hub, Panama offers a wide range of top-quality goods and, therefore, shopping options.
Keeping in touch with friends, family and the rest of the world is no problem. High-band Internet connectivity, cellular phone networks and ADSL in-home phone capability are readily accessible. Full service satellite and cable TV are common.Regarding accessibility, many major airlines call at Panama’s Tocumen International Airport, including American and Delta. Panama?s international airline COPA flies to 29 cities in 19 countries and now has direct flights from Houston, Los Angeles, Miami (2 1/2 hours), Newark and Orlando. There are also direct flights from the major Central and South American centers. Anyone wishing to travel from the Eastern Hemisphere will probably be routed through the U.S.
Finally, obtaining a retiree visa is a very simple and inexpensive process. All you need is a “clean” police report from the area in which you lived before Panama, a certificate of health from a Panamanian doctor and proof of personal income of $500 per month, with $100 monthly for any dependents.Given all the benefits listed above, it is no wonder that for those looking to retire, Panama has become the Latin American location of choice.
If you desire more information about retiring in Panama, numerous legal firms offer a full line of advisory and relocation services. Retirement-related reading includes: ?Getting to Know Panama?, ?The Visitor? and ?Focus on Panama?, published by Focus Publications (Int), S.A. (www.focuspublicationsint.com), ?Living in Panama? from the American Chamber of Commerce and Industry of Panama (www.panamcham.com, under “Publications”) and the Panama Country Kit from International Living?s Panama branch (www.agora-inc.com/reports/pvom/wilvbb31). Another good source of information is Panama Info (www.panamainfo.com).Americans may want to contact the American Society of Panama (www.amso.org). There are a number of organizations for foreigners and of interest to foreigners including active groups of Alcoholics Anonymous (www.panamakevin.com)Panama Relocation Services was created to offer full-assistance in the process of moving and relocating in Panama or from Panama to another country. Services include airport pick-up, orientation to Panama, search for and installation in new residence, help in finding schools and doctors and everything a person or family could need in starting a new life. (www.panamarelocation.com)Author: Kenneth J. Jones- General Manager -Focus Publications (Int.), S.A.Panama, R.P.http://www.focuspanama.com/Article Source: http://EzineArticles.com/?expert=Kenneth_J._Jones
Retiring in Panama : More people than ever are considering retiring to Panama - and it’s already one of the top destinations for adventure and eco-tourism - and it’s now becoming a top retirement destination.
In the USA 78 million Baby Boomers will reach retirement age in the next 10 years – and they’ll be looking to maintain their standard of living by retiring abroad, where their pensions will go much further. Many of these future retirees are already considering retiring to Panama to get more for their money.
Retiring in Panama : Panama comes of Age
Panama’s status as a retirement destination has come of age - as a recent poll on Modern Maturity Magazine shows. The magazine concluded that retiring in Panama was the fourth best retirement destination in the world - and International Living rates puts Retiring in Panama at number 1.
Should you consider retiring in Panama? Let’s look at the advantages:
1. Panama has a stable democratic government, and a strong economy.
2. Residents and people retiring to Panama pay no tax on income from overseas.
3. Foreigners can buy and own property in Panama, with the same rights as Panamanian citizens.
4. An incentive program for retiring to panama is available – and it’s one of the best in the world.
5. Property tax exemptions apply to all new construction on a reducing scale - according to the value of the property.
6. The US presence In Panama has always been strong, due to the canal - and this has led to the availability of a lot of products and services that make Americans feel at home.
7. The Panamanians are some of the friendliest people in the world - and the expat community is growing - so the social life is lively.
8. Panama has excellent communications and it also a good infrastructure that reflects the growing prosperity of the country.
9. Property is affordable - less than half the price of similar properties in Florida or Arizona. Panama also has easy access, being just a few hours flying time from the southern states of the USA.
10. Panama is one of the most beautiful countries in the world, with something for everyone.
There’s much more to Panama than the canal bounded by the Caribbean and by the Pacific – it’s one of the most beautiful countries in Central America. Panama has everything from stunning beaches to mountains, as well as rainforest and an abundance of wildlife.
When you retire to Panama you get a whole host of discounts promoted by the Government (Pensionado or Retiree) including:
. Tax exemption to import a new car every two years
. 25% discounts on utility bills
. 25% discount on airline tickets, and 30% on other transportation
. 15% discount on loans made in your name
. 20% discount on doctor’s bills, and 15% on hospital services, if no insurance applies
. 10% discount on medicines
. 20% discount on bills for professional and technical services
. 50% discount on entrance to movie theatres, cultural and sporting events
Is Panama the best place to retire to in Central America?
In terms of living standards and stability, the only real rival to Panama is Costa Rica. While Panama was cheap like Mexico it’s no longer an undiscovered location – in fact there’s keen interest in retiring to Panama due to the many benefits – and this has pushed up prices.
Panama has the same problems as many of the new emerging Central American property hot spots - namely, the government has budget problems - and a need to expand employment, and improve social services.
Panama is still a relatively young nation, and it’s still in transition - but great strides are being made - and the expat community is largely unaffected by these problems.
However, as an alternative to retiring in Panama, you should also consider Costa Rica - you get a great standard of living, as costs are low. While property prices in Costa Rica are not cheap, they’re very affordable - and there are bargains available in the right locations.
If you’re considering retiring to Panama, then there’s many plus points that are hard to ignore.
FREE Guide! - The Secrets of Building Wealth in Real Estate and Land.Learn how to invest in land with low risk for long term capital growth.
Visit our website and grab your free report now!http://www.LandSaleProfits.com
Panama Real Estate Shopping: How You Can Mix Business With Pleasure by Sandy McBride
Have you ever wanted to live in an area that is affordable, safe, popular, and beautiful? If so, you are urged to examine what Panama can do for you, if you haven’t already done so. After this examination, you may very well find yourself looking to purchase property in Panama, whether that property be a home, a condo, a piece of land, or a business.
Perhaps, one of the easiest ways that you can go about familiarizing yourself with Panama is by using the internet. Online, you will find a large amount of valuable information. This information may have a focus on Panama real estate, the economy, tourism, the employment outlook, as well as the local school systems. As nice as it is to research Panama online, there is only so much that you can learn and see from the comfort of your own home. For that reason, you may be interested in scheduling a visit.
When it comes to scheduling a visit to Panama, there are many individuals who make a mistake. There are some individuals who place too much of a focus on a vacation, instead of examining the Panama real estate market. However, there are also many individuals who place so much of a focus on the Panama real estate market that they forget to have fun. You are urged not to be one of those individuals. If properly done, you should not only be able to examine the real estate in Panama, but you should also be able to enjoy yourself as well. You can easily do this with professional assistance.
Professional assistance; if you are wondering what type of professional assistance you should be seeking, you are not alone. Many individuals automatically think of real estate agents while others think of travel agents. While they are both ideal for a trip to Panama, you shouldn’t have to choose one or the other; you should be able to choose both. Unfortunately, this may not be as easy as you would believe. Despite the fact that many companies could benefit from merging Panama travel agencies and Panama real estate companies together, very few do. That is except for New World Real Estate.
Although New World Real Estate is most well-known for being a top real estate company, that is not all that they are. The staff at New World Real Estate also has over three years experience in the travel industry, specifically the Panama travel industry. Although this may not seem important right away, it is extremely important once you think about. The travel industry and the real estate industry, in Panama are closely related. That is why a focus isn’t just placed on real estate in Panama, but it is also placed on the area as a whole. To do this, vacation tours, with a touch of real estate are offered.
With the vacation tours, offered in association with New World Real Estate, you will not be one of those people mentioned above; the people who focus either too much or too little on real estate or having a good time. With a Panama tour, you can enjoy the best of both worlds. This includes the close examination of real estate properties, as well as exciting adventures, which are commonly found on most family or adult vacations.
When on a Panama tour, one that mixes business with pleasure, you will get to examine the Panama real estate market, as mentioned above. This examination may include inside information from those who are familiar with the real estate market, as well as those who live in the area. In addition to examining Panama properties that are for sale, on paper, you will also likely receive tours of the area. These tours typically not only include tours of Panama City, but tours of the beach areas, as well as the mountain areas. These are areas where numerous Panama properties can be found for sale
As previously mentioned, it is important to examine the real estate market in Panama, especially if you are interested in residing there, but you will also want to enjoy yourself. That is why a Panama vacation tour, with a touch of real estate, is beneficial to you. In addition to examining Panama properties, you will also get the opportunity to enjoy numerous adventures. These adventures may include, but are in no way limited to, white water rafting, snorkeling, scuba diving, as well as boat tours. In addition to having a fun time, you will also be educating yourself on Panama and the adventures that you could partake in, should you decide to relocate to the area.
If you are interested in further examining the Panama real estate market, or if you would like more information on Panama tours, you are advised to contact New World Real Estate. A company representative would be more than willing to assist you by providing you with more information or by answering any questions that you may have.About the Author
Find detailed information on panama real estate on our website. Panama properties are becoming the hot commodity in the real estate market today. Own your piece of paradise!
SOURCE: panama-travel-bureau.com
Panama is now positioning itself as the “New Costa Rica”. It has put together the most appealing program of special benefits for foreign residents and retirees you’ll find anywhere in the world today. We can refer you to a law firm in Panama that has an attorney who does nothing but Immigration Law in Panama. Below are some of the Visas available.
Panama Visa Qualifications All visa applications must be made through a Panamanian lawyer. There is no age limit required for applying for any of these visas, save for the minimum legal age of 18 years. Youngsters under 18 will qualify for a visa as dependents of their parents. All overseas documents to be presented to the authorities in Panama must be authenticated by a Notary and by the Panamanian consulate nearest you, or by a notary and the Apostille. The Apostille (The Hague Convention of 1961) is a faster way of authenticating documents and is normally obtained through the Secretary of State in your home state (in the United States) or through the Foreign Office (in Britain). For Canada, please check with the Panamanian Embassy or consulate nearest to your home city. All documents must be fresh (within two months of visa application) and passports must have at least one year to run. Dependents: Bring a marriage certificate. However, original marriage certificates are not acceptable if over two months old, so you’ll need to request fresh ones. If your children under 18 are to be covered by your visa, you’ll need to bring fresh birth certificates (not originals). None of these visas grant work permits. All visa applications require that you obtain a health certificate and HIV test in Panama. Types of Visas in Panama The Tourist Pensioner Visa (Turista Pensionado) This visa is designed for persons whose pension from a government entity or private corporation is $500 or more ($600 or more for a couple per month). You will have to prove this under scrutiny. Usually a pension statement from the government or private pension will suffice but backup bank deposit records could not hurt. The Pensionado Visa is granted indefinitely but it is necessary to prove to the Immigration Departmenton on an annual basis that the income is still flowing from your pension. The benefits include one-time exemption of duties for the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation of a car. There is also a basket of other benefits and discounts available to those holding this Visa. However, please note that under this visa you cannot qualify to acquire Panamanian nationality.
Private Income Retiree Visa (Rentista Retirado) This visa is for persons who don’t have a monthly pension, are no longer working, and have received a retirement lump sum. As a visa requirement, that money is to be deposited on a five-year certificate of deposit with the National Bank of Panama, to yield at least $750 a month (at current rates the face value of the CD would need to be approximately $260,000). The visa is renewable every five years, as long as the CD is renewed. The Private Income Retiree Visa includes such benefits as a travelling Panamanian passport (that however does NOT grant nationality), a one-time exemption of duties for the importation of household goods (up to $10,000), and an exemption every two years of duties for the importation of a car.
Person of Means Visa (Solvencia Económica Propia) Designed for those who wish to live in Panama off their own means, without the need or desire to work or start a business. The person must have a one-year certificate of deposit in any local bank of at least $200,000. $80,000 of the $200,000 can be in the form of a home purchase. Upon applying for the first, provisional renewal of this visa, the certificate of deposit must also be renewed for one more year. After renewal, the visa is granted permanently with the right to a cedula (local identity card). Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.
Investor Visa (Inversionista) Designed for those who wish to establish a business in Panama (note, though, that some retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $150,000 and minimum of three, permanent Panamanian employees hired. It is granted provisionally for one year and after renewal is granted permanently with the right to be issued a cedula. Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.
Small Business Investor Visa (Inversionista de Pequeña Empresa) Designed for those who wish to establish a small business in Panama (note that retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $40,000 and minimum of three permanent Panamanian employees hired. It is granted provisionally for one year, and needs to be renewed three more times before it is granted permanently with the right to a cedula. Five years after obtaining the permanent visa, holders will be eligible to obtain Panamanian nationality.
Immediate Panama Passport This program allows foreigners to obtain immediate Panamanian Passport under the condition that they make a 5 year certificate of deposit (CD), at the Banco Nacional de Panama, which earns a minimum of US $750 per month in interest income.
Panamaexpertos.com Call us — 561-210-5832
$40,000 Investment - Permanent Residency leading to Panama Passport
Summary - This is a unique program where one invests $40,000 in an approved Panama reforestation program. This allows the investor to obtain a Visa for themselves and their spouse as well as dependent children; no additional investment is required for dependents. This is the least expensive legitimate residency program we are aware of. The Visas are renewable annually and after either one or five years they become permanent residency Visas allowing the investor and their dependents to reside in Panama permanently and also to work in Panama. After five years one can apply for citizenship. This is an extremely inexpensive way to obtain a Panama residency and eventually a citizenship with Panama passport which is good fro visa free travel in most of the western EU and throughout most of Latin and South America. The reforestation program is a statutory program written down as law. It is not a pay off some lawyer in the dark situation which will blow up when the government investigates some corrupt official selling citizenships. Never get involved in any residency/citizenship/passport program that is not written openly in the public laws for you to read. Never get involved in any residency/citizenship/passport program where you do not have to go to the official immigration building in the country for processing and to pick up your documents. Never get involved in any situation where you are paying a lawyer large fees because he “knows” the immigration officials and can make it happen cutting the red tape for you. People are constantly getting arrested trying to use passports and identity cards obtained in this manner. All of our programs are statutory and written in the public laws. If you actually make the investment of either $40,000 or $80,000 in the reforestation visa program it is a documented lawful program written in the law books and will be honored by the government, subsequent elected officials of Panama etc. What I am saying is if you make the investment, you will have your permanent residency which after five years makes you eligible to apply to be a citizen of Panama with a Panamanian Passport.
The Investment - You are investing in forestry projects generally dealing with teak wood but other types of trees are available. Some projects give you title to the actual land, usually about 2 hectares. The reforestation project must be an approved one. These projects are supposed to generate a fantastic return after 25 years, many times your investment. If you were to liquidate the land say after 10 years your return would generate substantial losses. This is because it takes years for the trees to grow. If you wait 15 years the loss would be less or perhaps you’d reach break even. Now if the value of land in Panama keeps appreciating like it has been doing recently this may prove to be untrue and the investment may be worth more in a few short years? We do think it is a tremendous way to obtain residency and eventually citizenship for a small investment. If the investment is held long enough it is possible to realize a high return on the investment as well. Any gain made on this investment is not taxable in Panama. We are not investment advisors and you need to evaluate the investment potential yourself. The land can be held in the name of a corporation.
Residency - There are two levels of investment for the Reforestation Visa - $40,000 and $80,000. Both have residency and lead to the ability to apply for citizenship after five years. The larger investment leads to a permanent residency after one year, the smaller investment leads to a permanent residency after five years requiring the visa to be renewed each year until the fifth year.
Documents Required - Passports valid for at least 6 months, police clearance report from last place of residence, marriage certificate, birth certificate for children dependents, medical clearance from Panama (we can refer), application forms, pictures, proof of investment contract etc. You have to come to Panama to apply in person but you do not need to live here for this visa.
Time Frame - From the time of receipt of all documents and fees 30-45 days as an approximate time frame. Much depends on the workload of the immigration department at the time of your application.
Fees - The visa immigration processing legal fees are $1250.00 for first person and then $250.00 for each dependent for the initial application. The fees in the following years ($40,000 visa) are $795.00 for the first person and $250.00 for each additional person. Our fee to review and negotiate your investment contract with the reforestation company is $300 (optional). Please note our fees are fair and honest just like our programs being offered unlike the lawyers in other countries that are charging $25,000 and up to get you a visa or citizenship based on the “immigration connections” they have.
For more information please visit: www.panamalaw.org — Email us at: panamalegal@hush.com — or — Call us at: (507) 6-480-1279
Panama is now rated as the #1 Retirement Haven in the world. The cost of living is extremely low, the crime rate is also extremely low, the climate is warm all year round, health care is excellent Panama even has a new John Hopkins Hospital, the food is superb, the airport offers flights globally, it is only 2 1/2 hours to Miami, the roads are excellent as in the cell phone service, high speed internet and cable TV. Panama has put together the most appealing programs of special benefits for foreign residents and retirees you’ll find anywhere in the world today. Below are some of the programs available.
Turista Pensionado This visa is designed for persons whose pension from a government entity or private corporation is $500 or more ($600 or more for a couple per month). You will have to prove this under scrutiny. Usually a pension statement from the government or private pension will suffice but backup bank deposit records could not hurt. The Pensionado Visa is granted indefinitely but it is necessary to prove to the Immigration Department on an annual basis that the income is still flowing from your pension. The benefits include one-time exemption of duties for the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation of a car. There is also a basket of other benefits and discounts available to those holding this Visa. However, please note that under this visa you cannot qualify to acquire Panamanian nationality or a Panama Passport. It is an instant permanent residency program.
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Panama Reforestation Visa Program $40,000 Investment - Permanent Residency leading to Panama Passport
Summary - This is a unique program where one invests $40,000 in an approved Panama reforestation program. This allows the investor to obtain a Visa for themselves and their spouse as well as dependent children; no additional investment is required for dependents. This is the least expensive legitimate residency program we are aware of. The Visas are renewable annually and after either one or five years they become permanent residency Visas allowing the investor and their dependents to reside in Panama permanently and also to work in Panama. After five years one can apply for citizenship. This is an extremely inexpensive way to obtain a Panama residency and eventually a citizenship with Panama passport which is good fro visa free travel in most of the western EU and throughout most of Latin and South America. The reforestation program is a statutory program written down as law. It is not a pay off some lawyer in the dark situation which will blow up when the government investigates some corrupt official selling citizenships. Never get involved in any residency/citizenship/passport program that is not written openly in the public laws for you to read. Never get involved in any residency/citizenship/passport program where you do not have to go to the official immigration building in the country for processing and to pick up your documents. Never get involved in any situation where you are paying a lawyer large fees because he “knows” the immigration officials and can make it happen cutting the red tape for you. People are constantly getting arrested trying to use passports and identity cards obtained in this manner. All of our programs are statutory and written in the public laws. If you actually make the investment of either $40,000 or $80,000 in the reforestation visa program it is a documented lawful program written in the law books and will be honored by the government, subsequent elected officials of Panama etc. What I am saying is if you make the investment, you will have your permanent residency which after five years makes you eligible to apply to be a citizen of Panama with a Panamanian Passport.
The Investment - You are investing in forestry projects generally dealing with teak wood but other types of trees are available. Some projects give you title to the actual land, usually about 2 hectares. The reforestation project must be an approved one. These projects are supposed to generate a fantastic return after 25 years, many times your investment. If you were to liquidate the land say after 10 years your return would generate substantial losses. This is because it takes years for the trees to grow. If you wait 15 years the loss would be less or perhaps you’d reach break even. Now if the value of land in Panama keeps appreciating like it has been doing recently this may prove to be untrue and the investment may be worth more in a few short years? We do think it is a tremendous way to obtain residency and eventually citizenship for a small investment. If the investment is held long enough it is possible to realize a high return on the investment as well. Any gain made on this investment is not taxable in Panama. We are not investment advisors and you need to evaluate the investment potential yourself. The land can be held in the name of a corporation.
Residency - There are two levels of investment for the Reforestation Visa - $40,000 and $80,000. Both have residency and lead to the ability to apply for citizenship after five years. The larger investment leads to a permanent residency after one year, the smaller investment leads to a permanent residency after five years requiring the visa to be renewed each year until the fifth year.
Documents Required - Passports valid for at least 6 months, police clearance report from last place of residence, marriage certificate, birth certificate for children dependents, medical clearance from Panama (we can refer), application forms, pictures, proof of investment contract etc. You have to come to Panama to apply in person but you do not need to live here for this visa.
Time Frame - From the time of receipt of all documents and fees 30-45 days as an approximate time frame. Much depends on the workload of the immigration department at the time of your application.
Fees - The visa immigration processing legal fees are $1250.00 for first person and then $250.00 for each dependent for the initial application. The fees in the following years ($40,000 visa) are $795.00 for the first person and $250.00 for each additional person. Our fee to review and negotiate your investment contract with the reforestation company is $300 (optional). Please note our fees are fair and honest just like our programs being offered unlike the lawyers in other countries that are charging $25,000 and up to get you a visa or citizenship based on the “immigration connections” they have.
Private Income Retiree Visa (Rentista Retirado) This visa is for persons who don’t have a monthly pension, are no longer working, and have received a retirement lump sum. As a visa requirement, that money is to be deposited on a five-year certificate of deposit with the National Bank of Panama, to yield at least $750 a month (at current rates the face value of the CD would need to be approximately $170,000). The visa is renewable every five years, as long as the CD is renewed. The Private Income Retiree Visa includes such benefits as a traveling Panamanian passport (that however does NOT grant citizenship), a one-time exemption of duties for the importation of household goods (up to $10,000), and an exemption every two years of duties for the importation of a car.
For more information please visit: www.panamalaw.org — Email us at: panamalegal@hush.com — or — Call us at: (507) 6-480-1279
Panama offers a multitude of programs enabling one to fairly easily obtain a Passport, Visa, Residency and Citizenship. Panama is an excellent place for a second passport (2nd passport). The plans are outlined below. Do feel free to ask questions. We do not advise attempting to deal with the immigration authorities without adequate legal representation by a competent attorney.
Warning: All of our passport programs require you to be physically present at the immigration department for fingerprinting and photographing. These are NOT the “Pay someone off in the dark” programs you see on the internet which do not require you to go to the country physically and come with a passport, identity card and driver’s license. There are numerous stories on the internet if you look for them of people getting arrested all over the world when they attempt to travel on these passports. What is often done is passport blanks that come back from the manufacturer slightly defective (bad printing, stitching etc.) are marked as not usable by the government and are then sold by unscrupulous immigration officials through third parties. The problem is when the country that issued those does an audit of their immigration department they pick these things up and then the passports are flagged as fraudulent or stolen and this is sitting in some unfortunate person’s wallet waiting to be used and can cause a police detention with likely arrest to follow. There was just a raid recently in Guyana and the corrupt immigration officials there were issuing hundreds of passports daily. Now along comes some guy who bought one of these “officially issued” passports and he goes through immigration in say the EU. Well he doesn’t appear to be a Guyana type so they query around a bit and he gets arrested. Months after the scandal we still see Guyana Passports being sold on the internet which makes one wonder.
We even see Diplomatic passports being sold on the internet for $50,000 and up. This is ridiculous. What the buyers are not aware of is in almost all countries travel using a Diplomatic passport requires a visa so the country you intend to visit will require you to physically submit the diplomatic passport to their embassy for a visa which will involve scrutiny. So when they contact the diplomatic passport issuing government to verify the purpose of your visit, duration, whether or not you will be attached to the embassy, etc. what do you think is going to happen? Do you think the issuing government is going to provide official documentation for all of your journeys? Do you think they will even know who you are? They will most likely remain non responsive and your passport will probably never be returned as a best case scenario but this would most likely be followed by a knock at the door shake you up or arrest you visit by some authorities depending on where you live, admittedly some countries will not care what you did but others that are terrorist sensitive will get really interested in you and your whole life and you should expect to be added into the watch/stop list making airport travel a nightmare for the next ten or twenty years. The government that issued this diplomatic passport may also contact you after they get contacted for a $10,000 bribe or they will make trouble for you and on it goes. Remember why do you see Nigerian Scam Emails - because they work. There are a lot of stupid people out there so don’t be one of them.
How can you tell if a second passport or residency/citizenship program is real? Be careful when buying a second passport (2nd passport). First thing to look for is the statues in the law that contain the laws spelling out the program you are considering. If there are no statues run the other way. If you are told about a special program not for everyone, run.
Next make sure when buying a second passport (2nd passport) you will be going physically to the immigration department in the country for processing, photographs and fingerprints. This will greatly cut down the odds of a scam. Normally the country will want to know who you are, and like to see and copy a valid passport as a minimum. If the deal is you give them pictures and they send you the documents run away, this is probably a scam involving a counterfeit passport blank or a stolen one. I have even heard of them applying for passports in the name of a dead person using your picture. What if he was a dead criminal with warrants outstanding?
When buying a second passport (2nd passport) never agree to get a name change and a second passport all in one shot unless it involves court appearances for the name change. If not this probably involves a corrupt government official and will surely be trouble. If you do a name change in court in some jurisdiction make sure it is not public record or it is greatly diminished in value. Never carry two different passports with your picture in both that have different names unless you enjoy being detained at airports, border crossings etc. A lot of scams involve a story that goes like this; Ok Mr. Gringo you want the passport to be able to travel and open bank accounts and not as a citizen of the USA, EU, Canada etc. Ok well it is best to do so using a name that sounds like someone’s name in our country, here let me suggest this name: Enrique Haeverra. Hey that sounds great you say. Now what you don’t know is they got Enrique’s name off of a tombstone and they are going to identity theft the dead guy for you. This will probably blow up when a cross reference is made or something causes a record check like you trying to enter the country some day and then you are in for it. Remember you don’t talk, look, act or have a story like someone from their country should. Some jerk criminal buys such a passport and then gets caught doing something no regular person would do like money laundering 25 million dollars and then they pull his papers, scrutinize them, see the fraud and the pull all the fraud papers of the corrupt official who signed the bad guys papers and then start canceling all the passports this corrupt official processed illegally for fraud, theft, corruption or just to shake you down for money for playing games with their country and of course you better believe they are going to think you are a millionaire.
Another scam is selling second passports (2nd passport) from non-existent or non-recognized countries. This is done a lot usually for $1000-$2000. There are very few countries who will ever accept these passports and then usually only at border crossings. Usage is hit or miss, mostly misses. People buy these to open bank accounts with offshore. This sometimes works but usually in small countries with small banks. The problem comes when the bank examiner looks over their files and sees one of the fantasia passports as an identity document. He hits the roof and says I want to see real passports for all these people in here in 30 days or lock down these accounts. Now what do you do?
For more information please visit: www.panamalaw.org — Email us at: panamalegal@hush.com — or — Call us at: (507) 6-480-1279
SOURCE: panama-travel-bureau.com
Please note that requirements are subject to change without notice and it is recommendedthat you confirm the current requirements with us. Please also note that we only process accounts if other services are also being provided.
BANKING IN PANAMA: OPENING AN ACCOUNT
The Republic of Panama continues to introduce legislation that will enhance its image as an international financial services centre or, to use the usual nomenclature, offshore finance centre. Legislation covering Private Foundations (an alternative to trusts) and Captive Insurance (first such legislation in Latin America) as well as a new banking law have been promulgated. The new and comprehensive banking law provides the last building block in a structure of services that makes Panama South America’s all-round offshore finance centre.
Panama introduced a new and comprehensive banking law (which covers local trust companies as well) in February, 1999, replacing one that had been in place since 1970. The National Banking Commission that previously issued licenses has been replaced by a Superintendency which comprises a Board of 5 Directors and a Superintendent. In addition to increased investigative powers, the new law has tightened general controls and regulations and brought the country’s supervision more in line with the regulatory standards found in the European and American banking centres. The new law uses the guidelines of the Basle Committee on Banking Supervision. The Superintendent oversees the soundness and efficiency of the banking system and endeavours to strengthen it as part of the continuing development of Panama not only as a regional, but as an international, banking centre. The Board of Directors of the Superintendency function as a policy committee and are responsible for the establishment and implementation of the general policies of the Superintendency. A bank must have a minimum of US$10 million in capital and the Superintendent, whose office is independent of central government, has wide powers of examination and investigation, but that authority is subject at all times to strict compliance with the country’s firm rules of confidentiality. Heavy criminal and civil sanctions can be imposed on bankers as well as the Superintendent for wrongful disclosures. Although, however, confidentiality is enshrined in the new law, a prima facie case proving funds are illicit will not protect criminals from exposure. The banking laws of offshore finance centres have to be especially mindful of concerns over confidentiality, which have to be balanced against the inherent risks of deposits being derived from illegal activities such as money laundering and drug trafficking, often via corporations registered in the same or another offshore finance centre. The law must be flexible, but should not allow licenses to be issued to a class of banks that, according to a United Nations report, are little more than “closets with computers” and are commonly known as brass plate banks. They are not permitted in Panama and the 80 or so banks that do operate are fully staffed and functional.
The Government of Panama recognises its responsibilities as a leading South American banking centre and has introduced stringent monitoring and vetting procedures that must be followed by the banking and trust company community and other related businesses as well. As a former offshore banking regulator for the United Kingdom government, I can appreciate the efforts which Panama has made. Each bank has a compliance officer (as does Trust Services, S.A.) who is responsible for ensuring that the controls put in place are followed and the Government has created a special financial intelligence unit. The country’s commitment to proper banking controls is reflected in the process for opening up a corporate account. Re-published below are guidelines issued by Trust Services, S.A.:
OPENING CORPORATE BANK ACCOUNTS IN PANAMA
Panama recognises its responsibilities in support of the international concerns regarding drug trafficking, money laundering and other illicit funds activity. Stringent monitoring and vetting procedures have been introduced and both licensed trust companies and banks are required to comply with the appropriate provisions of the Panamanian banking law. Accordingly, the following information and documentation should be given when a local corporate bank account is to be opened:
1) Clear notarised copy of the beneficial owner/s passport/s (photograph page only) which will also be required for all signatories on the account.
2) Two commercial or personal references and two bank references are required for each beneficial owner and account signatory to be addressed to either the bank or yourself. The bank references should confirm the satisfactory conduct of the accounts and that the relationships have been of at least two years duration. Each bank letter must:
(a) Be provided within a month from the date it was issued.
(b) Mention the approximate account balance (for example: 5 low figures)
(c) Mention the period of the relationship.
(d) Mention if the relationship has been satisfactory
3) Brief details of the applicant/s business. This is reviewed by every local bank’s Compliance Officer who is required to vet all new account applications in accordance with the monitoring procedures laid down. The information needed is:
(a) The nature/line of the company’s business, or intended business, and the approximate annual volume of business which the company does or will do.
(b) The location/s of the business.
(c) The origin/source of the funds to be deposited in the new account.
(d) The reason for opening the new account in Panama.
(e) The approximate annual volume of funds which will pass through the new account.
4) Resumé of each beneficiary of the account as well as all signatories on the account. The resumé should be brief, providing academic and work experience details.
5) An initial minimum deposit of $1,000 should be wired transferred to:
The Chase Manhattan BankNew York, N.Y.ABA 021000021CHIP 002SWIFT CHASUS33For credit: Banco Continental de Panama, S.A.Account No. 5447-39727For further credit to: Trust Services, S.A.Account No. 001-19234-007 Ref. Your Company Name or Initials
It is recommended that you include an additional $40 with the minimum deposit to cover any bank transfer charges.
In some cases, additional information/documentation may be required, but we will always use our best endeavours and attempt to have the new account opened as quickly as possible. We charge a special $300 fee for opening each bank and any other type of investment account unless the work involved is beyond normal processing and in which case the fee will be increased. If credit cards are required there is an additional fee of $75 for each one.
IMPORTANT NOTE: These requirements are subject to change without notice by the banks and/or the Panamanian banking authorities and whilst every effort is made to ensure that they are current, it is recommended that you contact us before proceeding. We cannot guarantee that an account will be approved as this is solely at the discretion of the bank
Following several major international banking scandals in recent times, it is recognised that bank regulators need to have much closer liaison with their counterparts in other jurisdictions and one crucial element in this closer working relationship is consolidated supervision. The new law contains comprehensive provisions stipulating that foreign banks licensed in Panama must comply with the liquidity requirements, capital adequacy and other technical obligations that are imposed by the law of the country in which the main branch of the foreign bank is domiciled. The law goes further than this and permits a foreign regulator to make inspection visits to any related foreign banks in Panama. One of the grounds for revoking a licence in Panama can arise when a foreign regulator investigates a foreign bank’s main branch. The importance of international co-operation is underlined in the law by requiring the Superintendent to establish areas of co-operation with international supervisory bodies in order to strengthen control mechanisms, develop appropriate regulations and exchange information pertinent to the supervisory function. The law also confirms that the Panamanian Government cannot impose any restrictions, including attachments or withholding measures, upon funds deposited in Panama by central banks, or similar deposits representing the reserves of sovereign states.
Panama’s location makes it a natural conduit for banking between North and South America, besides being home to the Panama Canal which generates a considerable amount of bank-related international shipping business. Panama’s confidentiality laws are also a magnet for some, particularly when similar laws in some other offshore financial services centres now offer less assurance of privacy. In recent times, worries over tax revenue losses and terrorism have begun to rival concerns over drug trafficking and money laundering. The United Kingdom, as an example, has several dependencies which are offshore financial services centres (including the Cayman Islands, the British Virgin Islands and the Channel Islands) and they have experienced regulatory and supervisory changes that align them closer with the systems found in the European Union. Consequently, the strict privacy which has been the backbone of their offshore business for decades is going to be diluted to a point which will displease a vast number of honest individuals and corporations who have, for many years now, taken for granted the right to privacy.
Only those offshore financial services centres which are not bound through sovereignty to the political and social agenda of another country will be able to counter the inevitable pressures which will be applied. Panama is one of those jurisdictions. The debate about offshore confidentiality is too complex to either discuss or summarise in this brief summary, but it is fair to say that many feel that Panama’s position reflects a balanced approach. It is an approach that is undoubtedly going to continue to attract more and more business to this offshore banking centre. Our newsletter, Offshore Pilot Quarterly, will keep you up to date with developments related to offshore financial matters. Letter from Panama, also issued quarterly, provides a brief summary covering Latin America. Visit our website or ask to be placed on our mailing list for one or both publications.
In conclusion, we quote below from an International Monetary Fund report which discusses Panama’s money laundering controls:
“The authorities and the banking industry are very aware of the prudential risks associated with money laundering and have in place adequate safeguards to deter improper use of the banking system for illegal purposes. While no system is infallible, the mission team concludes that the legal, regulatory and supervisory systems in place in the banking sector compare favourably with internationally accepted prudential supervision practices… The legal and regulatory requirements are strict and many requirements exceed those in place in industrial countries.”
Nothing since that report has changed the local banking system’s controls which, if anything, have been strengthened further. Please go to the Articles section of our website for further related information.
Article courtesy ofTRUST SERVICES, S.A.Licensed under the fiduciary laws of Panama
