Well there are many reasons. And this we know. But there are as many correct answers to that question as there are people who ask it. The answer is highly subjective, depending on the individual’s circumstances and what he or she is seeking. Panama has the whole package, but still we must consider many factors when explaining why. When considering factors that range from one’s family and financial situation and climate preference to language ability. Panama and Uruguay are the countries that now offer the most welcoming and fastest laws for foreign residents.
For many reasons the Republic of Panama is ideally suited for the offshore investor who wants strong financial privacy and no local taxes, corporate or personal. Panama and its territorial tax system impose taxes only on earnings from within the country. Its offshore professional community is one the best. South of Miami, Panama is the leading banking and financial center in Latin America with over 80 banks, many local branches of global banks. It has strong financial privacy laws and its asset protection laws go back to the 1920s governing creation of corporations, trusts and, since the 1990s, private family foundations.
The country is classified in the category of investment grade by credit rating companies like Standard and Poor's, Moody's and Fitch Ratings, and the GDP has enjoyed a sustained growth for more than twenty years in a row (1989). Making it a wise decision to come and invest in Panama.
There are many and varied programs for foreigners who wish to make it their home. All resident visa applications must be made through a Panamanian attorney. In recent decades, Panama deliberately has positioned itself as a first-class retirement haven, with some of the most appealing programs of special benefits for foreign residents and retirees anywhere in the world. Whether an individual may want to become a citizen of Panama depends on their financial and tax situation. Foreign persons residing in Panama are exempt from income taxes on all earnings unless the income is from within Panama. Citizens pay taxes of up to 30%. Official foreign resident status usually is sufficient since it grants virtually all rights, including property ownership, as well as an identification and travel document (but not an official passport).
This country offers several kinds of visas for person of high net worth, persons seeking to invest, wealthy retirees, entrepreneurs of all kind like agricultural or business investors, and those who simply want to become a resident or citizen. Also, there’s the “ Pensionado Program” which offers tax exemptions and discounts of many services and goods along with immediate residence to qualified retirees. Nevertheless, it does not provide a citizenship. A visa is however available for foreign nationals who have invested in businesses in Panama, that leads to eventual citizenship. It is known as the “Immediate Permanent Resident Visa”
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