Like... Panama is good for tax residency, not for long term living ;D
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Panama vs. UAE Residency: Is Panama Still Worth It?
- Thread starter gatrader
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Like... Panama is good for tax residency, not for long term living ;D
If you feel the US is safe, then you will be safer in Panama... now, those who like to live like in Europe then I wouldn't recommend it because they probably will get robbed.
Look it at this way: If you do business in the whole American continent then is a really good option with lots of banks and connections... BUT if you need to deal with Europe I don't recommend it at all because Europe is scared of Panama.
With Asia is a mix, banks and investment brokers in Singapore for example have no issues with Panama residents but hong kong on another hand it sometimes have issues with it so it's a mix with Asia.
Regarding Australia I have no idea, I haven't made deals there from Panama.
PS: Spanish is a must, if you don't know how to speak Spanish fluently you will be in disadvantage.
There's lots of misconceptions about Panama. I've been living out of Panama for ~4 years and happy to answer any questions.
There's misconceptions about the city not being safe. This is total bulls**t. Panama is safe. I drive a supercar and wear a $10K watch at all times. I am an obvious foreigner. Never been robbed. I feel safer here than in the U.K.
I have a unique perspective having lived in U.A.E., the Caribbean's, and now in Panama.
Pros:
- Cheap to live: full-time maid is ~$500/mo, unlimited data plan ~$100 per YEAR (~$8/mo!), Uber is ~$3-5 max, etc.
- Zero tax on foreign-sourced income. There aren't even filing requirements if your income is all abroad. Panama has a specific exclusion so that foreign-sourced income is exempt even if the mind and management here
- You don't have to live in Panama to maintain residency. Just a visit every 2 years is sufficient
- Warm weather year-round. We have dry and wet season only. Can be a bit humid for some but I love the weather
- Developed city with great infrastructure: Internet is reliable and fast, cellular service everywhere, etc.
- The best beaches, mountains, islands and nature just 1-2 hours from the city
- Lots of (paid) women. If you want to get laid, you will get laid with little to no effort
- None of the bulls**t censorship like UAE with banned websites, WhatsApp calls not working (forced to use Botim), etc. No fear of getting deported from the country for offending an Emirati
- You have lots of banks, including major international ones: Citibank, Scotiabank, etc.
- Same time zone as the U.S. markets + close proximity
- Can bribe everyone so no speeding tickets etc.
- Path to citizenship in 5 years
- No extradition of citizens
Cons:
- You can get by without speaking Spanish (not hard to learn), but it's uncomfortable. I didn't speak a word when I landed in Panama and still had a great time
- If you wire money into Panama, the sending bank will likely flag the transaction. I had my banking in place before arriving in Panama and kept it that way. Out of an abundance of caution, I typically don't like keeping bank accounts where I physically live. I just use credit cards for local expenses and withdraw cash from ATMs when (rarely) needed
- Relatively far from Europe. We have direct flights to some European cities like Madrid but 10+ hours
- Expat population is small and concentrated
- Very few good food options
I am probably missing a few things, so feel free to ask.
There's misconceptions about the city not being safe. This is total bulls**t. Panama is safe. I drive a supercar and wear a $10K watch at all times. I am an obvious foreigner. Never been robbed. I feel safer here than in the U.K.
I have a unique perspective having lived in U.A.E., the Caribbean's, and now in Panama.
Pros:
- Cheap to live: full-time maid is ~$500/mo, unlimited data plan ~$100 per YEAR (~$8/mo!), Uber is ~$3-5 max, etc.
- Zero tax on foreign-sourced income. There aren't even filing requirements if your income is all abroad. Panama has a specific exclusion so that foreign-sourced income is exempt even if the mind and management here
- You don't have to live in Panama to maintain residency. Just a visit every 2 years is sufficient
- Warm weather year-round. We have dry and wet season only. Can be a bit humid for some but I love the weather
- Developed city with great infrastructure: Internet is reliable and fast, cellular service everywhere, etc.
- The best beaches, mountains, islands and nature just 1-2 hours from the city
- Lots of (paid) women. If you want to get laid, you will get laid with little to no effort
- None of the bulls**t censorship like UAE with banned websites, WhatsApp calls not working (forced to use Botim), etc. No fear of getting deported from the country for offending an Emirati
- You have lots of banks, including major international ones: Citibank, Scotiabank, etc.
- Same time zone as the U.S. markets + close proximity
- Can bribe everyone so no speeding tickets etc.
- Path to citizenship in 5 years
- No extradition of citizens
Cons:
- You can get by without speaking Spanish (not hard to learn), but it's uncomfortable. I didn't speak a word when I landed in Panama and still had a great time
- If you wire money into Panama, the sending bank will likely flag the transaction. I had my banking in place before arriving in Panama and kept it that way. Out of an abundance of caution, I typically don't like keeping bank accounts where I physically live. I just use credit cards for local expenses and withdraw cash from ATMs when (rarely) needed
- Relatively far from Europe. We have direct flights to some European cities like Madrid but 10+ hours
- Expat population is small and concentrated
- Very few good food options
I am probably missing a few things, so feel free to ask.
Who would have said so?
But is David city safe? I've heard that the *whole* city isn't.
Why is paid in parenthesis? What the fиск is this supposed to mean?
Last edited:
Why is paid in parenthesis? What the fиск is this supposed to mean?
Well there's lots of women (but they're mostly pay to play).
If most are pay to play, that sounds like a con to me. Or maybe I'm just becoming more conservative and boring as I age.
Most? I thought ALL women were like this...either upfront or "long-term financed"
Could you elaborate on this? How international is the food on offer in Panama-City?
Do you know how easy it will be for you to get naturalized?
Lots of latin american options, mexico, peru, brazil, argentina, central american and usa style as well as italian are pretty good. There is asian food options, but its not that authentic. That said if anyone fancy a lot of asian stuff, its not the right place anyway.
Id also like to add.
Panama is pretty safe and you can even walk around at night (smth which is not done on that continent anyway, you take the car for 200m distance) in the areas where one would ideally wanna live anyway.
Konstanz might have been walking around in Chorillo after a good nights out with tequila in Casco or been in Colon
Yeah Panama City and David are very safe in my opinion. I've walked at midnight to go get some food. Some girls working the corners but I never felt in danger. I do watch around just in case.. Casco Viejo is the old town, super safe, the president's house is there so guards every corners.
Some areas in the city and around the city are more ghetto, but that's the same in most cities in the world.
Food is overpriced for what it is in my opinion, I've always been disappointed 99% of the time, even on top #1 trip advisor restaurant, it's just not Europe or Canada or refined or anything. Food and cultural event (good dj, music shows, jazz, craft beer event, etc) would be the biggest thing missing. It kinda feel empty and soul less.
The country is quite small but varied: tropical islands, forest/waterfall cooler weather, good highways. Just long drives since everything is linear. David to Panama City is a very long drive, I take the bus so I can sleep instead of doing the drive. Cabs are the way to go around Casco Viejo as there is no parking available and constant traffic jams.
Real estate prices are still affordable for an international hub.
Panamanians are ok to work with, you can joke with them, they're pretty chill.
You can keep your residency by checking in every 2 years.
One point I would disagree is to get citizenship after 5 years, in reality it's changed a lot since Martinelli was in power and is almost impossible nowadays. You'd have to sign up for social security, declare an income, pass a test of knowledge about the country, in spanish, among other things, lawyer fees 3k+. And for what I've been told they re not giving panamanian passport easily anymore, you'll submit and wait for years.
No experience with paid women, not my thing, but you do hear some foreigners who got beat up, scammed or robbed from some bad business with them. Plenty of foreigners, colombian and argentinians in the touristic hubs, no need to pay and get problems afterwards.
Some areas in the city and around the city are more ghetto, but that's the same in most cities in the world.
Food is overpriced for what it is in my opinion, I've always been disappointed 99% of the time, even on top #1 trip advisor restaurant, it's just not Europe or Canada or refined or anything. Food and cultural event (good dj, music shows, jazz, craft beer event, etc) would be the biggest thing missing. It kinda feel empty and soul less.
The country is quite small but varied: tropical islands, forest/waterfall cooler weather, good highways. Just long drives since everything is linear. David to Panama City is a very long drive, I take the bus so I can sleep instead of doing the drive. Cabs are the way to go around Casco Viejo as there is no parking available and constant traffic jams.
Real estate prices are still affordable for an international hub.
Panamanians are ok to work with, you can joke with them, they're pretty chill.
You can keep your residency by checking in every 2 years.
One point I would disagree is to get citizenship after 5 years, in reality it's changed a lot since Martinelli was in power and is almost impossible nowadays. You'd have to sign up for social security, declare an income, pass a test of knowledge about the country, in spanish, among other things, lawyer fees 3k+. And for what I've been told they re not giving panamanian passport easily anymore, you'll submit and wait for years.
No experience with paid women, not my thing, but you do hear some foreigners who got beat up, scammed or robbed from some bad business with them. Plenty of foreigners, colombian and argentinians in the touristic hubs, no need to pay and get problems afterwards.
Most? I thought ALL women were like this...either upfront or "long-term financed"
Hmmm not all of them, in my experience, but yes, a lot are.
You can still make your calculations, in my experience a gf is not really that expensive, unless she's a serious gold digger. Even if you usually pay for dinner, plus a gift here and there, the effect on your finances is usually negligible.
Can't talk about marriage though because I haven't been there.
May I ask where did you move out to? Did you find a better place or you just needed a change?
Everything is possible in Panama with the right connections.
From what I can see, there's about 25 naturalizations per month in Panama:
- https://www.gacetaoficial.gob.pa/pdfTemp/29745_A/GacetaNo_29745a_20230322.pdf
- https://www.gacetaoficial.gob.pa/pdfTemp/29741_A/GacetaNo_29741a_20230316.pdf
As per my knowledge, you will need:
- Ties to Panama (i.e. a house)
- Basic knowledge about history/government officials (i.e. who the President is)
- Working fluency of Spanish
There's a written test and also an in-person interview.
Anyone who tells you that citizenship isn't possible doesn't have boots on the ground or lacks the connections.
You can probably bypass a lot of these formalities if you know the right people.
Panama is a small country. You get to know everyone very quickly.
yeah, the new presidents are less pro-expats. That's also in the same line of why they closed the friendly nation residency process. Before you could get residency in 6 months just starting a business and puting 5k in an account. Now you need to invest 6 figures in the country,
I wanted a big city with no taxes and close proximity to the Americas (time zone and family).
Caribbean was too small/expensive and U.A.E. is a shitty place for the reasons I mentioned in my initial post.
its a worldwide trend. Established easy programs getting harder and more expensive.
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