Interesting Article on Panama

Discussion in 'Panama Property' started by gsinker, Feb 21, 2009.

  1. gsinker

    gsinker New Member

    I thought that readers might find this article that was published by the Mail to be interesting.

    Nearby Panama is a great deal more developed. Popular with U.S. retirees, but now broadening its appeal, Panama has one major financial benefit: all investment income from outside the country is tax-free.

    'The country has been a beacon in the property market,' says Ben Jefferis, of Property Frontiers, although there is talk of over-supply in residential apartments.

    Property has been going up by more than 10 or 20 per cent, depending on which agent you talk to, and rental yields are still quoted at seven to eight per cent.

    In Panama, anyone over 18 can qualify as retired on producing proof of a regular pension.

    After a year on a resident visa, you can apply for permanent residency, provided you have at least £135,000 worth of assets within the country.

    In five years you can apply for Panamanian citizenship, securing perks such as a 20 per cent discount on doctors' fees and 15 per cent discounts on hospital costs.

    The hotspots are in the business districts of Panama City and the beach resorts 110 miles south.

    You can claim some exemption from tax on rental income should you let a property, but if you invest in one of Panama's 'tourism zones', you may be exempt from income tax altogether on any income it provides for 15 years.

    There are also tax savings to be had when buying if you set up a company in Panama using a local lawyer.
     
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