Is the Government stable?
Panama
is a democratic and independent country with
a President and 2 Vice Presidents. The President
himself lives in Panama City in the Casco Viejo
section. One of the most stabilising factors
about Panama is the US presence throughout it's
history, from the building of the Canal to guarding
of it and the intervention in 1989 which took
General Manuel Noriega, the self proclaimed
head of state out of power (Noriega is now serving
a 40-year prison sentence in Florida for money
laundering.). The Canal was handed back over
to Panama on December 31st 1999 after 21 years
of US control. Panama is one of the most stable
countries in Central America with the biggest
banking center in Central America.
How
is the economy of Panama and what is the economy?
Panama's
pre tourism industry economy was based around
the Canal tariffs, the free trade Zone in Colon
(Caribbean Canal side) and the banking services
offered by International Banks in Panama City.
Panama was always famous for its agriculture,
its production of Bananas, shrimp/seafood and
coffee. However over the past 3 years Panama
has really seen a boom in the tourism industry
due an influx of hotels and the beauty that
Panama offers tourists.
Is
residency easy to get?
Since
countries such as Costa Rica have started to
close doors on residency loop holes countries
such as Panama have opened their doors to the
masses wanting to escape heavily taxes and expensive
countries. The most popular way to achieve residency
is by the Retiree and Investors visa. All the
information below is just an overview and we
cannot be held liable for its legal content,
if you are looking for expert advice please
contact a lawyer in Panama.
Retiree
Visa - you must show a minimum of $500 government
or private pension. Once you have this you have
residency for life and all the benefits that
come with it.
Private
Income Retiree Visa - for people with no pension
who have retired. Great for people who have
retired with a lump sum. You must deposit in
a 5 Year Certificate of Deposit with the National
Bank enough to yield a $750 return, roughly
around $200,000 or £115,000. This type
of residency is renewable every 5 years.
There
are many types of ways to gain residency and
it is best to talk to a professional on this
matter.
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