Panamainfo’s Blog

Panama is such a great place that a lot of people would love to live and do business here.

To prevent too many foreigners from living here and to promote investment, the Panama government does not make it easy to live here.

1. Tourist visa: The tourist visa you get when you come into Panama gives you 90 days in the country. This visa is for Americans, Canadians and citizens of the European Community and some other counties.  After 90 days, you must leave Panama and go to another country for three days and then you can come back and get another 90 days. There is no cost to this visa.

2 Retiree Visa or “Pensionado Visa” This is called a retiree visa but you don’t actually have to be retired to get it-you just have to be over 18. All you need to do is to prove you have a lifetime pension of at least $1000 per month.  If you buy 100,000 worth of property in Panama, then the minimum is just $750.

The pensionado visa comes with many benefits and discounts including 25% discount on all flights both international and domestic and major discounts at restaurants, hotels, movie theaters, certain medical services, prescription drugs and utility bills.

3. Economic Solvency Visa: To qualify for this visa you need to deposit $300.000 in a bank account in a three year time deposit or purchase real estate for the same amount.
4. Panama Bank CD Pension Visa: For this visa, you just need to create CD in  one of the national banks that earns a monthly minimum income of $850.00
5. Reforestation Visa I: The least inexpensive visa, you need to invest $60.000 in a government certified reforestation project.
6. Reforestation Visa II: You invest $80,000 in a government certified reforestation project and after a few years you have the right to permanent residence and citizenship.
7. Business Investor Visa: Requires investing at least $160,000 in a Panamanian business that employs at least 5 Panamanians. Permanent residency is included.
8. Agricultural Investor: Just make a $60,000 investment in agriculture or aquaculture but you only get a six year visa
9. Tax Free Processing Zone Visa: You need to rent land, an office or building in one of the Free Trade Zones.

Others basics  you’ll need for a visa are a police certificate from the town you most recently lived in  your country of origin, a health exam and an AIDS test.

You must hire a lawyer for your visa and at the present time it takes a very long time to go through. It is very important you hire a lawyer from a well known firm or that comes with excellent referrals from people you know well.  See our Law Firm in our Business and Services section page for a good lawyer.

• No Comments

Sam Taliaferro, the owner Valle Escondido, Panama’s original resort community posted an important interview with an American retiree couple who were invited to converse  with  Panama’s new President Ricardo Martinelli when they ran into his group at the Marriott Hotel in downtown Panama City.  President Martinelli told this couple ” he wants to make it very easy for Americans to move here and to invest. He said he was planning on having meetings with ex-pats to see what their concerns are. He told us it was going to be easier to get residency, drivers license and he was going to make it safer.”

See the whole interview here:

http://primapanama.blogs.com/_panama_residential_devel/2009/08/president-martinelli-personally-welcomes-foreigners-to-panama.html

We are also are hearing  that Pres. Martinelli is moving quickly on a number of fronts so that foreigners who invest and live in Panama will have less bureaucratic hassles with government in immigration and setting up businesses etc.  He will also improve security which is already excellent  compared to other countries in the region.  The police have been instructed to help foreigners in any way they can and not hassle them as has happened in the past.

In fact, in his inaugural address President Martinelli declared his goal to make “Panama the best place in the world to do business”. This man does not think small.  And he is proving as good as his word on his campaign promises.

• No Comments

Spanish Panama , owned by Canadian Joseph Ennis,  is the place to learn Spanish in Panama.  Their new attractive facility is  conveniently located right on Via Argentina in El Cangrejo which is  Panama City’s most attractive business and residential neighborhood full of coffee shops. restaurants and services.

Spanish Panama is a l a language immersion school.  You can learn Spanish by attending classes at the center  or they will send their professional teachers to your office or home for private lessons. Home stay is also an option.  They even have a “crash course” if you are in a hurry.

Spanish Panama has extras like a Spanish computer lab, a city view terrace for socializing or enjoying a cup of coffee, free salsa dance classes and other Panamanian cultural activities.

Joseph and his team including a charming Panamanian wife have thought of everything to make learning Spanish in Panama easy and fun.

Contact them at 213-3121 or 6624-3302 and www.spanishpanama.com

• No Comments

Dealing in banks in Panama is not a favorite activity for foreign residents.  But good news: there is one bank that excels at serving the foreign resident community. Many years ago a board member at the American Chamber of Commerce recommended Scotia Bank to us.  Shortly thereafter we opened a savings account and  got a home mortgage from Scotia.   I did not consider putting my bank accounts because their one Panama City  branch was far from where we lived.  But Scotia recently opened a branch near where we live. I am now switching 3 of our checking accounts  to Scotia. I made this decision after having one too many problems with my current bank and not wanting to stand in long lines anymore.

It has been a pleasure to open up these accounts at Scotia. They were geniunely happy to have my business, the personnel was competent and helpful. I speak Spanish but they were ready and willing to speak to me in English if necessary. I was able to set up my new bank account in less than a week with no hassles whatsoever.

Scotia was recently named “One of the top 10 most stable banks in the world” according to the Toronto Financial Post. It’ growing by leaps and bounds in a number of Latin American countries like Mexico. In Panama, Scotia has several branches in Panama City and also one in Boquete.

Scotia accounts can of course be seen online but it will be another year before you can make utility and other payments from your Scotia Bank online account, so I am keeping one account in my old bank until this service is offered. I am told that Scotia will offer credit cards in a year as well.

• No Comments

I am not sure what is happening but it seems to me that USA companies must be dumping merchandise unsold in the States in Panama where it is being sold at well below cost prices. You can find these amazing bargains at Albrook Mall-name brand American clothes for 20%-30% of the original price. For example Christmas , we bought beautiful cashmere wool scarves with a Macy’s price tag on them of $68.00 for 6 bucks. My daughters bought lovely blouses for one or two dollars and costume jewelry for the same. Liz Claiboure suits originally $290.00 are $99.00 and sometimes less. The best stores for name brank clothing bargains are Dorians and BMB. Dorians is very large and you have to hunt for name brand items. Just about everything BMB sells is a well known name brand. If you don’t care about name brands, there are endless clothing bargains and household items bargains in other stores like Madisons and Costco and Titan and Conway.

Albrook Mall is very crowded on weekends. We recommend you go to Albrook Mall on a weekday or in the morning on a weekend. It opens at 10am.

Please tell me about some of your favorite bargain places in Panama.

• No Comments

According to an article in La Prensa based on the study of local consulting firm, in the next 3 years projects worth 20 billion dollars will be started in Panama. These include 8 billion for a refinery in Puerto Armuelles by Occidental Petroleum and Qutar, 3.5 billion on the Petaquilla gold mine, 3 billion on the Canal expansion, 3 billion by Panama’s government in infrastructure projects, 600 million for Farfan Port, 100 million for Rodman Port, 100 million for the Puerto Armuelles pipeline and 60 million for MIT Port.

I am asking around if these projects really will happen and most people say “yes” to most of them and “probable” but not sure to others.

If even half take place, this is huge for a tiny country like Panama with just 3.3 million people. In 3 years, less than 4% unemployment is predicted as well as the relaxation of immigration laws so that these projects can bring the professionals not available in the Panamanian market.

I see Panama becoming the Hong Kong of the Americas in the next 10 years. It is the geographical and historical destiny of Panama which has always been a business crossroads between East and West, North and South.

In business circles, everyone is talking about the BRIC countries (Brazil, Russia, India and China) and how they will be the motor of the economy now, as the US economy slows down. Latin America as a whole is growing as never before and it needs a business capital- voila Panama. ( Long ago, Latin America liberator Simon Bolivar, said that Panama should be the capital of Latin America. )

Do you agree Panama will be the Hong Kong of the Americas?

Other important smaller investments are being made- like a 50 story building being built now as a diamond bourse with 350 offices related to everything that has to do with the diamond trade. An Israeli businessman saw that Latin America is growing and will increasing want diamonds and decided it needed a diamond headquarters- and found Panama City to be ideal.

Other smaller investments are being made.

• 2 Comments

The multinational consulting firm Mercer according to press reports today, just released a study in which Panama City is rated as # 2 in Latin America and for safety and quality of life. It is # 1 in Central America. (Santo Domingo, Dominican Republic is # 1/San Jose, Costa Rica is #8. )

(The study included San Juan Puerto Rico which is rated # 1, but as Puerto Rico is not generally considered a Latin American country, Panama takes the first place. )

This survey confirms what many multinationals and individuals have already concluded- Panama City is the best place for their regional HQ- among those who have come recently to set up HQ are Dell, Hewitt Packard, Proctor & Gamble, Caterpillar, 3M, the United Nations, and I just heard Frito Lay is coming.

Panama City is far from perfect….especially traffic problems can be intense, but aside from that Panama City is a great place for international corporations, families and individuals. It is one of the safest cities anywhere if you follow rules of common sense that apply to cities everywhere, ie don’t walk around at night in a poor area.)There is a variety of fine neighborhoods to choose from, the best food and appliance shopping in Latin America, 3 major new shopping malls, lots of reasonably priced excellent restaurants and for vacationing many attractive beach and mountain destinations. Not to mention the Panamanian people themselves-accustomed to foreigners, friendly, helpful and warm.

• No Comments

A New Law and the Difficulties for Latin Americans to Get Visas to the States are Causing Panama City to become the Next Miami.

Why have Dell, Hewlett Packard, , Proctor & Gamble, Caterpillar and the United Nations have all decided to make Panama their regional headquarters? The answer is simple: Today Panama is the best place in Latin America to live and do business.

(more…)

• No Comments