Panama Beach Resort Bocas Del Toro
Why Panama?
"Panama is now where Costa Rica was ten years ago."
Again, we're at a loss as to where to start. In this case, perhaps the best way to start is to just jump in with a list.
- Panama is a democratic nation. Its political stability combined with a healthy, growing economy make the country as peaceful and abundant as the nature that embraces Red Frog. The infamous General Manuel Noriega has been out of the country and out of power for over two decades now
- All foreign and national investors are guaranteed equal rights by law
- Panama is beautiful. This extraordinarily beautiful country offers a wide variety of residential venues including mountain, beach and city communities, and will please pleasure seekers of all tastes
- Panama is modern. The modern capital city, Panama City, with high-speed Internet, first rate hotels and restaurants and shopping, is almost on a par with the US. Panama has a reliable communications and road infrastructure due in part to the 90-year American presence in Panama
- Panama is incredibly affordable. The cost of living is a fraction of the United States
- Panama's currency is the US dollar
- Panama has a near perfect climate-Yearly average temperature: 27 Centigrade or 82 grades Fahrenheit. Rainy seasons from May to August and from November to January. Dry seasons from February to April and September and October. Bocas is surrounded by lush green primary forest. The beaches are long with white sand and the water is very clear and blue, so you can see the reef while you surf.
- Panama is retiree-friendly. Panama has one of the best retiree incentive program in the world.
- Panama is safe.
- Panama has medical facilities on par with the United States
- Panama is close to the United States from many major US cities as well as an increasing number of direct flights from major European cities.
- Retirement visa requirements are minimal.
- Foreigners can buy and own property in Panama enjoying the same rights and protections as Panamanians
- Panama City is one of Central America's most modern cities. Luxury hotels, fine restaurants, and a very cosmopolitan nightlife Panama City is the banking center for Central and South America, including the Caribbean.
- Panama has a tropical climate that is basically free from natural disasters. There are no hurricanes or tornadoes and it is not plagued by earthquakes like many of its central american neighbors, making diving to look for collectables from Spanish Galleons that were laden with treasure a delightfully safe experience.
#1 place to retire in the world
Panama also offers the world's best resident retiree program. If you're looking to retire, Panama should be at the top of your list. The Annual Global Retirement Index gave top honors to Panama for five years straight.
1st world infrastructure, 3rd world prices
Panama City is the most first-world city in this part of the world. This cosmopolitan city has all the amenities of "back home."
If you're looking for privacy, sanctuary, and tranquility from the madness that is raging elsewhere in the world, you could find no better. Panama is one of the world's premier "safe havens." In addition, property in Panama is extremely affordable.
Consider this fair warning: It's not too late for you to get in on the real estate deals in Panama. The prices are remarkably low, but they won't be this way forever.
Beautiful, Temperate and No Hurricanes
Storm watchers will be glad to know that Panama lies below the hurricane track, though occasionally a weak tropical depression will skirt the Caribbean coast. The high season is mid December-mid April, when it rains the least. Nonetheless, Panama, except for the highlands, is nearly always hot and humid (days in the 80s-90s F/28-37 C and nights not much cooler). With the aid of air-conditioning and sea breezes, Panama can be enjoyed all year, though it can rain as much as an inch a day during the May-November rainy season.
But as far is beauty is concerned, you will not find a more beautiful land. The variety is astounding. This is indeed paradise.
Tax Advantages
For some, tax relief is, in and of itself, paradise.
As a US citizen and a resident of Panama you are entitled to earn as much as $70,000.00 annually without paying taxes to the American government. (A check with your accountant will be in order to verify this and determine how this law affects you.)
Also, any property in Panama with a registered value of $30,000 is not subject to property tax. Owners of property of a higher value are liable for property taxes. This tax will be under Normal Tariff (article 766 of the Tax Code) and Preferential Tariff or TPCA (article 766-A of the Tax Code). The application of either tariff will depend on the specific status of the property. In case of a Normal Tariff the tax applicable is as follows: $30,000 to $50,000, 1.75%; 50,000 to 75,000, 1.95%; more than 75,000, 2.10%. In case of Preferential Tariff the tax applicable will be as follows: for the $30,000 to $50,000 bracket, .70%; for the difference between 50,000 to 75,000, .90%; more than 75,000, 1.00%. And, of course, it is always best to get appropriate tax advise from a qualifed Panamanian professional in every case.
The property improvements will not be subject of taxation under the following circumstances:
For properties that had the construction permit before September 1, 2006, there will be a 20 year exoneration.
For properties that got the construction permit after September 1, 2006, it will be the following:
1. up to $100,000 - 15 years
2. more than $100,000 up to $250,000 � 10 years
3. more than $250,000 � 5 years
If the properties get the construction permit before July 1, 2009 and their improvements are duly registered in the Panamanian Public Registry before December 31, 2011, the exoneration will be for 20 years.
These exonerations will take place either at the registration of the improvements or at the issuance of the occupation permit, whichever occurs first.
Retirement Programs
Without a doubt, Panama's "law for pensioned or retired persons" is the best deal going for retirees the world over. Retire in paradise.
Qualifying for the Pensionado visa is relatively simple. You must:
1. Be in good health and free of AIDS (blood test at a local lab costs $25 and doctor's exam is $10)
2. Have an up-to-date passport from your country of residence
3. Have a verifiable minimum monthly retirement income or pension of $500 from a government or private company fund. For dependents (such as a spouse or children), you must show an additional $100 of income per month for each
4. If you do not meet the monthly pension requirement, you can instead deposit $200,000 in the National Bank of Panama. The interest from this account is proof to the government that you will be guaranteed a steady monthly income. You will have no problem withdrawing these funds should you decide to leave the country permanently.
5. Have a clear police record for the past five years.
Once you qualify, you get significant discounts on just about everything in Panama, from doctor's visits to transportation, restaurant tabs to utility bills.
Some benefits of being a retiree in Panama:
50% off entertainment anywhere in the country (movies, theatres, concerts, sporting events, etc.)
30% off bus, boat, and train fares
25% off airline tickets
50% off hotel accommodations (M through Th)
30% off hotels from Friday through Saturday
25% off restaurants
15% off fast food restaurants
15% off hospital bills (if no insurance applies)
20% off prescription medications
20% off doctor's consultations
15% off dental and eye exams
20% off professional and technical services
50% off closing costs for home loans
25% off electric bills up to 600KW h
25% off water bills up to $30 per month
25% off phone bills on first residential line
Immigration Programs
Panama is a country full of opportunities with numerous tax and legal incentives for local and foreign investment. It is a nation with great stability, with a strong banking system and important projects like the Panama Canal expansion. These advantages, and being the Central American economy with major growth in the last year, makes Panama a destination for new investors and for those that wish to make this nation their second home.
As a result, there has been an increase in the number of foreigners coming to this country (investors, tourists and retirees of other countries). Because of this immigration phenomenon the Panamanian Government has approved a new law of immigration. This is Law N� 3 of February 22, 2008, duly regulated by Executive Decree N� 320 of August 8, 2008. Through these new regulations, different immigration categories were included, each one with its own requisites. This change has brought more legal certainty due to the clear rules which should help to avoid free interpretation of the requests presented to the National Service of Immigration. Click Here to read more
History of Panama
As you'll see from this history, Panama has experienced much, but all to its benefit. Note that all this history has built Panama into a paradise on a myriad of levels.
Panama begins in the mists of pre-Columbian times among the Kuna Indians of San Blas. Here, on a shining archipelago where there are more islands than there are days in a year, the Kunas still make their colorful Molas. The first signs of human settlement in Panama are thought to be about 10,000 years old. Six different Native American cultures can be identified today: The three largest are the Embera Indians of the Darien jungle area, the Kuna of the San Blas Islands, and the Guaymi Indians of the western provinces of Chiriqui and Bocas del Toro.
Spaniard Rodrigo de Bastidas sailed along the Caribbean coast of Panama in 1501, and Columbus arrived in 1502. Despite dropping anchor in what is now the mouth of the Panama Canal on the Caribbean side, he never realized how close he was to the Pacific Ocean. In 1513, Juan de Balboa landed in the area, hiked across the Darien jungle and became the first European to see the Pacific.
The Spanish used Panama as the tran-shipment point for treasure and goods being sent between the West Coast of South America and Spain. As a result, buccaneers desiring Spanish loot set their sights on the area. By the 1700s, pirate attacks made it too dangerous to continue using the route, and ships started sailing around Cape Horn. Panama went into a decline.
In 1821, Panama declared its independence from Spain and joined with Venezuela, Ecuador and Colombia to form Gran Colombia. When that union split up, Panama remained a part of neighboring Colombia. The California gold rush of the mid 1800s brought unprecedented traffic across the Panamanian isthmus. Once on the Pacific side, prospectors would take boats up the coast to the goldfields (a far easier journey than crossing the U.S. by land).
In the 1880s, a French company began constructing a canal across the isthmus, but after losing 22,000 workers to disease and seeing investors go bankrupt, it sold the rights to the U.S. The Colombian government refused the U.S. permission to build, however, which set the stage for Panama's split from Colombia. In 1903, revolutionaries on the isthmus - backed by the U.S. - declared Panama an independent country and defeated Colombia's attempts to retake the territory. These actions cleared the way for the U.S. construction of the canal, which was completed in 1914.
The U.S. presence in Panama continued after the completion of the canal. In addition to stationing troops in the country to protect the waterway, the U.S. frequently intervened to control political events there. On 31 December 1999, the U.S. relinquished control of the canal to Panama.
Panama's counternarcotics cooperation has been excellent, and the Panamanian Government has expanded money-laundering legislation and concluded with the U.S. a Counternarcotics Maritime Agreement and a Stolen Vehicles Agreement. In the economic investment arena, the Panamanian Government has been very successful in the enforcement of intellectual property rights and has concluded with the U.S. a very important Bilateral Investment Treaty Amendment and an agreement with the Overseas Private Investment Corporation (OPIC). The current administration has been very supportive of the United States in combating international terrorism.
Finally, the Panama Canal is undergoing a major expansion to allow even larger ships and more traffic through its locks to maintain its leadership status in the coming decades.
View Panama Video:
High Speed (256k)Low Speed (56k)
