Thread: What US Credit Cards should I Keep/Cancel

Hi Rok - I just opened a credit card with Capital One yesterday. I am now going to cancel my Discover. It is confusing when one person says Amex is good and another says it is not. So, out of the remaining cards Amex, Visa & MasterCard which ones are not universally accepted in Panama. On-line purchases are not the problem. Having too many Credit Cards, and potentially useless ones) is the problem.

Also- declaring money on the plane trip to Panama. Declaring $9,800 each, it's just under the legal amount, how safe is it and how many have done it? If I have prearranged for a driver or someone like Jose Saenz from Goldenfrog to help us get our cats through more efficiently, how likely will it be that we have made ourselves targets for robbery outside of the airport? Is this a legit concern?

I have both cards, but I prefer capital one when traveling to panama. Also, you do not have to declare amounts under 10k.

Originally Posted by Contrail

- Snip - ...and I will hook you up for free with everything you need plus a pensionado visa for $500 ($250 up front and $250 when done). Torture your asshole attorney for what you need to bring and pay him zero dollars then tell him to fuck off.

A pensionado visa for $500? That sounds too good to be true. Care to elaborate?

If a Panamanian attorney makes $1000 per month and the amount of work is less than 80 hours does it still sound too good to be true? I would guess it's 20-30 hours of work if even that.

Originally Posted by TennVol

A pensionado visa for $500? That sounds too good to be true. Care to elaborate?

I have both cards (amex&capital), but always use capital one for all expenses while in Panama. Also, you dont need to report amounts over 10k.

Originally Posted by Contrail

If a Panamanian attorney makes $1000 per month and the amount of work is less than 80 hours does it still sound too good to be true? I would guess it's 20-30 hours of work if even that.

you will not find one that will do it that way , they all want to quote you a price .. or if you have the name and number of one that will post it here and help everyone that is looking out .

I don't really care about what the attorney want. If you show up with all the correct paperwork and $250 cash up front and $250 when it's done I am sure most would take it. If you email a high profile lawfirm 20 times surely it will be more.

Most foreigners seem to think that attorney here should be making the same salary as in the US. That is not the case. 25-35 % of the US price is what you should pay.

Originally Posted by nakedguydb

you will not find one that will do it that way , they all want to quote you a price .. or if you have the name and number of one that will post it here and help everyone that is looking out .

Originally Posted by Contrail

I don't really care about what the attorney want. If you show up with all the correct paperwork and $250 cash up front and $250 when it's done I am sure most would take it. If you email a high profile lawfirm 20 times surely it will be more.

Most foreigners seem to think that attorney here should be making the same salary as in the US. That is not the case. 25-35 % of the US price is what you should pay.

so your saying you just believe you can get it done for that price , not that you know you can get it done for that price . thats called blowing smoke jajaja

Did. Also corp setups for $300 with no annual fee. If you do two at once of course you can negotiate even lower. Also nice if you are friends with a notary public.

Originally Posted by nakedguydb

so your saying you just believe you can get it done for that price , not that you know you can get it done for that price . thats called blowing smoke jajaja

This is how it works...my SS is direct deposited in Florida....and in Panama, I use AMX at Super 99, El Rey and Riba Smith....Capital for everything else...also, Panaphoto accepts Discovery.....Capital, American Express and Discovery do not charge you the international fee. Getting cash from the ATM is another story....USAA is pretty good, it only charges you for the int'l fee and refunds the $ 3 or $ 5 that llocal banks chage you...
Be careful with money in Panama...I hardly carry cash at all....if you bring in less than 10,000... make sure nobody knows about it and spend it quickly,(Jose seems like a good chap)...or you might end way down down below.....r

Regarding ATM's don't forget that an error message along the lines of 'we are unable to process this transaction ' and no cash is delivered only means that you don't get the cash but your account is still debited, always check your bank statements. It has happened to me at least three times and has to be dealt with by the card issuer, the Panamanian bank featured on the ATM is not interested in this problem.

Pam/Corinna.

You really should come down and live here a min. of 6 months in a row before deciding what to do. I'd suggest a year, and in the meantime invest that money for the income here, open a bank acc or two etc.
Contrails numbers are spot on for cost. I've followed his advice, no problem. If you choose not to, you get what you get. Went with my own lawyer for $300 more total [500 to the lawyer plus gov app fee] because I needed the extra help...english etc and I can recommend her. There are additional costs to the visas they don't list. This will run an extra $3-400 per visa[150 of that only if you need to leave the country in the year it's being processed] plus whatever personal costs you incur complying. For your mother the pensionado is a no brainer, as the solvency has no advantage. I spoke with 7-8 lawyers that sounded competent but were useless. It's just a thing down here you'll realize in time.

Edit: I just realized...you're on disability yes? You may be able to be added to your mothers pensionado as a dependent. I think this is cheaper overall and will leave you free to do something decent with that cash. Double check though, I'm feeling lazy at the moment.

GWilson - We are planning on renting for a year or longer, possibly three who knows, as we try out different areas to find the one that fits us best. My mother is a pensionado visa, and I am a solvency visa and my lawyer comes highly recommended and her fees are spot on. So we are right on tract- we close on our house on Thurs. Nov. 17th and after tying up some loose ends hope to be in PTY the first or second week of Dec. I am still looking for rentals. One for 2 weeks in PTY and then another for long term 2 to 3 hours outside of the city. I would like a higher elevation for a cooler climate but would be willing to try a coastal town. I know it would be easier to find something once I am there and even better if I have a Panamanian helping me with the deal.

Ok, does that mean you're not proceeding with the visa thing right away but taking that time to settle in? It's not a bad idea since most people that come down do end up leaving. I came, got residency, and I'm still getting the hell out. I may be back in a few years and intend to make use of Panama for investing but 2 was enough in a row. I still recommend avoiding solvency but if you do I suggest splitting the assets. It takes time to set up multiple accounts, figure out things so by that time you can have already invested the cash and use it for the solvency. Also there have been some recent changes to the system and you may have other options. You may love the country and buy a little place, that can be used for the visa and free up cash.
ah...trusting a panamanian for certain things is a bit tricky. There are several cultural and economic reasons for that and some very good forum threads to explore. Beware the long term expats here as well, normal decent people tend not to stay in this country.
If you're looking for infrastructure of any kind you have 2 options. PC or David, where I live. It's a 6hr drive out near the costa rican border. Boquete is up here and full of gringos so should probably be your first higher altitude choice. If your spanish is excellent there are other options, but for anyone needing medical care access I don't recommend them. Coronado for the beach town. Ask naked about Los Santos, its dry[er] and hot but some sparsely populated coastal options.

All main stores take AMEX - I have no problem with it being accepted. The gas stations I go to also accept it. Yes, it is not 100% of the places - but I would say (in my world) it's 75%.

I'm taking only Visa. I'm assuming my debit card will be useless in Panama so I'll give that back to my bank.