Is it worth living in Panama? - Page 5

Mari · 09-22-2008

Quote:

Originally Posted by cessy

A sea-view apartment! That is one of my dreams! Is there any racial discrimination in Panama? I often hear in the news that there are some well-migrated countries that still discriminate other races.

You should try living in Australia for that one. The racism of the average person there is disgraceful.

MRWOOHOO · 09-24-2008

From my experience Panama City is truly a melting-pot. It has been a nice change in that aspect.

Mari · 09-25-2008

That's nice to hear. Thank you.

MRWOOHOO · 09-25-2008

It is a nice thing to be able to say and truly mean it. Your welcome. The key to living here is putting forth the effort to meet and get to know as many people as possible. For the most part the locals are super nice and have a great sense of humor. The expats (from everywhere) are a really unique, friendly, and outgoing bunch of people as well.

Side Note: Prepare to learn tolerance in Panama and life will be good.

rkar · 10-15-2008

I would say that it is "Definitely worth to live in Panama". The city offers an incredible climate and a beautiful coastal landscape. It's a home for all different kinds of people. Panama offers from affordable city apartments to stylish ocean front condo and much more. So no matter how much you are earning, you will definitely find a place for living in Panama as per your needs.

JustWow · 10-16-2008

I'm still a bit young, but I'm in the business sector. Based on what I've seen and read, it seems like it's definitely a great place to at least visit. And upon visiting it, from there you will be able to more accurately answer that question. Although technically it's possible to adapt in a one shot deal kind of scenario, but if you don't know anyone there it might be difficult to just move out of the blue without ever visiting the area.

ford007 · 10-18-2008

Quote:

Originally Posted by Mari

You should try living in Australia for that one. The racism of the average person there is disgraceful.

What you mean by "Racism of the average person in Australia is disgraceful". If you don't know anything about Australia, then you should shut up. It is true that we are quite intolerant as far as drug dealing and crime are concerned. If you are coming to Australia for these purposes, then don't expect a red carpet in front of you.

Mari · 10-18-2008

Quote:

Originally Posted by ford007

What you mean by "Racism of the average person in Australia is disgraceful". If you don't know anything about Australia, then you should shut up. It is true that we are quite intolerant as far as drug dealing and crime are concerned. If you are coming to Australia for these purposes, then don't expect a red carpet in front of you.

Reading comprehension and manners are obviously not your strong points. I am Australian and do live in Australia. My profession deals with these statistics and am of a high level within that profession which makes me more than qualified to make that comment. And I know more than most about Australia. Perhaps you are the one who ought to inform yourself more or "shut up".

ford007 · 10-23-2008

Quote:

Originally Posted by Mari

Reading comprehension and manners are obviously not your strong points. I am Australian and do live in Australia. My profession deals with these statistics and am of a high level within that profession which makes me more than qualified to make that comment. And I know more than most about Australia. Perhaps you are the one who ought to inform yourself more or "shut up".

If you are feeling so bad about racism in Australia, then I suggest you to move out. What you mean by statistics of racism? Never heard that before. Nice discovery. So you are out there to take the census of all "politically incorrect" people in Australia? You should visit Wyndham. I bet you'll get the chance to meet a few there.

pikunka · 10-24-2008

I am afraid you are getting a bit away from the topic theme!
For once, I agree with Ford, statistic is sometimes result funny things...lot depends on how questions asked.
To show Australia as a racist place??!! Well, I think racism exist everywhere, but it isnt a synonim to Australia by far!!

Martin9 · 3 Days Ago

As you may or may not know Panama is a Tax Haven and not only that but arguably the world's best tax haven. With 0% income tax, 0% capital gains tax (on foreign derived income) and no inheritance tax it is as good as it gets. Check out this site for all the Panama tax information if you are interested: http://www.best-tax-havens.com/Tax-Haven-Panama.html

exilio · 3 Days Ago

Much of the information on that page is incorrect; e.g., the requirements for the self-solvency visa.

Martin9 · 3 Days Ago

The requirements about the self solvency is correct. The reason I know this is because I have the up to date documentation from my lawyer. Panama recently changed the criteria in August. If you want I can email you on the documentation, I got it from Morgan and Morgan so I'm confident it is correct...

exilio · 3 Days Ago

See (English):
http://www.playacommunity.com/the-ne...-requirements/

and (Spanish):
http://www.gacetaoficial.gob.pa/pdfTemp/26104/12594.pdf
(Self-solvency requirements are on page 40)

Martin9 · 3 Days Ago

Hi, thanks very much. Well I guess I better check this with my lawyers because if there is one thing I have learned over the years it is that lawyers can and do make mistakes!

exilio · 3 Days Ago

The other errors on that page you ref'd:

"$0 tax on Panama bank accounts." Wrong; there is a cut-off point, but I can't remember what it is; I think maybe $2K? In addition, the interest rates paid by Panamanian banks are much less than the US, even now.

"The main permanent visa is the self-solvency." Wrong; it's the pensionado visa that is most commonly acquired by most ex-pats from NA and Europe. And probably (just my guess) the *most* common is no visa at all -- i.e., people live here for years by simply leaving the country every 3 months (for at least 72 hours).

"Residential property prices are $2K-$7K per square meter." Depends on where you're looking. In Panama City, nice apartments run from $1K to $3K per square meter, depending on location, view, etc. In the interior, I have looked at many very livable houses in the range of $200 to $800 per square meter. But to spend $7K per square meter... well, I don't know where you'd find that, except maybe the top floor of the Trump.

Also, the entire premise of that piece -- that Panama is the world's best place for avoiding taxes -- well, that's highly debatable, and highly dependent on one's personal financial circumstances. And, to get to that "haven" status can entail some moves that are, imho, somewhat risky -- like transferring a big chunk of your assets to Panama.

Ted · 3 Days Ago

Hello,

We are thinking of checking out Panama as a eventual place to retire. Could any please advise the best way, during a week or two week holiday, to explore the different locations to live. We don't really want to live in a city nor the beach, the country or mountains would be first choice.

Are there reputable companies that can assist, or is it better just to come and explore?

Thanks for any help or advice,

exilio · 1 Day Ago

Ted posted his question twice, in different threads; I gave my answer here:
http://www.panamaforum.com/living-pa...here-live.html

Panamax · 1 Day Ago

Quote:

Originally Posted by Ted

Hello,

We are thinking of checking out Panama as a eventual place to retire. Could any please advise the best way, during a week or two week holiday, to explore the different locations to live. We don't really want to live in a city nor the beach, the country or mountains would be first choice.

Are there reputable companies that can assist, or is it better just to come and explore?

Thanks for any help or advice,

Yes.

Martin9 · 2 Hours Ago

Quote:

Originally Posted by exilio

The other errors on that page you ref'd:

"$0 tax on Panama bank accounts." Wrong; there is a cut-off point, but I can't remember what it is; I think maybe $2K? In addition, the interest rates paid by Panamanian banks are much less than the US, even now.

"The main permanent visa is the self-solvency." Wrong; it's the pensionado visa that is most commonly acquired by most ex-pats from NA and Europe. And probably (just my guess) the *most* common is no visa at all -- i.e., people live here for years by simply leaving the country every 3 months (for at least 72 hours).

"Residential property prices are $2K-$7K per square meter." Depends on where you're looking. In Panama City, nice apartments run from $1K to $3K per square meter, depending on location, view, etc. In the interior, I have looked at many very livable houses in the range of $200 to $800 per square meter. But to spend $7K per square meter... well, I don't know where you'd find that, except maybe the top floor of the Trump.

Also, the entire premise of that piece -- that Panama is the world's best place for avoiding taxes -- well, that's highly debatable, and highly dependent on one's personal financial circumstances. And, to get to that "haven" status can entail some moves that are, imho, somewhat risky -- like transferring a big chunk of your assets to Panama.

Yes you are right about the price per square foot. For Punta Pacifica it is around USD 2,000 at the moment for most developments (ignoring Trump of course which is more than double that!!). I don't view Panama as risky in terms of being a Tax Haven. I've lived in both the Bahamas and Grand Cayman and Panama seems much more sophisticated than either of them frankly. If you are worried about leaving your cash in a Panamanian bank account then don't it is fine. You can of course open an offshore account somewhere else and you will still be paying 0% income/capital gains tax on the money (e.g you could put the money in the Channel islands and have the income paid gross thus avoiding all taxes - this is perfectly legal)...Panama doesn't tax foreign derived wealth. I moved to Panama to retire and to exploit the Tax Haven status. I'm in the process of acquiring the self-solvency visa via my attorney. It wasn't difficult and I get much more for my money than I did in the Bahamas / Caymans - real estate is cheap here when compared to the Caribbean or European Tax Havens believe me. Also I wouldnt live in Costa Rica or Belize as they are too dangerous for me.