In 2008 the GDP of Panama grew by 11% with trade, tourism and construction all flourishing. The Panamanian government has dedicated $5 billion USD to the expansion of the Panama Canal. The expansion is expected to increase annual revenue into the country by approximately $20billion USD. Panama has the second largest banking community in the world (after Switzerland) with approximately 100 banks based in Panama. Many investors are taking advantage of the favorable taxation laws. Panama is also the second largest free trade zone in the world only behind Hong Kong. In addition, Panama requires no special authorizations, permits or prior registrations for foreign investors. Specific investment incentives include:

• No property tax for 20 years
• Residency available for buyers of homes costing $250,000 U or more
• The US Dollar is the legal tender of Panama
• Panama retirement program, ‘Pensionado’, offers generous discounts off living and other expenses in Panama
• The 1998 Investment Stability law protects foreign investors from any change in tax, customs, municipal and labor rules for a period of 10 years after an investment is registered in Panama. 

For those looking to retire or spend part of their retirement in Panama, the generous ‘Pensionado’ program offers significant benefits and discounts once property owners’ residency has been officially confirmed. 

As globally reported, many parts of the Caribbean have been affected by hurricanes in the past few years. This is no concern for Panama as it is in a hurricane-free area. 

REQUIREMENTS FOR U.S. CITIZENS TO OBTAIN VISA TO ENTER PANAMA 

Tourist Visa 

• Submit your Passport – must be signed and have at least six months remaining validity  
• 1 Visa Application Form, fully completed and signed  
• 1 Passport-type photograph required
• Completed Cover Page and Credit Card Authorization forms (print from browser)
• Copy or round-trip airline tickets -OR- airline itinerary confirming dates of travel
• Copy of U.S. Alien Registration (GREEN) Card, if U.S. Permanent Resident
• Letter of Invitation from responsible person or organization in Panama
• Copy of recent bank statement and letter from employer stating position and salary.

Processing Instructions

 http://www.traveldocs.com/pa/vr.htm

Contact Luci Edwards, REALTOR – CIPS -AHWD for more details…

luci.edwards@forsalebozeman.com