The ultimate guide to the Panama real estate market
What’s hot in Panama’s real estate market? Panama’s real estate market is booming, pulling in people from all over the world because of its fantastic location and stable economy. Panama City has grown into a large city filled with tall condos, fancy apartments, and big housing areas. The skyline is often compared with Chicago. With […]
Panama Media History: From Censorship to Freedom of the Press
Explore Panama’s media journey from oppressive censorship to vibrant press freedom. Discover its resilient journalists and the ongoing fight for truth!
Panama Joins Mercosur: Strategic Logistics Boost for South America
Panama’s entry into Mercosur on Dec 5, 2024, boosts South America’s trade with its strategic location and advanced logistics. Exciting times ahead!
Saint Lucia’s Independence
Discover Saint Lucia’s vibrant journey to independence, a tale of resilience and cultural pride since breaking free from colonial rule on February 22, 1979!
Panama Flag
Panama’s flag, designed by María Ossa de Amador and adopted in 1903, signifies the country’s history, culture, and political unity. Its colors and symbols represent specific values and virtues of the nation. Despite initial challenges, the flag has become a cultural touchstone and a central element of national celebrations. It also holds international recognition, particularly in the maritime industry due to the significance of the Panama Canal. Its unique design distinguishes it from other flags, reflecting Panama’s emphasis on balanced governance and moral integrity.
Bank Account in Panama
Panama offers a variety of banking options for those looking to open a personal bank account. The largest local banks include Banco General, Banco Nacional de Panama, Banistmo, BAC Credomatic, and Global Bank, while international options include Citibank and Scotiabank. To open an account, be prepared with the necessary documentation and an initial deposit, and expect compliance checks according to anti-money laundering regulations. Alternative money transfer options, such as online services like Wise or cryptocurrency transfers through Towerbank, are also available. Choose wisely and efficiently manage your finances in Panama.
Cost of Living in Panama City
Moving to Panama City? Get a detailed breakdown of the cost of living with housing, utilities, food, transportation, healthcare, entertainment, and education expenses. This guide helps you create a budget and make informed decisions. With an average monthly expenditure of $2,000, you can enjoy a good quality of life. From expensive to affordable options, all the relevant resources and references are provided. Prepare for a smooth transition to your new life in Panama City.
Where to Learn Spanish in Panama City
Recommended Spanish Schools in Panama City offer various courses, including intensive, customized, and academic programs. They also provide opportunities for cultural immersion through volunteer programs, social activities, and dance classes. Some schools, such as Spanish Panama Language School and Casco Antiguo Spanish School, offer flexible schedules and tailored lessons, while others, like Universidad de Panama, have a more formal academic approach. Online learning options are also available for added convenience.
Taxes in Panama
Panama has a territorial tax system, making it an attractive location for expatriates and corporations due to its lack of taxes on foreign income. To qualify for tax residency as an individual, one must spend more than 183 days in the country and have economic and family interests there. Corporate taxes in Panama are also beneficial for multinational corporations, with a 25% income tax only applying to earnings within the country. Other taxes, such as VAT and dividend taxes, have varying rates and exemptions. Panama also has no inheritance or gift taxes, and has signed Double Taxation Agreements with multiple countries. Consulting a professional tax advisor is recommended for a comprehensive understanding.
