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Moving to Panama: Your stress-free new start in the tropical sun
Dreaming of a life under the palms? Panama tempts with tax advantages and a high quality of life. However, the move needs careful planning. Discover which visa options are available for you, how to optimise your finances, and how GoMovin supports you at every step. Need personal advice? Contact us for a non-binding initial consultation.
The topic short and concise
Dreaming of a life under the palms? Panama tempts with tax advantages and a high quality of life. However, the move needs careful planning. Discover which visa options are available for you, how to optimise your finances, and how GoMovin supports you at every step. Need personal advice? Contact us for a non-binding initial consultation.
Dreaming of a life under the palms? Panama tempts with tax advantages and a high quality of life. However, the move needs careful planning. Discover which visa options are available for you, how to optimise your finances, and how GoMovin supports you at every step. Need personal advice? Contact us for a non-binding initial consultation.
Dreaming of a life under the palms? Panama tempts with tax advantages and a high quality of life. However, the move needs careful planning. Discover which visa options are available for you, how to optimise your finances, and how GoMovin supports you at every step. Need personal advice? Contact us for a non-binding initial consultation.
Planning your move to Panama? Discover everything about visa options, tax benefits, real estate investments, and how GoMovin makes your relocation seamless.
Planning a move to Panama? This comprehensive guide provides you with an overview of the key aspects to consider for a successful new start in the tropical sunshine. From the various visa options and tax benefits to integrating into Panamanian culture, we at GoMovin support you in making your move as smooth and stress-free as possible. We understand that an international move is a significant challenge, and we offer personal advice and comprehensive support in all phases of your move to Panama.
Panama, often referred to as the bridge between North and South America, is increasingly attracting people who want to start a new chapter in their lives. The country not only offers breathtaking nature and a pleasant climate but also economic and tax advantages that make it an attractive destination for expatriates. Whether you want to move to Panama as a retiree, entrepreneur, or employee, there are numerous ways to fulfil your dream of living in the tropical sun.
We at GoMovin are your reliable partner for a stress-free move to Panama. With our years of experience and global network, we support you at every step – from planning and organisation to execution and follow-up. Our goal is to make your move to Panama as easy and pleasant as possible, so you can focus entirely on your new life. Find out more about our moving assistance.
Visa Options: Find the Right Residence Permit for Panama
Choosing the right visa is a crucial step in planning your move to Panama. There are various visa options tailored to different needs and requirements. Here are some of the most common types of visas:
Friendly Nations Visa
The Friendly Nations Visa is particularly attractive for citizens of certain nations, including Germany, Austria, and Switzerland. To obtain this visa, you must demonstrate economic ties to Panama, such as setting up a company or purchasing property. Additionally, a deposit of 5,000 USD is required in a Panamanian bank account. This visa offers a comparatively easy path to permanent residency. More information can be found at frapan-invest.com.
Golden Investor Visa
If you are looking for a faster route to permanent residency, the Golden Investor Visa might be the right choice. This visa requires a significant investment, usually at least 300,000 USD in real estate. The advantage of this visa is that it provides an expedited path to permanent residency. Note that requirements and investment amounts may vary, so it is advisable to thoroughly inform yourself in advance. A qualified lawyer can assist you in navigating the complex regulations.
Pensioner Visa (Jubilado Pensionado)
For retirees with a guaranteed lifetime pension of at least 1,000 USD per month, the Pensioner Visa is an interesting option. This visa not only offers the opportunity to live in Panama but also various discounts and benefits. It is an attractive option for retirees who wish to spend their golden years in the tropical sun. More information can be found at perspektiveausland.com.
Remote Worker Visa
In today's world, where remote work is becoming more popular, Panama also offers a special Remote Worker Visa. To obtain this visa, you must demonstrate an annual income of at least 36,000 USD and have a job that allows you to work remotely. This is a great way to combine life in Panama with your professional activities.
Regardless of which visa you choose, it's important to note that the application process can take several months. It is strongly recommended to consult a qualified immigration lawyer to ensure you meet all the requirements and proceed smoothly through the process. At GoMovin, we work with experienced lawyers who can assist you in planning and executing your move to Panama.
Tax Benefits: Take advantage of Panama's territorial tax system
One of the major advantages of moving to Panama is the territorial tax system. This means you only pay taxes on income sourced from within Panama. Foreign income is tax-free, making Panama an attractive destination for entrepreneurs and freelancers who earn their money outside the country. This system can offer you significant tax advantages and improve your financial situation.
However, Panama has tightened the requirements for obtaining a residency permit. Now, a minimum investment of 300,000 USD is required to settle in Panama. Nevertheless, there are still various investment opportunities that can pave the way to residency.
Real Estate Investments
Real estate investments, particularly in Panama City and Boquete, offer potential for capital appreciation and rental income. These locations are very popular with expats and offer a high quality of life. Investing in real estate can not only create a solid financial foundation but also ease the process of obtaining a residency permit. Note that the minimum investment for residency is often around 300,000 USD.
Banking and Currency Stability
Opening a bank account is an important step in the visa process. Panama uses the US dollar as its currency, which ensures currency stability and simplifies financial management. This is particularly advantageous for expats who do not have to deal with exchange rate fluctuations.
However, it is important to protect yourself from sham relocations. To avoid problems with German tax authorities, you should be able to prove an actual move with significant presence in Panama. The German tax authorities may examine your relocation and potentially revoke your passport if they suspect it is merely a tax trick. An honest and transparent approach is therefore essential. For more information on tax aspects, visit wohnsitzausland.com.
Living in Panama: Culture, Healthcare, and Popular Places to Live
A successful move to Panama requires more than just meeting formal criteria. Cultural integration is a crucial factor for your well-being and quality of life. Learning the Spanish language is of great importance in order to navigate daily life and make connections. Familiarity with Panamanian history and culture can also help you settle in faster and understand the local way of life better.
Healthcare
Panama has a well-developed healthcare system, especially in the cities. Many doctors speak English and are trained in the USA or Europe. However, it is recommended to take out private health insurance to ensure optimal care if needed. The quality of medical care is high, and there are numerous modern hospitals and clinics.
Popular Places to Live
Panama City is a popular hub for expats, offering a variety of amenities, including international schools, restaurants, and shopping options. Casco Viejo, the historic old town of Panama City, is increasingly becoming a tourist hotspot and offers a charming atmosphere. Another popular option is Boquete, a mountain town known for its pleasant climate and beautiful nature. Here you'll find a large expat community and numerous recreational opportunities.
The cost of living in Panama is generally lower than in Germany, Austria, or Switzerland. This is particularly true for rent, food, and services. However, prices for imported goods can be higher. It is advisable to research the cost of living before the move and create a budget. At GoMovin, we are happy to assist you with planning your move to Panama and provide you with valuable tips on living costs on site.
Legal Aspects: Ownership Rights and Avoidance of Sham Moves
When moving to Panama, you should also consider the legal aspects, especially regarding property rights and avoiding sham moves. Foreigners have the same property rights in Panama as locals. This applies to both real estate and other assets. However, it is advisable to consult a local lawyer to ensure that all transactions proceed legally. A lawyer can also assist you with complex matters such as family reunification or company formation.
To avoid any issues with the German tax authorities, it's important to demonstrate a genuine move with significant presence in Panama. The German tax authorities may investigate your move and possibly confiscate your passport if they suspect it's merely a tax scheme (the so-called “Boris Becker trap”). Therefore, an honest and transparent approach with the tax authorities is essential.
Avoiding issues with German tax authorities
To ensure that your move to Panama is recognised as legitimate, you should consider the following points:
Officially deregister in Germany and register in Panama.
Genuinely relocate your main residence to Panama.
Open a bank account in Panama and conduct transactions locally.
Participate in social life in Panama and build connections.
Inform yourself about tax regulations in Panama and fulfil your obligations.
We at GoMovin support you in every step of your move to Panama and help you avoid legal pitfalls. Our experienced consultants are at your service with advice and assistance to ensure your move is smooth and stress-free.
Expat Programs: Structured Support for Your New Start
For potential emigrants seeking structured support with their move to Panama, there are specialised emigrant programmes available. One example is the programme 'Relocate to Panama on a Trial Basis'. This programme offers you comprehensive guidance and support throughout every step of your move.
Programme Benefits
The programme includes, among other things:
Language courses to improve your Spanish skills.
Accommodation to help you settle in Panama.
Legal and property-related advice to support you in making important decisions.
Facilitation of contacts with lawyers, real estate agents, and other expats to help you build a network.
The cost of the programme is approximately 2,790 euros (excluding flights, insurance and visa fees). It is an investment that can be worthwhile if you value professional and comprehensive support. The programme gives you the opportunity to get to know Panama before your final move and to familiarise yourself with the local conditions. For more information, visit auswandern-auf-probe.de.
At GoMovin, we work with various providers of emigrant programmes and can assist you in selecting the right programme. Our aim is to make your move to Panama as easy and pleasant as possible, allowing you to fully focus on your new life.
Pros and Cons: Weigh the opportunities and risks
A move to Panama offers numerous advantages, but also some disadvantages that you should consider before making your decision.
Advantages
The advantages include:
The territorial tax system, which can provide you with significant tax benefits.
The country's economic stability, which is ensured by the Panama Canal.
The diverse visa options that allow you to live and work legally in Panama.
The well-developed healthcare system, offering you access to high-quality medical care.
The pleasant climate, allowing you to enjoy life in the tropical sun.
Disadvantages
The disadvantages include:
The moving process, which can be complex and time-consuming.
The language barrier, as Spanish knowledge is essential for integration.
The cultural differences, which may require adjustment.
It is important to thoroughly inform yourself about the advantages and disadvantages before the move and to realistically assess the situation. At GoMovin, we support you in weighing the opportunities and risks to make an informed decision. Our experienced consultants are available to offer advice and assistance, helping you to overcome the challenges and take advantage of the benefits.
Successful Restart: Move Stress-Free to Panama with GoMovin
A move to Panama can be a rewarding experience, but it requires careful planning and preparation. Choosing the right visa, considering financial aspects, and integrating into Panamanian culture are crucial for a successful fresh start. At GoMovin, we are your reliable partner and support you through every step of your move to Panama.
Our aim is to make your move as easy and pleasant as possible, so you can focus entirely on your new life. We offer you personal consultation, comprehensive support, and a global network that simplifies your move to Panama. Contact us today to learn more about our services and to plan your move to Panama.
Are you ready for your move to Panama? GoMovin provides you with the support you need to make this step stress-free. From the initial planning to arriving at your new home, we stand by your side. Benefit from our expertise and global network to make your dream of living in Panama a reality. Contact us today for a non-binding consultation and start your new chapter in the tropical sun!
Further useful links
The Auswärtige Amt offers travel advice and safety recommendations for Panama.
Federal Statistical Office of Germany (Destatis) may provide specific statistics on emigrants or economic data.
Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) provides reports on international cooperation projects in Panama.
Panama Tourism Board offers tourism information about Panama.
World Health Organization (WHO) provides information on healthcare and health recommendations.
Wikipedia offers general information about Panama.
FAQ
Which visa options are available for moving to Panama?
There are several visa options, including the Friendly Nations Visa (for citizens of certain nations with economic ties), the Golden Investor Visa (for investments starting from USD 300,000), and the Pensioner Visa (for retirees with a guaranteed pension of at least USD 1,000/month). GoMovin is happy to advise you on choosing the right visa.
What tax benefits does Panama offer?
Panama has a territorial tax system. This means that only income from Panamanian sources is taxed. Foreign income is tax-free, making Panama attractive for entrepreneurs and freelancers.
What are the living costs in Panama?
The cost of living in Panama is generally lower than in Germany, Austria, or Switzerland. This is particularly true for rent, food, and services. GoMovin assists you in budgeting for your move.
How does the healthcare system in Panama work?
Panama has a well-developed healthcare system, especially in urban areas. Many doctors speak English and are trained in the USA or Europe. A private health insurance is recommended.
Which areas are popular among expats in Panama?
Panama City is a popular hub for expats. Casco Viejo, the historic old town, is increasingly becoming a tourist hotspot. Boquete, a mountain town, is known for its pleasant climate.
How can I avoid a sham move to Panama?
To avoid issues with the German tax authorities, you should prove an actual move with significant presence in Panama. Officially deregister in Germany and register in Panama, genuinely relocate your main residence to Panama and open a local bank account.
What support does GoMovin offer for a move to Panama?
GoMovin provides an all-in-one solution for international moves with personal advice, legal support, real estate services, and cultural integration. We assist you in every step – from planning and organization to execution and follow-up.
How long does the visa process for Panama take?
The visa process can take several months. It is strongly recommended to consult a qualified immigration lawyer. GoMovin collaborates with experienced lawyers who can support you.
