Why Panama should be on your top five for relocation.

Today, Panama stands as one of the beacons for expat living. Its advantages have placed it as a key player not only in the region but also in the world. This article explores why Panama is an easy and convenient relocation place for businesspeople, international investors, and perpetual travelers.

Key trade hub since 1914

When the Panama Canal was inaugurated on August 15, 1914, it changed the course of history. Uniting the Atlantic and the Pacific at that strategic point meant a huge step forward for international commerce. Now, cargo didn't have to travel thousands of miles down to the Strait of Magellan or cross an entire continent in a time when routes and transportation were still in their early stages.

Moreover, Panama had gained its independence from Colombia only 11 years before, obtaining the perfect thrust for this young nation to thrive.

Business free zones and opportunities

The apex of this development took place in the 2000s, when Panama saw an incredible growth of infrastructure. This is when it turned into a modern metropolis whose skyscraper horizon we know all too well. Since then, it has become a region particularly prone to business, offering a wide array of benefits for corporations.

The free zones and free economic zones are famous worldwide for offering tax exemptions and a variety of incentives, especially for imports and exports. A bright example is the well-known Colon Free Zone, the largest in the western hemisphere and the second largest in the world. In Panama, each zone has different characteristics and can encourage specific activities, like Panama Pacifico, or research, like Ciudad del Saber.

Live in a place that welcomes foreigners: Panama Residency

With the canal came trade and then came business, and eventually the government had the ingenuity to design a set of programs, thus supporting the legal relocation of so many foreigners. We can see the essence of Panama already at the start of the century, when hundreds of laborers from foreign lands came to build the canal. In those days, they were mainly workers from the West Indies, but now they come from everywhere.

Panama is unique when it comes to immigration. While other countries have mountains of bureaucracy and lengthy processes, Panama has several visas that help the applicants rather than hold them back. The Qualified Investor and Reforestation programs attract entrepreneurs and investors, while Friendly Nations targets a mix of professionals and accomplished people from specific nations.

Panama is home to one of the best retiree visas in the world, the Pensionado, which is as accessible as it is beneficial, including duty tax exemptions, discounts on medical care, and lower prices on transportation fares.

One of the most advanced economies in Latin America

Panama has stipulated the US dollar as legal tender. Although there is a local currency, the Balboa, it's only issued in coins. As for bills, people use dollars as in any city in the United States.

Having such a solid currency protects the jurisdiction against inflation issues and helps maintain a solid economy. On the other hand, even if in U.S. dollars, prices are much friendlier than in the US. From your occasional ice cream and a fancy dinner to the purchase of real estate, Panama is cost-effective, especially if you come from expensive cities. Savings, dividends, pensions, royalties, and income in general go a long way in the country of the canal.

Smart taxation, happier residents

A country’s potential when it comes to saving money can be measured in its tax policies, and Panama is one of those places that treats people fairly well. Tax rates are lower, and businesses can enjoy a variety of exceptions and incentives. One of Panama’s strongest features is territorial tax residency, which means foreign income is not taxed.

Tradition, beaches, and cosmopolitan living

Living in Panama, residents enjoy a first-class capital where luxury abounds in hotels, restaurants, and apartments. The modern part of the city is the area known as Calle 50. Here are the tall skyscrapers and a true feeling of being on top of the world. People who prefer an active nightlife and a bohemian environment may choose to live in Via Argentina or Calle Uruguay, where they can find some of the most exquisite bars and restaurants in town.

A place to visit both at night and in the daytime is the Cinta Costera. It is a long ocean walk starting in Punta Paitilla and stretching to the seafood market. It embraces the bay and offers unforgettable views of the Pacific, and a nice sidewalk to walk, jog, or bike.

Educational activities are also open to visitors and residents, like the Museum of the Canal or the Biodiversity Museum, which decorates the city landscape with vibrant colors while teaching about the local flora and fauna.

In Panama, there's a neighborhood that's been designated as a UNESCO heritage site. This is the colonial quarter where architecture blends with pubs, jazz clubs, hotels, and government buildings. This place is Casco Viejo, and it conveys the charm of Panama's colonial past while maintaining a strong hold on the present.

A good part of the Panamanian population comes from abroad. As a result, Panama has a cosmopolitan vibe similar to what can be found in New York. People meet in the streets of Panama regardless of their origin, and they coexist in peace. Also, each one of them can always find a community of like-minded people in order not to feel alone.

Nevertheless, narrowing down Panama to the capital will be a serious mistake. In the provinces, there are several small towns with amazing beaches and profound traditions. Los Santos, for example, is considered the cradle of traditional music and is home to unbelievable festivals in which woman show their stunning traditional costumes, the “polleras”, and the men play the “tamborito”.

Final thoughts on Panama as a relocation hub

To sum up, there are a handful of countries that could constitute a comfortable and convenient place for foreigners to relocate. Panama proudly finds itself on this list. Its unparalleled position as a business hub in Latin America, its friendly population and welcoming environment, and its advanced infrastructure have made Panama a sought-after investment and migration destination. However, its charm cannot be fully described in words or pictures, and only those who travel and see it in person will truly experience it.

Источник: https://mundo.expert/ 

Liliya Soboleva