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GENERAL INFORMATION ABOUT PANAMA

VISAS FOR RETIRED OR PENSIONED PERSONS in Panama

- PANAMA PENSIONED TOURIST'S VISA

- PANAMA RETIRED PENSIONER'S VISA

- THE SIMPLE OR MULTIPLE RETURN VISA in Panama

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PANAMA OFFSHORE CORPORATIONS

PRIVATE INTEREST FOUNDATIONS IN PANAMA

PANAMA OFFSHORE BANK ACCOUNTS

SHIPS AND YACHTS REGISTRATION in Panama

 
   

 

 

VISAS FOR RETIRED OR PENSIONED PERSONS in Panama

Panamaís immigraiton laws have created two types of visas, easily available to pensioned or retired foreigners, to enjoy life in this country, after retirement.

Both visas grant the status of Resident and some tax exemption benefits. One is called Pensioned Touristís Visa, and the other is called Retired Pensionerís Visa.

PANAMA PENSIONED TOURIST'S VISA

Grants the right to reside in Panama, indefinitely, as long as evidence is filed that applicant receives a pension, sufficient to pay for his expenses in the country, for a monthly minimum amount of USD 500.00 or its equivalent in any foreign currency, plus USD 100.00 for each dependant.

These amounts may be increased after revision, according to cost of living indexes, by resolution of the Executive Body. This increase would not affect the rights of those persons who already have been granted the visa.

PANAMA RETIRED PENSIONER'S VISA

Grants residence in Panama for a 5-year period, which may be prorogued, as long as applicant can prove that he has enough to pay for his expenses in the country, for a minimum monthly amount of USD 750.00 plus USD 100.00 for each dependant, exclusively as product of a fixed term deposit in the National Bank of Panama (Banco Nacional de Panama), in the concept of interests.

The fixed term deposit shall be kept free from encumbrances or warranties and should be maintained for the 5-year period and so on, as long as the person may want to keep the visa. (At the moment, a fixed term deposit for the amount of USD 203,000.00 is enough, but this amount varies all the time, depending on the interest rates).

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The Retired Pensionerís Visa also offers the benefit of a special passport of the Republic of Panama but without granting the Panamanian nationality.

Both visas give the following benefits:

1-

No income tax is paid in Panama for the pension received nor the interest gained from the fixed term deposit

2-

Tax free importation of new or used household goods for up to USD 10,000.00

3-

Tax free importation of a car, for personal or family use, every two years

4-

All benefits given to Panamanian retired persons by Law No. 6 of 1987 (discounts in restaurants, hotels, and some tax benefits)

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No obligation to pay warranty deposits, as required for other types of visas.  After filing the application, the whole procedure may take two months

OTHER NECESSARY VISA IN PANAMA: THE SIMPLE OR MULTIPLE RETURN VISA

Apart from the two visas mentioned above, to travel outside Panama and return under equal conditions, all foreigners having resident status in Panama must obtain a Return Visa.

Therefore, after the main visa is granted, a Multiple Return Visa should be obtained when traveling abroad. This only takes two days and no major requirements.

The Simple one will serve for one return entrance only, while the multiple one lasts two years.

complete information about

VISAS IN PANAMA

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PANAMA OFFSHORE CORPORATIONS

Offshore corporations, either Panamanian or Caribbean, and Private Interest Foundations are commonly used for reducing tax burden and for the protection of assets. It also helps in maintaining confidentiality. They may be used as holding companies, as owners of any kind of property, such as bank or investments accounts, real estate property, etc, as well as for business activities outside your actual place of business.

Two or more persons of legal age, without regard to nationality or domicile, may create a Corporation and start operations immediately, without any capital subscription. Shares may be issued to a person or to bearer. Par value nominative shares may be issued even when no payment has been received for them.

Composed of a minimum of three natural persons, the Board of Directors will direct and administer the corporationís businesses. Such powers may be limited in the Articles of Incorporation or any amendment thereof and left exclusively to shareholdersí resolutions as they may agree in general meetings. Amendments to the Articles of Incorporation are within the exclusive powers of Shareholders or subscribers to the Articles of Incorporation, if shares are not issued

Board of Directorsí and Shareholdersí Meetings may take place even when all members are not present, if they have been in contact by phone, fax, or any electronic communication method. A Minute of the meeting must then be issued, indicating the decisions taken and the communication method used by participants.

According to Law No. 61 of December 26, 2002, Corporations must pay an annual tax for the sum of $250.00 plus a $50.00 overcharge when paid on retard and a fine of $250.00 will be applied when annual tax for more than one period is overdue. On time annual tax payments must take place for the latest on June 30 for corporations registered from the months of January to June and on December 31 for those registered from July to December. Registration rights will depend on the corporation's capital.

Offshore corporations do not pay income taxes in Panama, as they do not have economic activity in Panama.

Foreign corporations wanting to do business in this country may open agencies or offices in Panama, after they have been duly registered in the Public Registry and obtained the required licenses.

complete information about

PANAMA OFFSHORE CORPORATIONS

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PRIVATE INTEREST FOUNDATIONS IN PANAMA

Mainly ruled by the Charter and its Regulations, Private Interest Foundations are usually used to protect family assets and income, as well as for succession purposes. Its regulations may be private, not needing public registration.

According to Law No. 25 of 1995, one or more natural or juridical persons can create a Private Interest Foundation, by constituting a separate estate exclusively destined to serve the objectives expressly established in a Foundationís Charter. Registration rights and annual taxes are equal to those of Corporations.

Although a Private Interest Foundation canít pursue lucrative objectives, it can perform commercial activities in a non habitual manner and execute any rights arising from stocks, bonds, or other capital values, as long as the product of that activity is exclusively destined to the foundationís objectives.

Private Interest Foundations may be constituted either to take effect immediately or after founderís death, through a private document subscribed by founder, whose signature must be authenticated by a Notary Public or directly before a Notary Public. In both cases, through a public or a private document, testamentary formalities will not be required when the foundation is created to take effect after founderís death.

Foundationís assets will not respond to founderís obligations unless transferal of goods or assets is done in fraud of creditors, whose rights to claim prescribe after three years, from the date assets are transferred.

There will be a Foundation Counsel, as established in the Charter or its regulations and, except in the case it is conformed of one juridical person, it will be composed of three natural persons. Counselís main obligations and duties will be to administer assets, celebrate contracts, and do business; inform beneficiaries of the economic situation; and deliver benefits, unless otherwise is stated in the Charter and its regulations but always complying with the foundations expressed objectives.

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Counselís obligation and duties may be supervised and limited by a committee, a protector, or any supervising entity. Members of the Counsel will not be responsible for losses or damages caused as long as they act with the authorization of the supervising entity.

complete information about

PANAMA OFFSHORE CORPORATIONS

 

 

 

PANAMA OFFSHORE BANK ACCOUNTS

The Republic of Panama is known as an Offshore Service Center, where its International Banking Center excels, allowing the opening of Foreign or Local Bank Accounts, in a prompt and safe manner, an indispensable tool for making financial operations in an offshore structure for tax planning and asset protection, in addition to corporations, offshore companies, private interest foundations and trusts.

 
 
   

The Panamanian  LAW FIRM CORBETTI PEZZOTTI & QUIJANO can help you in the process of opening offshore bank accounts in well known and prestigious banks. This law firm will guide you throughout the whole process, by offering the services of preparing the required documentation, such as the bank account opening applications and banking contracts, by drafting or obtaining the required legal documents, or by legalizing the minutes of the corporations or offshore companies under our administration.

The complete transaction can be completed with the client remaining outside Panama. Most Banks will require information and references on the commercial and banking history of the interested party, and in some occasions, a personal interview or meeting with the future bank account executive in the country, may be required. Once the application is accepted, the client can make any deposits or withdrawals, execute money transfers or give investments orders, have check books, obtain credit cards, etc. At this point, our work would be fulfilled, not having any relation with the accountís movements or with transactions made, to maintain discretion and confidentiality.

 

 

 

SHIPS AND YACHTS REGISTRATION IN PANAMA

Panama is known for rendering a many services, especially in the maritime sector, which is benefited by the open registry or flag of convenience regime, the reason why Panama has the major fleet in the world.

Panamaís Public Registry and the Merchant Marine Directorate have combined their efforts to fortify the sector, while the CORBETTI PEZZOTTI & QUIJANO has the experience and qualifications to help you with the registration of ships and yachts or the registration of ship mortgages for vessels of any tonnage.

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