Visas
for Retired or Pensioned Persons
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Panama’s
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 Tourist’s Visa, and the other
is called Retired Pensioner’s Visa.
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Retirement or Investments |
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A. 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. B. Retired Pensioner’s Visa
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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
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Panama Canal Pacific entrance
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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).
The
Retired Pensioner’s 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); and
5. No obligation to pay warranty deposits, as required for
other types of visas.
After filing the application, the whole procedure may take two
months.
C.
Other necessary Visa, the Simple or Multiple Return Visa |
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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. |
The
Coast Way: popular
turistic place
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...for
more information visit Panama
Visas
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Offshore
Corporations
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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.
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Nature and the modern city
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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.
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Composed
of a minimum of three natural persons, the Board of Directors will
direct and administer the corporation’s businesses. Such powers
may be limited in the Articles of Incorporation or any amendment
thereof and left exclusively to shareholders’ 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.
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Beautiful island
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Board
of Directors’ and Shareholders’ 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.
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...for
more information visit Panama
Corporations
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Private
Interest Foundations
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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
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Hotel Bambito in Chiriqui
mountains
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Foundation’s
Charter. Registration rights and
annual taxes are equal to those of Corporations.
Although a Private Interest Foundation can’t 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 foundation’s objectives.
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Private Interest Foundations may be constituted either to take
effect immediately or after founder’s 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 founder’s death.
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Panama "La Vieja" (Old
City)
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Foundation’s
assets will not respond to founder’s 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. Counsel’s
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.
Counsel’s
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.
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...for
more information visit Panama
Corporations
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Offshore
Bank Accounts
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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 of BRIN FABREGA & CORBETTI 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.
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Offshore Bank Accounts
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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
account’s movements or with transactions made, to maintain
discretion and confidentiality.
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Ships and Yachts Registration
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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.
Panama’s Public Registry and the Merchant Marine Directorate have combined their efforts to fortify the
sector, while the firm BRIN FABREGA &
CORBETTI has the experience and
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Ships and Yachts registration
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qualifications to help you with the registration of ships and yachts or the registration of ship mortgages for vessels of any tonnage.
We must mention that ANA ISABEL BRIN FABREGA is a Master of Laws graduate from the Tulane University Admiralty Law program and she has worked in the maritime and corporate area for many years.
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...for more information visit
Ship Registration
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