Starting An Internet Business In Panama

"Kathleen, love the e-mails, truly. A lot more than I thought I would. I think that, when you started talking about Medellin, where I am going to be living by this time next month, it all started to become so much more real for me.

"I have been researching lately into setting up an offshore business and bank account and am looking closely at Panama and Belize.

"I prefer Panama, as it is closer to Colombia and flights are very cheap. However, in my research, I came across a law firm that has informed me that Panama does not allow Internet-based businesses to be set up there. Is this true? If that's the case, do you know any ways to work around this?"

-- Nate B., United States

Well, if it's true, I'm an outlaw.

That is, no, this isn't true. Panama is attracting some of the world's biggest Internet business operators...and many smaller Internet outfits (like Live and Invest Overseas!).

I believe there could be restrictions on Internet gaming operations. Otherwise, Panama qualifies right now as one of the best jurisdictions in the world for anyone looking to set up this kind of business.

***

"Kathleen, I have enjoyed your e-mails, and I hope now that you can offer some suggestions.

"Here is my situation. I retired to Mexico five years ago but now ready to move on. I do not speak any foreign languages, am 68 years old, and my income is US$1,100 per month. I currently own a home but do not wish to reinvest at this time. I agreed with your four reasons not to own in a foreign country. Belize sounds great, but the weather would not be good for me. The place where I am now is overrun by gringos, and, while I prefer some, this is way too much. Besides, they seem to be fighting with each other all the time. I don't understand this.

"Would you be so kind as to offer some suggestions?"

-- M.P., Mexico

Given your weather preferences, I'd suggest you take a look at Cuenca, Ecuador, and Boquete, Panama.

Note that Boquete is home to a sizable expat community.
In other words, you may find too many gringos living here for your liking. But you should visit to see what you think. Continue Reading:

• Renting Overseas