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Home Countries Panama

Live, Retire, Do Business In Panama

10 Reasons Panama Is Our Favorite Country In Latin America

Kathleen Peddicord by Kathleen Peddicord
Dec 08, 2020
in Panama
0
The modern urban skyline of Panama City, Panama

iStock/SL_Photography

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#10 The Panama Canal

Panama Canal, Panama
iStock/Marina113

The Panama Canal keeps the country as an important and relevant spot in Central America. The canal has become the main source of commerce by connecting the Pacific Ocean and Atlantic Ocean.

It brings in guaranteed cash each year, thereby stabilizing this small economy. Panama’s economy has always been strong, and with the amount of wealth that moves through the Panama Canal it generates nearly a third of the country’s revenue.

#9 U.S.-Dollar-Based Economy…

A man in a gray T-shirt holds dollars in his hands.
iStock/Sergey Nazarov

Means that Panama has the most stable currency in Latin America. You can come to Panama with ease of mind that there’s no currency exchange risk.

#8 The Tax System, Which Is Based On…

Calculator with text Tax.
iStock/Krystsina Yakubovich

Taxing Panama-sourced income and inviting international businesses that would not otherwise operate here by allowing them to operate free of corporate tax. This means more high-quality jobs for Panamanians and increased revenues for the government through employment taxes.

#7 The Stable Banking System…

Photograph of the Citibank logo
iStock/tbradford

Consider how many world-class banks are in Panama, including banks from the United States, Latin America, China, etc. Banks are putting their trading desks in Panama for tax reasons.

Banking in Panama is safe. Tough laws and high standards are imposed on banks. Panamanian banks tend to be very conservative and do not enter into risky lending practices.

Panama has grown to be the largest international banking center in Latin America over the last 30 years.

#6 The Size Of The Population…

People running in public park with city skyline in background, Panama City, Panama
iStock/hanohiki

Panama is a country of about 4 million people, which means it is small enough to benefit from the canal income, improvements in education and social programs, and that it can operate on the U.S. dollar.

#5 The World-Class Internet Connectivity

Internet connectivity concept
iStock/metamorworks

Internet- and phone-based businesses (call centers, for example) can operate in Panama cost effectively and with confidence.

Like San Francisco, Los Angeles, and New York, Panama is a primary link in the fiber-optic network. This is one of the reasons businesses like Dell are choosing to base themselves here.

#4 The Belief In And Focus On Education…

A portrait of small happy school girl sitting at the desk in classroom
iStock/Halfpoint

Which translates to a higher-quality labor force.

The Panamanian government recognizes the importance of education and has implemented several programs to train more of the population. The government makes efforts to improve English proficiency among high school and university students to better prepare them to compete in the labor force.

#3 The Strong Economy And The Patriotic Population…

Portrait of happy and confident young businessman.
iStock/diego_cervo

Keeps the best and the brightest from fleeing to the United States when they get the chance.

Many go to the States for school and then return to work in Panama after they’ve completed their studies.

#2 The Ever-improving Work Ethic When Compared With The Rest Of Latin America…

Businesswoman reading financial report
iStock/undrey

Panamanians do have the famous mañana attitude, and things definitely get done at a slower pace than in the States, but as the labor force gets younger this mañana attitude is slowly starting to fade.

As mentioned above, many go to the States to study and then return to Panama to work. This definitely contributes to the younger generation’s different work ethic.

#1 The Entrepreneurial Mindset…

Owner Of Start Up Business
iStock/monkeybusinessimages

Which is absent in most of South and Central America.

More and more youngsters are adopting the entrepreneurial mindset. You won’t have issues developing a business in Panama and taking advantage of all the fresh and new perspectives these workers are bringing to the scene.

Kathleen Peddicord

Tags: 'living in panama''panama city business''panama taxes'Move to PanamaPanama Canalpanama offshoreretire to PanamaWork in Panama
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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