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      Super Cheap

      • Chitré, Panama
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        Whether you’re looking for fun and sun, a peaceful retirement, or the chance to earn some extra income, you’ve got a real world of opportunity open to you… In short, we’ve done our best to narrow down your best options, but only you can decide the right country for you.

        • Spain
        • Portugal
        • Panama
        • Belize
        • Colombia
        • Cyprus
        • Mexico
        • France
        • Montenegro
        • Browse All Countries

        Best For:

        • The Best Places To Retire
        • Health Care Abroad
        • Cost Of Living
        • Investing in Real Estate
        • Establishing Residency
        • Gun Laws In The World
        • English-Speaking Countries
        • Safest Places For Retirement
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      • Budgets

        How Much Will It Cost You To Live Overseas?

        The only honest answer is, we have no idea. And neither does anyone else. The only one who can answer that question is you. Here’s the most important thing to understand about budgeting your new life overseas…

        Super Cheap

        • Chitré, Panama
        • Santa Marta, Colombia
        • Phuket, Thailand
        • Dumaguete, The Philippines

        Cheap

        • Medellin, Colombia
        • Boquete, Panama
        • Kyrenia, Cyprus
        • Hua Hin, Thailand
        • The Algarve, Portugal

        Affordable

        • Valencia, Spain
        • Cascais, Portugal
        • Las Terrenas, The DR
        • Pisa, Italy
        • La Rochelle, France
        • Mazatlán, Mexico

        Luxury

        • Ambergris Caye, Belize
        • Kotor, Montenegro
        • The Panama City Beaches
        • Paris, France
      • Resources

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        • Raising A Family Abroad
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        Follow Us:

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          PANAMA CITY, PANAMA

          June 18-20, 2025

          VIRTUAL

          July 17-19, 2025

          Valencia, Spain

          Sep. 17-19, 2025

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          Home Countries Panama

          Is Panama Still A Tax Haven? Analyzing The Country’s Diversification Flags

          Are We Still Pro Panama?

          by Lief Simon
          Oct 18, 2022
          in Panama, Taxes
          0 0
          Panoramic view of Panama City Skyline

          Adobe Stock/diegograndi

          The Panama Papers incident from 2016 brought to light a part of the offshore industry that generally wants to stay in the shadows.

          Despite the fact that many of the reported structures used by the high-profile clients outed in the Panama Papers were set up in offshore jurisdictions other than Panama, the law firm doing the work was headquartered in Panama… putting the country in the forefront of the drama.

          Of course, the Panama Papers weren’t the only controversy to hit the Isthmus.

          Money-laundering concerns made the headlines, as well, with the United States accusing one of the wealthiest families in Panama of laundering money for drug cartels. Those accusations shut down the bank that family allegedly used and caused panic throughout the country’s entire banking industry.

          With all the negative press and tightening of regulations in Panama over the past five years, how does the country score today as an offshore jurisdiction for internationalizing your life and planting flags?

          Let’s Start With The Country’s Approach To Taxation

          One thing that hasn’t changed as a result of all of the hullaballoo of the past several years is that Panama remains a jurisdictional taxation country. In addition, it makes available several tax exclusions for certain kinds of income.

          Jurisdictional taxation means that only money earned in the country is taxed in the country. This benefits entities set up in Panama that aren’t doing business in Panama, but it also benefits residents of Panama who earn their money outside of the country. You will still be likely to be taxed in the country where the income is earned, but you don’t have to worry about reporting non-Panamanian income in Panama for your company or yourself if you’re living there.

          Panama also doesn’t tax interest income earned from banks… so your CDs in Panama incur no tax in Panama. For Americans, it’s moot as they’ll still pay taxes in the States on that interest income, but for non-Americans, depending on where they live and their tax situation there, it could mean no taxes at all on their interest income. Specifically, if a non-American is a tax resident in Panama, that would be the case.

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            Revenue from agriculture is also exempt in Panama up to US$350,000 of gross revenue. Invest in a farm operation in Panama and you can pay no taxes in Panama. However, the same caveats apply for Americans who will have to report the income in the States and pay U.S. taxes on the income.

            Non-Americans living in a jurisdictional taxation country—whether it’s Panama, Costa Rica, Malaysia, or elsewhere—could end up not paying any income tax on their Panamanian farm income.

            If you’re operating a business in Panama that is earning its money from Panama, the company will pay taxes in Panama. The tax rate is 25% of net taxable income or 1.7% of gross taxable income, whichever is higher. Only companies with taxable revenue of more than US$1.5 million are subject to the 1.7% alternative tax calculation.

            For individuals earning an income from work done in Panama, the first US$11,000 is exempt, the next US$39,000 is taxed at 15%, and income over US$50,000 is taxed at 25%. Few deductions are allowed but include medical expenses and insurance as well as mortgage interest.

            Bottom line, from a tax standpoint, Panama gets an A+ for nonresidents and companies not doing business in the country. For residents, it gets an A as you’d only be taxed on income earned in the country and the tax rates for that income are low on a global standard.

            How does today’s Panama stack up when it comes to banking, residency, citizenship, and structures?

            We’ll be answering that question this week with the help of our top contacts on the ground here in the Isthmus.

            During this week’s Offshore Wealth Summit taking place in Panama City starting Wednesday morning, we’ll look closely at all of the world’s current top offshore jurisdictions—from Panama, Belize, Colombia, and Puerto Rico to Cyprus, Switzerland, Luxembourg, Monaco, Malta, and beyond.

            We’ll also be looking at my preferred investment opportunities worldwide.

            I hope to meet you there.

            Lief Simon
            Editor, Offshore Living Letter

            Tags: 'invest in panama''investing'live in PanamaPanama Tax Havenreal estate in Panamatax haventaxes in panama
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            Lief Simon

            Lief Simon

            Lief Simon has lived and worked in 7 countries on 5 continents and traveled to more than 75 countries. His real estate investment career began with a $5,000 down payment on a three-flat building in Chicago. Less than three years later, Lief sold the building for a leveraged return of 3,000%—$150,000 in profit after closing costs and commissions.

            From there, he turned his attention overseas and has bought property in 24 countries including France, Croatia, Portugal, Ireland, Belize, Spain, Argentina, Cyprus, Romania, and beyond. Thanks to his decades-long career as a global property investor, Lief has built a multi-million-dollar portfolio that includes rental properties, significant land holdings, and 7 personal residences.

            Lief has established residency in 3 countries and acquired a second passport from Ireland.

            In 2008 Lief and wife Kathleen Peddicord made the most important investment of their lives—a 215-acre oceanside finca, known as Los Islotes. There, on Panama’s largely undiscovered Veraguas coast, they’ve installed underground electricity, water, and internet and built a forever family home that sits at the heart of their ultimate vision: a gold standard private residential community for those in search of a true safe haven escape.

            Lief’s latest book, “Cowboy Millionaire—The New American Pioneer,” collects all the wisdom he has learned in three decades of living and investing outside America.

            He offers advice on international diversification in his twice-weekly Offshore Living Letter and monthly Simon Letter dispatches. For real estate investment opportunities, check out his monthly Global Property Advisor service.

            If you’d like to meet Lief in person, join him for one of our upcoming in-country conferences. You’ll find further details here.

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                  HOME

                  Top Countries

                  • Spain
                  • Portugal
                  • Panama
                  • Belize
                  • Colombia
                  • Cyprus
                  • Mexico
                  • France
                  • Montenegro

                  Best For:

                  • Health Care Abroad
                  • Retirement Living
                  • Cost Of Living
                  • Investing in Real Estate
                  • Establishing Residency
                  • Gun Ownership
                  • English Speakers
                  • Safety
                  BROWSE ALL COUNTRIES

                  Budgets

                  How Much Will It Cost
                  To Live Overseas?

                  Super Cheap

                  • Chitré, Panama
                  • Santa Marta, Colombia
                  • Phuket, Thailand
                  • Dumaguete, The Philippines

                  Cheap

                  • Medellin, Colombia
                  • Boquete, Panama
                  • Kyrenia, Cyprus
                  • Hua Hin, Thailand
                  • The Algarve, Portugal

                  Affordable

                  • Valencia, Spain
                  • Cascais, Portugal
                  • Las Terrenas, The DR
                  • Pisa, Italy
                  • La Rochelle, France
                  • Mazatlán, Mexico

                  Luxury

                  • Ambergris Caye, Belize
                  • Kotor, Montenegro
                  • The Panama City Beaches
                  • Paris, France

                  Resources

                  Global Living

                  • Living & Retiring Overseas
                  • Raising A Family Abroad
                  • Foreign Residency & Citizenship
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                  • Employment
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                  READ MORE

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                  EXPLORE

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                  Contact Our Events Team:

                  Toll-Free U.S. and Canada:
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                  From Outside North America:
                  1 (443) 599 1221

                  Working Hours
                  Monday – Friday 08:00 am – 17:00 pm EST.

                  Reach us with your questions by email at: events@liveandinvestoverseas.com

                  Store

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