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Starting A Business In Panama

Kathleen Peddicord by Kathleen Peddicord
Dec 10, 2008
in Panama
0
A business from anywhere within Panama
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Panama Is A Top Business And Money Haven

“Panama is one of the best places in the world to think about starting a business right now,” writes our offshore and tax attorney.

“I have the following basic requirements when considering a place as a business haven. If it doesn’t offer these benefits, you’re spinning your wheels trying to do business locally. Starting a business in Panama boasts every one of these advantages:

  1. Panama imposes low or zero tax on foreign-source income. Assuming you are not selling a product or service to Panamanians and you have a proper operating structure, you can legitimately operate near tax-free in this country.
  2. Panama has strong telecom and Internet services. There is nothing worse than for an American or a European to call a foreign office and get a bad connection. It makes him think he’s calling some Banana Republic, not a serious operation. A strong infrastructure for telephone, website hosting, and e-mail service allows your business to operate efficiently and presents a good image to potential clients and customers all over the world.
  3. If you are going to market to people in the United States, you need to be in the same time zone. Attempting to service the U.S. from Asia or Europe is tough. It may work for a few months, but it’ll wear you out.
  4. Panama has strong human resources. However, the growth of the call-center business in this country is pushing up the rate for English-speakers. A quality assistant in the U.S. should earn about US$2,300 per month; in Panama, you can hire a good, English-speaking assistant for US$600 to US$800 a month. Experienced and capable (and, again, English-speaking) web and IT support costs US1,200 to US$2,000 a month.
  5. You need a stable economy and a stable currency to feel safe doing business in any country. Panama is a U.S.-dollar-based economy; an American couldn’t ask for less currency risk. Of course, you can keep large deposits elsewhere, such as in Switzerland.
  6. Panama has little or no pollution compared with many big international business cities, such as Mexico City, Beijing, and Bangkok.
  7. Quality suburban living is possible outside Panama City, and Panama City is cleaner than most comparable capital cities.
  8. There are plenty of direct flights in and out of Panama City.

“All this and earthquake- and hurricane-free!”

Kathleen Peddicord

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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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