Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.
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Information Type | Panama Data |
---|---|
Population | 4,314,767 (June 2020) |
Gross Domestic Product PPP (GDP) | US$71 billion (June 2020) |
GDP Per Capita | US$12,600 (2020 est.) |
Inflation Rate | -0.91% (June 2020) |
Capital | Panama City |
Population of Capital City | 1,860,291 (metropolitan area) |
Time Zone | GMT – 5 |
Seasons | Tropical. Rainy season lasts from May to November. |
Electricity | 110V (Panama City 120V)/60 Hz. Plug Types: A, B (US style) |
Income Tax Rate for Residents | Resident individuals are taxed on their Panamian-sourced income at progressive rates, from 7% to 27%. |
Property Tax | 0% for first 20 years, 0% to 2.1% after. |
Capital Gains Tax | 10% |
Inheritance Tax | 0% |
Rental Income Tax | 0% for first 15 years in designated areas, income tax up to a maximum of 27%. |
Transfer Tax | 2% to 5% |
Sales Tax | 7% |
Restrictions on Foreign Ownership of Property | None |
Local Chamber of Commerce | www.panacamara.com Ave Cuba and Ecuador, Calle 33-ATopic: 0816-07517 Panama, Republic of Panama.Tel: 507-207-3400 |
American Chamber of Commerce | http://www.panamcham.com/ Ocean Business Plaza, Suite 1709Ave. Aquilino de la Guardia & 47th StreetMarbellaPanama, R.P.Tel: 507-301- 3881 |
Residency and Visa Requirements | Tourist Visa: 180 days Residency: The most cost-effective, hassle-free invest-for-residency program available anywhere in the world today is in Panama.The Specific Countries program. If you hold a passport for one of the 48 countries on the list, this is the best Panamanian residency option after the pensionado visa.Citizenship: After five years of legal residence and full immigrant statusPanama Visa and Residency Information |
Special Benefits for Foreign Residents or Retirees | Panama’s pensionado program of special benefits and discounts for foreign retirees holds a very high standard, you can save as much as 50% on everything from restaurant meals to in-country airfares, from prescription medicines to closing costs on your new beach house. |
National Airline | Copa Airlines www.copaair.com |
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