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Home Employment

Your International Business In Panama

Kathleen Peddicord by Kathleen Peddicord
May 01, 2013
in Employment
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Panama For Entrepreneurs
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Why Panama Is The Best Place In The World To Base Your Business

You make three decisions in life that matter. You choose what to do to support yourself. You choose who to come home to at night (or maybe you choose to come home to no one…fair enough). And you choose where to come home.

Lief and I made the first two decisions long ago, but we think about that last one all the time. For us, it’s a moving target. Right now, home is Panama.

Our choice for how to support ourselves is portable, so, in theory, we could be anywhere. Why, therefore, have we chosen, for the past five years, to base ourselves in Panama?

For us, the answer to that question is straightforward: Panama is the best place on earth right now to operate an international business, and, right now, our focus is business. We’re raising a family, too, but our current driving agenda is running and growing our business.

Why is Panama the best choice in the world to do this? The biggest reason has to do with taxation. Panama is one of but a handful of countries in the world where we are able to operate tax-free (others include Uruguay, Belize, and Malaysia). That’s a big deal.

However, note that I didn’t say Panama is the only place in the world where we (and others like us) can operate tax-free. From the short list of the world’s most tax-friendly jurisdictions, why, five years ago, did we choose Panama when we looked around the globe for where to base our new venture?

In addition to the tax advantages, Panama offers the would-be entrepreneur many others…including:

  • It’s in the same time zone as the United States (give or take an hour or two), meaning it’s easy for us to communicate with our customers (most of whom are in North America)…
  • It’s a travel hub (we move around a lot)…
  • Panama uses the U.S. dollar as its currency (so we have no exchange-rate risk…we earn our money in dollars and spend it in dollars, too)…
  • This is an international banking center (don’t get me started on the hassles and frustrations associated with banking in Panama…on the other hand, the reality is, you have many options for banking in Panama)…
  • The labor pool is big, growing, eclectic, well-educated, and English-speaking…
  • The labor pool, again, is growing, thanks to current President Martinelli’s Executive Decree of 2012 inviting citizens of “friendly nations” (there are 42 on the list) to come, live, and get a job…Martinelli’s ground-breaking (I’ve never heard of any other government doing anything like this before, ever) order makes it super easy for a foreigner from the identified countries to qualify for legal full-time residency and obtain a work permit in this country…another big deal…
  • The cost of doing business is affordable. Five years ago, when we set up shop here, the cost of doing business in Panama was downright cheap. This is no longer true. But it is true that Panama remains an appealingly affordable place to be in business in English. And, again, if your business is earning its revenues in dollars, this is a place where you can likewise spend those revenues to cover your costs, overheads, and salaries in dollars…
  • Panama City is a developed and legitimate city. This isn’t Miami (though it’s often compared to that U.S. city), but it does offer the resources that a business and the people running it need and want, from attorneys, accountants, and messenger services to restaurants, health clubs, and bars with regular happy hours…

We aren’t the only ones to notice all these advantages, of course. More than 40 major international companies (including Halliburton, Dell, Caterpillar, DHL, and Sinopec) have established headquarters in Panama.

And it’s not only big businesses that are noticing all that Panama has to offer. We’re not a big business. We started out, five years ago, from nothing. Here we are, five years later, with a solid team and a business that has grown and that continues to grow steadily, month to month.

The success we’ve enjoyed is thanks to many things, we know (including, of course, your loyalty and custom…thank you), but near the top of that list would have to be all the support and advantages that Panama has provided us.

If you’re an entrepreneur…or an entrepreneur-in-the-making…I strongly recommend that you take a look at all that Panama has to offer you, too.

Kathleen Peddicord

Continue Reading: Financing The Purchase Of Real Estate Overseas

Tags: entrepeneurshipInternational businessPanama
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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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