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Paying Taxes On Panama Property In An IRA

Live And Invest Overseas by Live And Invest Overseas
Dec 02, 2013
in Mailbag
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A stack of US dollar bills used to pay taxes in Panama
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“Lief, as a subscriber to your Simon Letter, I am thinking of purchasing a condo in Panama through my self-directed IRA. This will allow me not to pay U.S. income taxes on the rent payment and allow them to grow in the IRA tax-free. Since the property would be in Panama, would I have to pay Panama income tax each year even though it is in the IRA? If so, is there a way to avoid this?

“Love your letter.”

–Don L., United States

Unfortunately, you would pay taxes on the rental income in Panama. However, you are allowed deductions similar to those in the United States (for depreciation, management expenses, utilities, etc.). So the reality is that you probably wouldn’t pay much if anything in taxes in Panama.

One thing to remember is that, if you purchase using IRA funds, you can’t use the property personally. If your idea is to buy a vacation home, this won’t work under IRS rules.

Continue reading: Growth In Panama

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Live and Invest Overseas is the world's savviest source for top opportunities to live better, retire in style, invest for profit, do business, and own real estate overseas. Established in 2008, the Live and Invest Overseas' editors and correspondents have more experience researching and reporting on top opportunities for living well, investing for profit, doing business, and owning real estate around the world than anyone else you'll find.

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