“Kathleen, I’m listening to the Panama conference ‘tapes’ that came with your Live and Invest in Panama Home Conference Kit, and I’m wondering about the following issues. I’m considering retirement soon in Panama City…
1) Visa: Is there a visa that would result in an immediate residency without need for semi-annual or annual renewals with the Panamanian government?
2) IBC: Would a different domicile eliminate the need for an annual franchise tax to the government? Another country like Antigua, BVI, Nevis, Cook Island, or Belize?
3) Neighborhoods: I’ve been thinking about Paitilla but see from your materials that rent may be more reasonable in El Cangrejo. Would Paitilla be as quiet as El Cangrejo?”
–Bob E., United States
No country in the world (that I know of), including Panama, offers a permanent visa immediately. There are typically always steps and stages that, yes, require renewals and fees.
Likewise, you’ll have carrying costs for a corporation in any jurisdiction. Note that the term “IBC” is used in jurisdictions that offer different classes of corporations. An IBC in Belize, for example, can’t do business in Belize. For that you’d need a Belize corporation. In Panama, there is no such distinction…a Panama corporation is a Panama corporation.
As you suggest, rental prices are lower in El Cangrejo than in Paitilla. In Paitilla, you’ll find mostly larger apartments compared with the newer towers in El Cangrejo. Paitilla is definitely the quieter of the two neighborhoods. El Cangrejo has become young and trendy, with lots of nightlife.