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Doing Business In Panama

Kathleen Peddicord by Kathleen Peddicord
Nov 07, 2010
in Retirement/Living
0
The Tax Advantages of Operating A Business Offshore can be plenty in a country like Panama.
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Like Ireland Back In The Day…Only Better

A friend has worked for the past year or so to relocate his software development business from the United States to Panama. He is now up and running in Panama Pacifico, the new city being built where a U.S. military base used to be, about 20 minutes outside downtown Panama City. Businesspeople who set up shop here enjoy all kinds of perks, benefits, and tax breaks, including, in some cases, unlimited work permits for non-national labor.

My friend has rented more than 3,000 square feet of space, for which he pays US$13.25 per meter per month. He has wired and furnished the space, a cost that he is amortizing at about US$1 per meter per month, making his total rent about US$4,300 per month.

He has hired about 40 people, all fully bi-lingual. Average salaries are US$900 to US$1,500 per month. This would compare with US$4,000 to US$6,000 per month in a U.S. city for the same skill level. His top management level people make US$2,300 per month, which compares with US$120,000+ in the States. These are people with five to seven years’ management experience and graduate degrees.

He’s hiring most of them from Carnegie Mellon University Panama and having no trouble finding all the help he needs.

Panama is doing what Ireland did in the 1990s–positioning itself as the doing-business capital of the region. When I moved, with my business, from the United States to the Emerald Isle 14 years ago, it was to take advantage of government incentives, including a very appealing corporate tax rate and an English-speaking and educated labor pool that was, at the time, a bargain.

We enjoyed many other benefits, of course, living in Ireland for seven years, and we’re enjoying other things about our time now in Panama. But, again, the primary motivation for relocating from Paris to Panama City 2 ½ years ago was to take advantage of what we recognized as a very entrepreneur-friendly jurisdiction.

In fact, the situation here in Panama is better than it was in Ireland back in the days of the Celtic Tiger. Here, if your business earns its money outside Panama (as any online business does), you owe no corporate tax in this country.

As the example of my friend shows (and as we’ve found ourselves), you can operate here with very controlled overheads. You can find educated, English-speaking staff at a very competitive cost. And, depending on the business you’re in and how you structure things, you can operate completely tax-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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