Making money in Panama
Bywww.Panama-Repossessed-Properties.com
There is a prosperous little country down on the isthmus that connects the
Americas.
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It has an economic growth rate that equals China’s.
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It has a big expat population and not all of them are retirees.
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And, some of the retirees in Panama still work, or at least invest.
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There are many investment opportunities in the land that connects North and South America as
well as the Atlantic and Pacific Oceans.
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Here are a few thoughts about making money in Panama.
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Panama Investment Opportunitiesfor Expatriates
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Panama has laws that attract foreign investment and foreign
talent to a tropical paradise with first world infrastructure.
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It is business friendly.
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For Latin American Investments, Panama ranks first in Latin
America in foreign investment per capita.
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Panama is taking advantage of the previously undeveloped parts of
the Panama Canal Zone.
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It is promoting assembly and export facilities and is upgrading its ports and container shipping
infrastructure.
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The “third lane” Panama Canal expansion is will be done in a
couple of years.
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This will allow the world’s biggest ships to pass from ocean to ocean
and avoid the costly trip around the tip of South America.
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Expect to see Panama Canal traffic increase and Panama
prosperity with it.
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As the business climate in Panama prospers so do
entrepreneurs in the nation.
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A number of online English publications are run by expats and
the owner and
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the editor of the most prominent English language newspaper in Panama City are both long term
expats.
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It is perfectly legal to own and run a business in Panama if you are
an expat from virtually anywhere.
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Doing Business in Panama
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It is perfectly legal for a foreigner to come to Panama, employ
people, open a business, and make money.
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He or she can make things or provide services, and prosper. It
can also be problematic to do business in a foreign location.
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However, as we said, Panama is business friendly and has few
restrictions on doing business in the country.
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Certainly, doing business in Panama is a lot easier for a Latino
expat from Caracas, Bogotá, or Barcelona
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than an English speaker from Chicago or Saint Louis but
because English is commonly spoken in Panama all things are
possible.
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Businesses can do well in Panama but remember that the pace of life, and business, are different in this
climate.
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A Venezuelan fleeing life under Hugo Chavez,
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an entrepreneur from San Jose, Costa Rica,
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or a businessman from Bogota may well have better intuition into
doing business in Panama City than even the son of a Cuban
refugee
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who was raised to do business in the Cuban community of Miami.
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Take a look at the Doing Business website.
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On this World Bank sponsored web site relating to worldwide
business Panama ranks 81st out of 181 economies ranked.
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Panama is eighth in doing business across borders and
twenty-eighth in getting credit for doing business.
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Within the Western Hemisphere Panama ranks 11th overall out of 31 countries. Panama ranks 73 in
dealing with construction permits.
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This can mean a lot of paperwork and waiting to get a project going,
make changes, and deal with paperwork in general.
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Because of the Panama Canal and the Colon Free Zone Panama does
especially well in foreign trade related matters.
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In other areas a foreigner will probably want a Panamanian
partner to help run the business.
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So, if doing business in Panama could be a chore what are the options for making money in
Panama?
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Doing Business Offshore from Panama but Living in Panama
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Not everyone living in Panama does business in Panama.
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It is perfectly legal in Panama to set up an offshore corporation, do
banking through a corporation, buy goods in Asia, and have them
delivered to Europe.
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Having an offshore entity in Panama means that money earned
outside of Panama is not taxed in Panama.
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Because of asset protection vehicles, such as a Panama
Private Interest Foundation,
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foreigners can own an offshore corporation headquartered in
Belize through a Panama foundation and bank in Belize.
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Visit us at www.RobertGirga.com for insight into making money in
Panama.
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Investing in Panama Business and Real Estate
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Panama is all about capitalism.
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It is perfectly OK to let someone else deal with workman comp
issues and social security
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while you purchase commercial real estate and
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have a professional property management company collect
rents and handle all details.
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When the thriving economy in Panama drives the price of your commercial real estate to higher
levels
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you can sell and reinvest in a new, promising location like
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the growing economy and currency of Colombia.
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The new Panama Metro Line 1 is due to start operation in a year or
so.
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Anyone interested in commercial real estate investment would do
well to consult
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the map provided by the Metro Authority.
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Think of metro stops as business centers and contact us at
www.RobertGirga.com
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for a hint as to where to look for commercial locations.
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Invest in Panama and Invest in Growth
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Panama offers great investment opportunity to those who pay
attention.
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Recognize it and catch it in time and you may do very well.
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Miss out and complain forever.
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While the world languished in the worst recession in three quarters
of a century Panama’s growth rate fell to 3%.
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But, even in a growing economy there are business failures.
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Consider investing in distressed properties.
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These repossessed properties are often brand new and are only
distressed in the financial sense.
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Couple this idea with a trip out along the metro line and you have
a business plan in the works.
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Protect Assets in Panama
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If you are interested in making money in Panama you may also be
interested in protecting your assets here.
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Consider a Panama Private Interest Foundation
.
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To a degree Panama is a tax haven, to the extent that if you live
in Panama but make money elsewhere that money is not taxed
in Panama.
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There are a number of ways of making money in Panama and
while in Panama.
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Pay attention to Panama’s economy, the housing and real
estate market, and other investment opportunities.
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Think about investing in property and letting some else meet the
public and meet payroll.
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For more information about making money in Panama contact
us at www.RobertGirga.com.
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