Full of opportunities, Panama is one of the most important centers for finance and a little piece of heaven for tourists who love the beauty of nature.
Let’s explore life in Panama with the country’s unique geography, unlimited entertainment options and valuable financial opportunities!
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Social Life is Vivacious in Panama!
Panama is a place rich in history, discovered by the Spanish in the 16th century it is located between Colombia and Costa Rica.
With a population of approximately 3.5 million, Panama is a tropical paradise. Reflecting the colorful Latin American culture, the life in Panama speaks to people who love an easy-going lifestyle.
Panama, whose people are as warm as its climate, makes it easier for expats to establish close relations.
Casco Viejo, also known as Casco Antiguo or San Felipe, is the historic district of Panama City. At the top of the list of places to see in Casco Viejo is Iglesia de la Merced; a cathedral dating back to 1680. Moreover, this historical city with its vibrant and colorful nightlife is a must-see with restaurants which offer delicious tastes!
As Panama City is the capital and hosts many large companies’ headquarters, it has a more modern and developed structure compared to other cities in Panama.
With the influence of the migration of the French, American and British expats over the years Panama became a very cosmopolitan country.The local language of Panamanian people is Spanish. Although only 8% of the population speaks English, this percentage increases each passing day.
Along with a beautiful synthesis of civilization and natural life, it is possible to establish relations with people from various, colorful backgrounds in Panama!
Tax Advantages Carry Panamanian Economy Further
Due to its special geographical location, Panama’s economy relies mainly on trade and tourism. Panama’s currency is the Panama Balboa indexed to the US dollar. Another attractive point for the Panamanian economy is its rich copper and gold deposits.
In addition, Panama built the largest Regional Financial Center with revenues from the Panama Canal. As a regional financial center, Panama also exports some banking services. Thus, the banking sector has a great importance in the country’s economy.
Panama is known worldwide for its favorable tax laws. Especially in recent years, large companies have moved their Latin American headquarters from Costa Rica to Panama.
Let’s take a look at some highlights from Panamanian Tax Law:
- People who earn less than US$ 11,000 per year do not pay income tax.
- It is possible to obtain a Tax Residence Certificate in Panama.
- Only the income gained in the nation can be taxed.
Comments from Panama Immigrants are Widely Positive
Recently, there has been a significant increase in the number of people who migrate to Panama. Panama’s combination of nature and modernity is especially perfect for those who are fed up with the hectic pace of metropolitan city life.
The views of residents about life in Panama are generally as follows:
- Life in Panama is very enjoyable as it offers the opportunity to get to know different cultures and make friends with different people.
- Due to its warm climate and ever shining sun, living in Panama increases the energy and drives away negative thoughts.
- Since Panama City is more developed and modern compared to other cities in Panama, it offers more opportunities in terms of education and jobs.
- Panamanians generally work in the service sector. They love to have fun and dance.
Would you like to explore unique living opportunities in Panama?
Contact us to discover the beauty of living in Panama and get more information about investing, attaining citizenship and retiring in Panama! 😊