Simply because, apart from the lifestyle - the escape from the mad frenzy of the developed world - Panama is a safe, stable, affordable country that offers a whole heap of financial benefits to people who want to move here, or who are just looking for asset protection, banking security, and a great place to have a holiday home.
Not only that, but Bocas del Toro is one of the few remaining undiscovered corners of the Caribbean. Think Florida Keys 40 years ago. Think Costa Rica 10 years ago. Bocas has just started its own boom phase. Major developers have moved in and are building large condominium resorts on Isla Colon and Red Frog Beach. But Dolphin Bay, the most beautiful and protected part, remains untouched by big business (so far). This is an excellent long-term investment. Or, if you want to run it as a hotel/resort, would provide a great ongoing income combined with a fantastic lifestyle.
So why are we selling? Simply because a change in family
circumstances means we are not able to get out there nearly
as often as we would like.
CLIMATE
Yearly average temperature: 27 Centigrade or 82 grades
Fahrenheit. Rainy seasons from May to August and from
December to January. Dry seasons from February to April and
September/November.
LANGUAGE
The official language in Panama is Spanish but English is
widely spoken in Bocas del Toro.
CURRENCY
Balboa: this is exactly equivalent to the American dollar, which is freely
used in the country. In fact, there are no Balboa bills, only coins,
that are equal to the American dollar in size and value.
Just bring US money.
POPULATION
9.883 inhabitants (2000 census) across the the
islands.
ELECTRICITY
110 VAC/50 cycles. Some places have also 220 VAC/60 cycles.
The following information has been taken from my lawyer's website:
Panama Offshore Services, Inc. I cannot assume any
responsibility or liability in connection with the use of
this information, which should not be construed as legal
advice. For personal legal advice please contact POSI who
will give you excellent service.
Selecting an offshore jurisdiction is an
integral part of establishing an offshore structure or
financial account. The jurisdiction that you choose should
have at the very minimum, the following 10 characteristics:
1. A Full Fledged Tax Haven - no capital
gains tax, no interest income tax, no inheritance tax, etc.
2. Favorable Incorporation Laws - the
corporate laws of the country should enable you to hold
"Bearer Shares", have directors from any country,
inexpensive, and be able to incorporate Private Interest
Foundations.
3. Stable Currency With No Currency Restriction
Regulations - there should be no restrictions on
the movement of funds in or out of the country.
4. Strict Privacy Laws - there should be
strict privacy laws that protect your banking information
and corporate book information from anyone, including
foreign governments.
5. Stable Government - the government of
the country should be stable and should use the opposite
legal system of your domestic country (if your country uses
common law, you should seek a country that uses roman law).
The country should be safe to visit.
6. Stable Economy - the economy of the
country should be stable.
7. Excellent Banking System - the banking
system of the country should be advanced both in areas of
banking infrastructure, government auditing, and technology.
8. Excellent Communications System - the
communications systems of the country should be
technologically advanced in comparison with first world
countries.
9. Language Compatibility - the language of
the country should be suitable for your understanding.
10. Time Zone Compatibility & Close Location
- the time zone of the country should be such that you can
contact your offshore provider or financial institution
during your normal domestic business hours & fly to the
country quickly if necessary to handle business.
After careful research, you will find Panama to be the ideal jurisdiction for your offshore needs. The Panama corporation law was promulgated over 70 years ago and has since been copied by many of the other tax haven nations such as Bahamas, St. Vincent, Bermuda, Belize, Isle of Man, etc.. Panama is one of the most popular places in the world to incorporate, with currently over 350,000 registered entities. Panama also offers the Panama Private Interest Foundation, which is one of the most useful asset protection and estate planning vehicles available today.
1. Panama is a 100% Tax Haven: Non-resident Panamanian International Business Corporations (IBC's) and Private Interest Foundations do not pay tax on any of their income (as indicated below), nor do they have any reporting requirements to the Panamanian government.
2. Panama offers the most favorable and most flexible incorporation laws available in the world. Private Interest Foundations are also available, and are one of the most widely used estate planning structures in the world today.
3. Panama's circulating currency is the US Dollar, and Panama has no currency exchange controls or currency restrictions so funds can flow in and out of the country freely.
4. Panama continues to maintain what we consider to be the most solid banking and corporate book secrecy laws in the world, which are engraved in its' constitution. With Britain's proposed regulation for removal of bank and corporate book secrecy in the UK offshore territories, it is clear that Panama remains the most secure offshore financial center - where privacy and confidentiality is not only respected, but vigorously protected by constitutional law.
5. Panama has what is considered by government analysts to be the most stable government in all of Central or South America.
6. Panama's economy is one of the most stable, prosperous, and most advanced in all of Central and South America.
Contact Panama Offshore Services, Inc for more details on the above.
Isn't it time you had your own piece of paradise in the Caribbean? In a matter of days this paradise could be yours. Contact Me Now! »