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Asset Protection Using Offshore Banks in Multiple JurisdictionsComparison of Offshore Banking JurisdictionsOffshore Banking Money TrailAsset Protection Using Offshore Banks in Multiple JurisdictionsAsset Protection Using Offshore Banks in Multiple JurisdictionsAsset Protection Using Offshore Banks in Multiple JurisdictionsWhat is a Qualified Intermediary?FDIC Admits Emergency Bailout May Be NecessarySecond Passport and Second Citizenship ProgramsForex Trading Business Bank Account: Panama and Ecuador Weakest and Strongest USA Banks & Thrifts 08/11/08FDIC Facts and Figures – Not Encouraging 08/14/08Ecuador Trust Account BankingOffshore Banking Money TrailAnonymous No-Name Debit ATM CardAsset Protection Using Offshore Banks in Multiple JurisdictionsComparison of Offshore Banking JurisdictionsPanama New Immigration Law: Effective 8/26/08One Compelling Argument to Move Assets Offshore – LawsuitsUBS Swiss Bank Closing Accounts of AmericansWhat is a Qualified Intermediary?Second Passport and Second Citizenship ProgramsPanama New Immigration Law: Effective 8/26/08Panama New Immigration Law: Effective 8/26/08Second Passport and Second Citizenship ProgramsWhy Choose Guatemala?Ecuador BankingEcuador Bank AccountEcuador Trust Account BankingForex Trading Business Bank Account: Panama and Ecuador Ecuador Country ProfileOffshore Banking Money TrailFDIC Admits Emergency Bailout May Be NecessaryWhat Will You Do if the FDIC Fails?FDIC Facts and Figures – Not Encouraging 08/14/08Need an Economic Reason to Leave the USAUS Banks Fail, Depositors Take LossesUBS Swiss Bank Closing Accounts of Americans
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Introduction – A lot of web pages discuss what is great about Panama but not that many ever discuss what is not so great with Panama. For the benefit of our clients thinking of moving here we have compiled a list of what is not so good about living in Panama.
Traffic in Panama – The traffic in Panama City is simply awful. ON Friday evening it is almost impossible to get anywhere due to the congestion. When the Friday is also a payday (twice a month) the driving is just about not worth it in that you can’t move. Panama has something called the 13th month. Every twelve months the employee gets paid for an extra month. This is paid out with one weeks pay every three months. When the 13th month hits it is combined with a regular pay day and on these days we refuse to drive since the traffic is just not worth it. Not only is the traffic bad but the parking is also awful.
Driving Habits – The drivers in Panama are very aggressive to the point of being very close to outright reckless. If you are turning someone will try to turn while you are turning creating a real hazardous situation. People will swerve in front of you never using a turn signal. Taxis are awful. You never know what a taxi will do next. The buses like to occupy two lanes when stopping so they can pull out easier and this really jams up the traffic. People and buses will drive through red lights and merely slow down for stop signs. The saving grace is the traffic is so congested no one really gets going over 35 mph so if there is an accident it is just a fender bender. Getting bodywork done here costs about 15% or less, of what it costs in North America and the work is better.
Real Estate Costs – The recent surge of new housing starts has shot up housing prices. The older housing (5-20 years old) has not really gone up much. The new condos and townhouses are going for almost double what they were two years ago. We think this is a false surge and prices will soon drop back to their old levels but for now it is high.
Gas Prices – Our gas prices are running at a level about what USA gas prices are. It never used to be this way; gas was cheaper so we are wondering what is going on. Panama is building three refineries so we hope this will stop and prices will recede where they should be.
Labor Laws Favoring the Employee – You can plan on being taken to the Labor Ministry by domestic workers like maids unless you follow the law to the letter and have a legally correct contract and by this we mean every single little point of the law must be followed. In any event the domestic worker can still file on you and drag you down to a hearing at no expense to them causing you to have to get a lawyer and waste a few hours of your day. This could be a ploy to get the employer to just settle because wages are low and the nuisance value could be greater. In some cases the employee has no idea if they are right or wrong they are going to take their best shot because it is free for them and who knows they have a good chance of getting an award. 80% of filings by employees are successful to some extent. You can appeal the Labor Ministry decision and go to a regular court where you will probably do better than with the Labor Ministry but this is going to run up your legal bill and you are not allowed to collect any damages or costs from the employee. You could file another additional appeal if the award against you was over $400.00 to an appeals level court as well. The law is designed to protect the rights of the employee and it does an excellent job of that. Employment contracts are even filed with the Labor Ministry. I suppose this serves to protect against both sides forging amendments to the agreements so this can be a good thing. The Labor Ministry will turn on an employee during a hearing if the employee was operating outside of the law so it is not entirely one sided. The average wage is Panama is $300 a month so please take that into account too.
Other than that welcome to Paradise. The advantages of Panama far outweigh the negatives and remember no place is perfect including Panama.
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