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Panama Analysis as an Offshore Tax Haven – February 2010Anonymous Master Card and Visa
Private Offshore Panama Bank AccountHow to Get a Non– Freezable Bank AccountPanama Virtual Office for Panama Bank DepositsPanama Real Estate Purchaser Legal RepresentationSecond Passport and Second Citizenship ProgramsWhy Invest In GuatemalaWhy Choose Guatemala?Breakdown of the Swiss Banks Losing ClientsSingapore Caves in to OECD Tax TreatiesGoing Off the US DollarSwiss Banks Release Information on 3000 Clients to FranceOECD Tax Treaty Compliance FailingImportant Banking News Alert – Bank Reference LettersWhat Do You Want To Protect?Private Offshore Panama Bank AccountPanama Virtual Office for Panama Bank DepositsImportant Banking News Alert – Bank Reference LettersReal Estate Asset ProtectionPanama Real Estate Purchaser Legal RepresentationAnonymous No-Name Debit ATM CardBad News Regarding Swift System released by the Swiss Banking AuthorityThe OECD and the Tax HavensAnonymous Visa Cards (New May 2009)Asset Protection – Gold, Silver, USD, Euro, Yen, Swiss FrancLatest Obama Rumors – 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DataHow Many People Expatriate from the USAFBI Wants ISP’s to Keep Log Files of Web Sites VisitedUN Gun Control TreatyMontana Gun Law Fight ContinuesReasons Why the US Economy is Not Going to RecoverNancy Pelosi gets a 200 Seat JetMichelle Obama Staff – NauseatingSwiss Court Rules UBS Data Turnover IllegalSt. Louis Manufacturing Plant Shooting, 3 Dead, 5 WoundedObama – Patron Saint of the Investment BankerAirport Body ScannersLas Vegas Court ShootoutComing Soon Airline Body Cavity SearchesTaser – New Court Ruling in USAWill the USA Break Up in 2010?Over 275,000 Federal Workers Are Tax DeadbeatsFederal Employees Earning Over $150,000 per YearUSA Bankruptcy Filings up 100% from 2007Brussels Agreement Gives USA Access to All EU Bank Accounts17 Million Americans Have No Bank AccountLawsuit Charges Seychelles Government With Financial PiracyUS Debt Level Hopeless10 States Ready to Go Bankrupt – Bad Implications for USARevolution Threats in USA Getting Serious, Obama a Big FactorUSA 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Importing a Car to Panama – In a word don’t bother. It is expensive. You will need to put your car in a container all by itself. You will not be able to pack around the car, only put items inside the car leaving enough room for one to safely park and back up the car. Containers are expensive, think in the thousands of dollars. Rare exotic cars are going to be a headache in Panama. Who is going to work on the car and what are you going to do for parts.
Clear title – You can not legally import the car unless you have clear title to the car. Being the registered owner is not enough. You must own the car outright and have a transferable title in your personal name. If the car or motorcycle is leased you can not import it. If the car or motorcycle is financed you can not import it. Importing a car that is titled to a corporation would be a big headache with you having to prove the corporation is allowing this, not advised.
Safety and Smog – Most American cars have smog and safety items not found on cars destined for the Latin American Market. The motors, transmissions, intake systems, exhaust system, dashboard, doors, airbags, etc are going to have differences. The implication here is if your imported car needs parts the Latin American parts are often not going to be compatible. Calculate the cost of having Fed Ex send a 22 pound part to Panama before you make your decision as to whether or not to import a car. There are many models of cars in Panama that are not sold in Europe and North America, mostly turbo diesels. Korean cars are generally cheaper in Panama that Europe or North America. There are cars coming from China that are also low priced. A lot of the Japanese brands sold in Panama are not made in Japan instead coming from Mexico, Guatemala etc. They are not going to be like the Japanese cars you are used to. Honda and Mitsubishi are actually Japan made Japanese cars. Honda seems to sell cars with the smog and safety items found in North American models but do check this out carefully with the dealer since it is subject to change and may not apply to all models.
Luxury cars – Panama is full of Mercedes Benz, BMW, Porsche, Lexus, Audi, etc. You do not see Bentley or Rolls Royce. There is a Ferrari and Maserati dealership but these are not big sellers. There are many SUV’s in Panama and there are also a lot of small two liter or less compact cars. Motor homes are extremely rare. People pulling trailers to camp in are very rare. Trailer parks do not exist.
Motorcycles – There is a Harley dealership along with other big bike dealers. On Sunday morning you see people taking their bikes out for a ride.
Auto financing- Most cars are sold for cash. If you are new to the country financing will be tough and expect at least 50% down. If you are established here you could finance but think in the range of 33% down. Nothing down financing, zero interest loans etc are not going to be found in Panama.
Used Cars – It is easy to find a nice low mileage 3 year old used car in Panama. Find people you can trust and look carefully. Dealers charge more but they will guarantee the car for a period of time. Do remember repairs if not performed by a dealer are going to be real inexpensive but you have to make sure they know what they are doing when it comes to your car.
Importing Car Panama Tax Implications – You will be taxed on your imported car. You would need to contact a customs broker for an exact quote. If you are a Pensionado you can get a car duty free every two years.
Buy Cars in Panama – This is the general rule of thumb. Sell your cars and buy in Panama. New cars have warranties, generally three years. Dealers keep a reasonable inventory and then parts are not a problem.
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