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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Today Panama has become renowned as one of the prime locations for opening a phone room. There are a lot of reasons for this which we will discuss.
Income Tax Favorable – Panama does not tax offshore derived income even if you have an office in Panama, have employees in Panama, have a corporation and bank account in Panama and have a business license in Panama. Think about that!
Capital Gains Tax – Panama does not have a capital gains tax.
Anonymous Corporations – You can use an anonymous bearer share Panama Corporation for your business. Combined with Panamas strong bank secrecy which includes criminal penalties for violators of bank secrecy, this provides you and your business with the finest asset protection in the world. Panamas 400,000 corporations are domiciled here for a reason.
Excellent Banking – Panama is home to 150 international banks most with online banking. Fast wire transfers. The US dollar is the national currency. US dollar checking accounts are available. The ATM machines issue US currency. Major credit cards accepted all over and at the ATM machines.
Modern Infrastructure – Excellent high speed internet from competing companies. There is even a wireless company that offer internet blanketing Panama City. Cell phones are as good as back home. Landline phones are also as good as home and the international rates are cheap. You can drink the water. They drive on the right hand side. American appliances, computers and phones all work down here. Cell phones of course require a special chip and the rate to use a foreign cell phone here is high. You can buy a pre-paid cell phone in a mall when here for $40.00. There is cable TV and satellite TV.
English – The banks, better restaurants, hotels and large businesses all have English speakers. Many restaurants have English menus and the prices are the same as the Spanish menus. It is not hard to hire English speakers. When the Americans were here they hired and trained a lot of employees who needed to know English and they even provided English lessons. Spanish is the mother tongue. English speakers will require anywhere from $350 to $700 a month to hire depending on the skills required. A physician just out of medical school can be hired for $1000.00 a month. There are a smaller amount of people that speak a third language as well.
Easy Legal System –The labor code (Codigo Trabajo) is entirely contained in a book that is 6” by 9” and less than 1” thick. Getting a business license is not hard to do, of course that is dependent on the nature of the business, inquire. It is not hard to get foreigner work visas for your key employees as long as you maintain a ratio of foreigners to Panamanians. Panama is anything but a litigious society. Many things prohibited in your home country have no statue that speaks to such things in Panama. The legal system is Roman law based.
Affordable Commercial Real Estate – Office space is abundantly available in modern high rise newer buildings with mirrored exteriors often reach 30 plus stories in height with ample secure enclosed parking and high speed elevators. Office furniture runs about 33% of the prices in the USA.
Residential Real Estate – Can be had at bargain prices compared to other countries. Live in maids run about $200 a month. A driver runs about $300 a month. Most of the buildings have views, enclosed parking, balconies, a concierge, doorman, security and a pool and social area.
Cost of Living – A person can live well here for about 40% of what it costs them to live in USA. T-Bone steak is $2.35 a pound, fresh tuna filet is $1.25 a pound. A steak dinner out in a restaurant runs $7.50 to $11.00, of course you could always find a more expensive restaurant but the prices given are for nice restaurants, not dumps. One generally lives more luxuriously here than they do back home. This is important in attracting your key personnel.
Good Labor Pool – Panama has an 8% unemployment rate. There are available English speakers to hire but the surge of new phone rooms will surely take its toll on the pool of English speakers at some point. The Panamanian worker has a high work ethic and they will put in a good days work. They tend to be hard workers that are trainable and will come to work reliably. They are family oriented people.
Modern Roads – The roads were built when the Americans were here and are American type roads. Traffic signs and lights are American Style. It takes 20 minutes to go from the currently under expansion Tocumen airport to downtown Panama City. There are a generous amount of taxis available and fares range between $1.00 and $3.00 in the city limits, there are no meters so being stuck in traffic does not count.
Crime Rate – Extremely safe. New York City has more violent crime in one day than Panama City has in a year.
Climate – Full Tropical. No hurricanes, no earthquakes, to tornadoes, no volcanoes and no tsunamis. This is why the Panama Canal was built here.
Economic Climate – Strong. Panama is the number one retirement haven in the world. Currently 225 residential real estate projects under construction or on the drawing boards. Most of these projects are 40 stories or so in height. There is currently an eight billion dollar expansion of the Panama Canal underway. A new cruise ship pier is being constructed which will rival the pier in Miami. There are a plentiful amount of hotel rooms.
Panama Labor Laws – A crash course New Employers
More Information – Give us a call or an email.
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.
