Expatriate Forums in Panama

Travel Writing

Alison06 — Tue Jan 27, 2009 11:57 am

Author: Alison06

Posted: Tue Jan 27, 2009 11:57 am

V!VA Travel Guides invites talented and enthusiastic writers to apply for its 2009 Travel Writing Boot Camps.

The V!VA Boot Camp is a weeklong crash course in which students will gain valuable insight into the world of travel guidebook writing through instruction from seasoned professionals. Attendees will find out what editors want, learn how to work with multimedia outlets and improve writing skills through daily critiques. Students may also have the opportunity to stay "on assignment" in the host country after the course.

Find out what you need to know to travel, get published and get compensated.

Guatemala: 23-27 March
Panama: 30 March-3rd April
Brazil / Argentina: 13-17 April

To apply, visit the V!VA Travel Guides website.

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Jake871 — Mon Jan 05, 2009 12:27 pm

Author: Jake871

Posted: Mon Jan 05, 2009 12:27 pm

interesting but what is this to do with panama?

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Jake871 — Mon Jan 05, 2009 12:26 pm

Author: Jake871

Posted: Mon Jan 05, 2009 12:26 pm

what has this to do with panama?

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Jake871 — Mon Jan 05, 2009 12:25 pm

Author: Jake871

Posted: Mon Jan 05, 2009 12:25 pm

sounds like a waste of time

I have problems logging

AltaGid — Wed Aug 15, 2007 8:06 pm

Author: AltaGid

Posted: Wed Aug 15, 2007 8:06 pm

Hello! Help solve the problem.
Very often try to enter the forum, but says that the password is not correct.
Regrettably use of remembering. Give like to be?
Thank you!

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slam2007 — Tue Mar 06, 2007 12:43 pm

Author: slam2007

Posted: Tue Mar 06, 2007 12:43 pm

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ecommerce — Tue Mar 06, 2007 11:36 am

Author: ecommerce

Posted: Tue Mar 06, 2007 11:36 am

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Author: lambas

Posted: Wed Feb 21, 2007 11:44 am

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Author: lambas

Posted: Wed Feb 21, 2007 11:39 am

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EMPLOYMENT IN PANAMA

Panama Info — Tue Nov 21, 2006 5:33 am

Author: Panama Info

Posted: Tue Nov 21, 2006 5:33 am

EMPLOYMENT IN PANAMA

Wages are very low in Panama. Secretarial, clerical or customer service positions will earn only about $300 per month, more technical positions can earn from $500 to $1000. Most public employees and managerial positions rely on benefits and bonuses to make up the difference for the low salary. Every worker has a right under the labor code for 1 day of vacation for every 11 days worked (or 1 month per year paid vacation) This can be divided in 2 parts. There are also restrictions on the percentage of foreigners a Panamanian company may hire, generally 10%, although exceptions exist for technical positions and temporary situations.

Expatriates should find plenty of opportunities in the financial or banking sectors, also the real estate and tourism boom should open up good opportunities for small businesses related to these sectors. Contractors are in short supply and there will be plenty of room for small hotels or unique tours, for example.

Another opportunity might exist for those who are multilingual, especially in the tourism industry. There are plenty of English speakers, but German, French and Italian speakers are not very common. With the local economy basically based on the US dollar, Europeans should find travel to Panama increasingly affordable. The Asian tsunamis have made European tourists look for alternative vacation spots and local operators seem to think that Panama would be a good choice for them.

The best alternative may be to be hired from the U.S. or Europe or transfer with a company you already work for. You will command a higher salary than people hired locally and therefore be able to benefit from the lower cost of living. Work permits would then be arranged by your employer, who will explain to immigration why they need a foreigner instead of a local.

DOING BUSINESS IN PANAMA

Panama Info — Tue Nov 21, 2006 5:11 am

Author: Panama Info

Posted: Tue Nov 21, 2006 5:11 am

DOING BUSINESS IN PANAMA

STARTING A BUSINESS

STANDARDIZED COMPANY
Legal Form:
Minimum Capital Requirement: 0
City: Panama City

Registration Requirements:

Procedure 1. Hire a registered agent

Time to complete: 1 day

Cost to complete: USD 150

Procedure 2. Notarize Articles of Incorporation

Time to complete: 1 day

Cost to complete: USD 75

Comment: The Articles of Incorporation must include the name and domicile of each subscriber of the Articles of Incorporation; domicile of the company, and of the resident agent, who must be a lawyer or law firm in Panama; names and addresses of directors and officers; name of the corporation, set out in such a way as to distinguish it from other registered that may not be identical or similar to the name of another company already registered with the Public Register; general objectives of the company; name of at least a President, a Secretary and Treasurer who may or may not be the same as the directors and need not to be shareholders and who may hold more than one office or title, details of the capital and the type and number of shares into which it is divided; duration of the company (it may have perpetual duration), any other provisions the subscribers may wish to include.

Procedure 3. Register at the Mercantile Division of the Public Registry

Time to complete: 7 days

Cost to complete: see comments

Comment: Registration fees: $50 on the first $10,000; $0.90 for each $1,000 up to $100,000; $0.60 for each $1,000 up to $1,000,000; $0.12 for each $1,000 above 1,000,000.

Procedure 4. Secure a patente commercial (commercial license) at Ministry of Commerce and Industry.

Time to complete: 7 days

Cost to complete: between USD 250 and USD 750

Procedure 5. Register for taxes

Time to complete: 1 day

Cost to complete: USD 250, Corporation's Annual License tax.

Comment: Off-shore operating Panamanian companies only pay an annual license tax of $250 but companies operating within the territory of the Republic of Panama are subject to income tax on profits derived form Panamanian sources. Some exceptions may apply.

The Panamanian Government has just approved Law 6 of 2005, which among other issues, modifies Article 318-A of the Fiscal Code, regarding payment of the Annual Tax of Corporations (Sociedades Anónimas) and Private Interest Foundations. The Law was published in the Official Gazette and became effective as of February 3, 2005.

Under the new system:
1. Upon the registration of the corporation or foundation, the first Annual Tax of US$ 250.00 will be paid together with the respective registration fees.
2. The second and subsequent Annual Taxes will be US$ 300.00. This represents an increase of $50.00 to the former Annual Tax, of US$ 250.00.
The increase to US$ 300.00 of the second and subsequent Annual Taxes will start and be applicable as of January 1st, 2006

Procedure 6. Register with municipality, get a "paz y salvo municipal"

Time to complete: 1 day

Cost to complete: USD 5

Procedure 7. Request an employers' inscription number from the Social Security Administration

Time to complete: 1 day

Cost to complete: no charge

Comment: The Social security Administration manages pensions, health, accident, and unemployment

OVERVIEW

Business and financing

Business forms: Corporations
Foreign banks have long had a significant presence in Panama and represent one-third of all financial institutions, which are regulated by the Banking Superintendency. All major banks are based in Panama City.

Labour environment

Unemployment rate: 11.8% (2004)* Minimum wage: Varies
*Economist Intelligence Unit estimate.

The government sets minimum wage levels, which are determined by industry and geography (and, in some cases, by company size). Hourly minimum rates are highest in Panama City and Colon, where they are set at US$0.76 in agriculture, US$1.08 in the commercial, industrial and banking sectors, and US$1.33 in construction.

Union membership is 10–12% of the workforce.

Employers contribute 10.75% of each employee’s base pay to the Social Security Institute (CSS), and employees must pay 7.25% (withheld by the employer). The CSS also collects an education tax, paid by employers (1.5%) and employees (1.25%), and worker insurance with rates between 0.98% and 5.67% of gross salaries.

No more than 10% of the workforce of a local company may be made up of foreign senior executives. Such foreign nationals may receive a maximum of 10% of a company’s total wage bill.

Taxation

Corporate tax
Main rate: The highest of 30% of net income or 1.4% of gross receipts

Resident and non-resident companies are taxed at the highest of 30% on net income sourced in Panama or 1.4% of gross receipts (sourced in Panama). A 34% rate applies to certain legal entities registered with the Industrial Registry on income over PAB 500,000. Dividends paid to companies (and individuals) are subject to a 10% withholding tax. However, if part of the distributed profits relates to dividends received from other companies under deduction of tax, these are not included in the taxable base for calculating the 10% withholding tax. Panama allows bearer shares to be issued, and when dividends are distributed to such shareholders the withholding tax is 20%. Undistributed profits may be subject to an additional tax at an effective rate of 4%. However, this is creditable against the withholding tax payable when a distribution is made.

Individual tax
Progressive rates to 27%

Income tax is charged on aggregate income at progressive rates up to 27%. Dividends received are subject to a 10% final withholding tax (20% on bearer shares). Interest and royalties received are generally treated as part of general income. Individuals with taxable income exceeding US$60,000 must pay tax based on 6% of gross income where this is higher than the tax otherwise payable.

Certain individuals residing in Panama for 70% or more of the time are taxed on their full income regardless of where this income is sourced. Such full taxation occurs where the taxpayer’s income is derived from services performed partly inside and partly outside of Panama. The time spent outside of Panama is not taken into account if the taxpayer was not engaged in income-generating activities during that time.

Capital gains
Generally taxed as income

Capital gains of companies and individuals are generally taxed as income at the usual rates applicable to either corporations or individuals. However, gains on the disposal of immovable property and movable goods have special rules depending on the time that they have been held.

Indirect tax
VAT standard rate: 5%
Higher rates: 10%, 15%

Value-added tax (VAT) applies to most transactions at the standard rate of 5%. Registration is compulsory for businesses with monthly turnover above US$3,000 (annual turnover US$36,000). A higher rate of 10% applies to alcoholic beverages and a 15% rate applies to tobacco-related products. Exports are zero-rated. Exemptions include food, medicine, agricultural raw materials, fuel and books. Panama also levies excise taxes on several products and services at a rate of 5%. Items covered by the excise tax include cars, motorcycles, cable television, pre-paid cellular phones, insurance premiums and airfares.

Tax administration and compliance
Tax year: Corporations: accounting year; Individuals: calendar year

Companies must file a tax return within three months after the end of the accounting year, but this limit may be extended by two months on request. Three advance payments are due, based on an estimate of the income for the current year. A final payment of tax is due at the time of filing the tax return. Employment income is taxed by withholding. Individuals who are required to file a return must do so by March 15th following the end of the tax year.

Additional tax information
Withholding taxes: Dividends 10% (20% for bearer shares), Interest 15%, Royalties 15%.

Tax treaties: Panama has not concluded any double-tax treaties.

Dividends: Dividends are subject to a final withholding tax of 10%, with a 4% advance payment on non-distributed profits.

Revenue protection: There is no specific transfer-pricing or anti-haven legislation.

Groups : There are no provisions for group taxation.

Incentives: Farming and forestry; export; mining; industrial promotion; tourism; call centres.

Other taxes: Annual tax on insurance companies, Annual tax on banks, Business and industrial licensing tax, Customs duties, Immovable property tax, Payroll tax, Unimproved land tax, Property transfer tax, Stamp duty, Annual fee on corporations.

inancial Services, Planners, Offshore Banking - Know More

Anonymous — Thu Mar 30, 2006 4:05 pm

Author: Anonymous

Posted: Thu Mar 30, 2006 4:05 pm

By Peter Flowers
But are you really safe? In the last few years, laws such as the Patriot Act in the US have been approved that effectively take your rights to privacy and financial well being away. These same laws that were meant to protect us are now instead being used as a loophole by high power lawyers and government agencies to access your banking records, garnish money and freeze your assets. In fact, currently US banks automatically report to government agencies on the activities of their clients, including you. What's worse, your hard earned savings can now be legally garnished from your bank account by government agencies and creditors who may believe they have a claim against you. In the US alone you stand a 1 in 4 chance of being sued if your net worth exceeds $100,000. Not a lot of money! Can you sleep at night? Many offshore tax havens are no longer safe either. The Patriot act has enabled the US to attack the privacy laws in the Bahamas, and the UK has even forced the Jersey Islands to fully disclose beneficial ownership information.

Indeed there are very few places now with real asset protection. However, the tax haven of Panama is one such place that still enjoys complete company formation privacy and asset protection. Panama constitution provides the highest levels of banking and corporate privacy laws in the world. With Britain's proposed regulation for removal of bank and corporate book secrecy in the UK offshore territories, it is clear that Panama will remain one of the only secure offshore financial centers in terms of privacy and confidentiality that is not only respected, but vigorously protected by constitutional law. Panama has no mutual legal assistance treaties for sharing of banking information with any other nation, and does not recognize court rulings from other countries. In fact, revealing banking information to third parties is a crime in Panama, punishable by imprisonment. There is no such thing as "piercing the corporate veil" in Panama. Panama Corporations also offer "Bearer Shares", allowing shareholders to maintain 100% privacy and confidentiality.