Procedure:
After notarizing your driver’s license, you must go to the “Ministerio de Relaciones Exteriores,” which is located on the bottom floor of Plaza Edison, on the corner of Via Brasil and Tumba Muerto.
• a.Get in line at the Ministerio de Relaciones Exteriores and tell them you need your notarized copy of your driver’s license to be authenticated by them.
• b. They will give you a slip to deposit $2.00 at the Banco Nacional de Panama. In addition to those $2.00, you must purchase from Banco Nacional 2 one dollar stamps (“estampillas,” they are pinkish). The stamps can be purchased from the same bank teller with whom you deposit the $2.00. The Banco Nacional is also located on the ground floor of Plaza Edison (Insider Tip: In order to avoid standing in line twice, go first to the Banco Nacional de Panama and fill out a deposit slip yourself in the name of “Ministerio de Relaciones Exteriores” and deposit the $2.00 and purchase the 2 one dollar stamps.)
• c. Bring the deposit slip and stamps back to the Ministerio de Relaciones Exteriores and hand them in to the desk. I was told to return in 3 hours to pick up the authenticated document.
• 5. Now you are ready to go to the Sertracen office in Albrook. Remember to bring all your documents! To get to their office, turn right before El Rey (after the turn to the Albrook Airport), and make your first left, where Union Fenosa is located. Follow that road for a minute or two and you will see the office on your right. There is a little map on their website: http://www.sertracen.com.pa/
• 6. Go into the office and tell the individual that you are there to get your Panamanian license and that you have a foreign one. They will go over your documentation, conduct a hearing and vision test, and voila, you can drive legally in Panama after staying for 90 days! The cost is $20 for the license and $20 for the hearing and vision tests, totaling $40.

-If you own your vehicle, basic liability insurance must be obtained.

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One of the things that I think speaks volumes to this idea is the consistent inflow of foreign investment capital. In another of my articles, I discuss the details of how and why foreign capital flows into Panama. I think an investment of $6.2B (US) by U.S. companies alone in 2007 is strong proof of credibility.

Mercer Multinational Consultants reported on quality of life and personal safety in 215 cities worldwide. Panama City, the national capital, was ranked 96th, which places it above all other Central American cities. Mercer created these ranking by analyzing social, political and economic environment, health, education and transportation factors for each city.

A major consideration in making the choice to do business in Panama is quality of life. Panama City is cosmopolitan and offers excellent living conditions. Office, commercial, industrial and housing spaces are available, as are skilled, multilingual employees. Panama City is 5th in Latin America behind San Juan, Montevideo, Buenos Aires and Santiago de Chile. Panama City is first in Central America, 12 places above San Jose, Costa Rica.

With an index of 91.4, Panama City is the third safest city in Latin America, only behind San Juan, Puerto Rico and Santo Domingo, Dominican Republic according to a report by International Scope.

With an 8% increase in GDP, Panama was the leader in economic growth in Latin America during 2008. Much of this due to the fact that Panama has a US dollar-based economy, low inflation and little foreign exchange risk, an absence of exchange controls, favorable and equal tax treatment of foreign and local citizens.

Panama has a stable Constitutional government with a keen understanding of its reliance on international trade. The Economic Freedom Index for 2009, a joint publication of The Heritage Foundation and the Wall Street Journal, ranked Panama 55th of 157 countries. Citizens and expatriates alike have freedom to make their own decisions for their benefit and for the benefit of their families.

You may argue that some of these are not indications of ‘credibility’ per se, but they are certainly evidence that something special is going on here in Panama; something worthy of international attention. Something worthy of your attention.

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The best part of retiring to Panama is not just that it’s great place to live, and inexpensive, but the government actually encourages foreign retirees to come live here! Qualifying for a retiree visa is easy. If you can prove a monthly income of $500, pass a basic health check, and pass a police background check, you’re eligible.

On top of that, the government offers what some call the best retiree benefit program in the world. Retirees, both Panamanian and expatriate, are entitled to 15-50% discounts on a variety of goods and services ranging from movies and concerts to domestic and international airline tickets to medical and dental services.

The U.S. Social Security system still pays retirement benefits, which count toward the earnings requirement, if you choose to live here. If you averaged yearly earnings of $9152, you are entitled to a $500 per month benefit at “full retirement age.” For the early benefit, at age 62, you would need $12,203. In reality, almost anyone drawing benefits meets the income qualification to retire here. With a little planning, you can live tax-free.

Healthcare is always a concern for retirees. The majority of local doctors and dentists were educated in the U.S. Both health insurance and health care are very inexpensive. The quality is excellent with the latest in diagnostic testing and services. Unfortunately, Medicare benefits do not cover local services. Just buy a small policy to cover that, but if you return to the States for treatment, Medicare coverage will apply.

While Panama has its own Caribbean culture, you will feel at home. Panama has always been an international business crossroads and has a welcoming attitude. Restaurants, entertainment and shopping accommodations are all first class. But if you get a little home sick, the States are only a short flight away via Tocumen International Airport.

A legacy of the U.S. involvement in the Canal is a modern American-style infrastructure. You can drink the water. Transportation and roads are reliable. Telecommunications and Internet systems are world class. Banking systems and ATMs are readily available, and the dollar is accepted as currency – no need to exchange.

Panama has a variety of climates. There are wonderful beaches, cosmopolitan Panama City, mountains, and lush tropical areas. You can find a suitable locale here. Choose a beachfront home or condo on the Pacific or Caribbean shore. The mountain areas offer perfect all-year-round spring weather. Foreigners who buy property enjoy all the same rights and protections as Panamanians.

I am sure you will think of “Panama City” and retirement in a new way from now on.

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Please be advised that tomorrow, December 8 is Mother’s Day here in Panama, consequently our office will be closed for business tomorrow. We will resume doing business on Wednesday.

Our best to all Mothers on their day.
——–

Por este medio les notificamos que mañana 8 de diciembre es el Día de las Madres en Panamá, consecuentemente nuestra oficina permanecerá cerrada el día de mañana. Volveremos a la oficina el día Miércoles.

Nuestros mejores deseos a todas las madres en su día.

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The Republic of Panama is a great place to do business, and with a little planning your business can operate on a tax free basis.  It is a great place to live and I enjoy living here.  The national capital, Panama City, is inexpensive when compared to other cities of the same caliber.  A building boom over the past few years has kept prices down by increasing the supply of new real estate.  Don’t be fooled – inexpensive doesn’t mean that you sacrifice your quality of life.  This is a city, and a nation, that does business on an international scale and accommodates the wants and needs of international businessmen.  For example, Copa Airlines flies modern Boeing 737’s to 40 major cities daily and was named Best Airline in Central America in 4 of the last 5 years.

Despite this international bent, Panama manages to keep its charm.  You can find both a trendy sushi dinner for $100 per head with quality that would please Gordon Ramsey, and a simple Mom and Pop restaurant offering scrumptious tapas and a good local beer for $5.  You have an amazing range of choices and the freedom of choice; freedom that extends far beyond dining.

Panama stands out as a tax haven and financial hub. Because of the Canal trade, Panama has well developed international trade and banking systems.  These two sectors depend on technology.  So, Panama has invested in creating one of the finest telecom and internet systems outside of Europe or the U.S.  Internet banking, credit/debit card services, and credit facilities are as readily available as they are in the U.S and Europe.  You can link your corporate credit card directly to your Panamanian bank. Panama does not have its own currency – it trades in the U.S. dollar – and there are no currency controls or restrictions.
When Noriega’s ‘friends’ operated the banks, they had a poor record of customer service.  They didn’t have to care.  When the markets opened to competition, banking services got much better. Domestic banks such as Multibank compete with international banks like HSBC in the local market, and both are trying to take market share from expatriate-oriented banks like Credicorp.

Panama banking privacy is good, and the law still allows offshore corporations with bearer shares.  The ability of non-residents to own bank accounts, Panama Corporations (IBCs), Private Interest Foundations and other similar tools make for a business-friendly environment.

The government has no reason to keep the residents under surveillance.  As an international banking center, if it tried to do that, there would be capital flight.  That would wreck the economy.  The new President, Ricardo Martinelli, who is in office until June 2014, promised to root out corruption.  Domestic spying is not on his agenda. Lord Acton said “Power corrupts; Absolute power corrupts absolutely.” The Panamanian government has power, but not absolute power.  The fact is it doesn’t have the ‘need,’ the financial resources, or the political capital necessary to spy on residents.  Not even dictator Noriega spied on the citizenry.

The success of Panama as a place to do business is no accident. A temperate climate, great beaches, convenient travel, and tax free status make it an absolutely alluring place to live.

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