Even if the headline looks funny, it is not. For decades now, entrepreneurs from all over have gone West, to build their business in the Silicon Valley, in NYC, Boston, Austin or elsewhere. Many still do so.
However, the way how the United States is nowadays treating their citizens or people with a greencard or other form of visa is very disturbing.
All over the world, these persons, once welcomed and respected, are now knocking on closed doors of banks and employers. What a change.
It’s all about FATCA, the Foreign Account Tax Compliance Act – Uncle Sam’s way to make every bank employee in the world an unpaid IRS agent.
When I opened a bank account days ago, here in Panama, there is a mandatory questionnaire to fill out, assuring your bank that you are not a trouble maker with a blue U.S. passport, a green card, a U.S. visa or even having spent more than 182 days in god’s own country. A formula is applied to the number of days spent during the last 3 years, in order to figure out if you are a risk, they may reject or charge more fees.
I am quite sure, right now, there are entrepreneurs out there, thinking about their plans to move business to the U.S., but do not want to end up under such a rigid regime for decades to come.
Here’s my recommendation: Come to Panama.
This blog has some posts describing the business environment and how life is here. Save your business a lot of money and enjoy a tropical lifestyle instead. Settle in a special economic zone and earn foreign income tax-free. Good for your business, right?
An increasing number of global leaders are establishing their regional or global HQ in Panama. What’s good for them is most likely good for your business too.
Try something new. Come to Panama.