Panama – The perfect place for your hightech/software company (5)

Posted on September 3, 2016 by jay pacific

Why Panama – Immigration and IRS

These are the 2 issues non-US citizens should be most concerned about when considering The Valley as their business location. Seriously.

First, getting a green card or visa or citizenship really means some effort and is time-consuming. This why even cruise ships are considered, out in the North Pacific Ocean, to accommodate workforce and work around the immigration problem.

Once you’ve got your immigration status, you’ll become a US tax resident, even with a non-resident visa under circumstances. The rules are complicated and execution appears to be harsh.

Based on that, US citizens and even visa holders are not welcome in banks around the globe anymore, meaning special non-preferred treatment and extra costs.

With a permanent visa or as US citizen, you’ll never stop reporting to Uncle Sam your world-wide income, every year to come. Think about it.

How does it work in Panama? Tranquilo!

Source: 007passportcopies.com

There are some ways to get a residency in Panama:

proof of solvency by investing $300,000 into bank deposit or real estate,
Invest even less into reforestation,
being a citizen of one of 44 countries, considered in a friendly relationship with Panama, and willing to establish/run a small business.

As long as you are doing business with customers outside of Panama, you don’t have to report anything tax-wise to anybody.

When you employ workforce in Panama or do business within the country, then get established in one of 2 special economic zones. Find out where your business fits in.

Both zones offer favorable immigration and tax arrangements.

For software and other hightech stuff there is the City of Knowledge.

Source: laopinion.webhost.com.pa

For logistics, aviation etc. there is Panama Pacifico.

Source: prlog.org

Now it’s up to you to take a closer look at these essential issues. Don’t forget: it will influence your personal and business conditions in a significant way. So better be careful.

Why Panama does not have to copy the Silicon Valley to succeed

Posted on July 1, 2015 by jay pacific

In an interesting blogpost, Peter Diamandis explained the success of the valley with the arrival of new-type coffee shops as place to gather and network, then with the high density of tech people, reducing the risk of failing, as there are many more positions and opportunities waiting.

Based on that, the other ingredients – contributors, culture, capital – grew organically, cumulating innovation power, delivering success along the road.

All this has been and is happening despite some harsh conditions, like climate, immigration and tax rules. How much easier should it be to achieve such success under Panama’s tropical living conditions, in its relaxed business, immigration and tax environment?

Leaving Panana City on express ferry, heading Las Perlas Archipelago, 35 nautical miles off the coast. Sea water temperature 28C/87F

Being a successful entrepreneur in Panama appears to be much more attractive then up there. Lifestyle, costs of living, investment opportunities, to mention a few.

Becoming a successful entrepreneur in Panama must not be more difficult.

Creating perfect conditions to attract entrepreneurs to start and thrive their high-tech business here in Panama is the task at hand.

Best places to work remotely – but forgot the best one

Posted on October 13, 2014 by jay pacific

Here’s what NomadList found the best ones:

Chian Mai, Thailand – Prague, Czech Rep. – Bangkok, Thailand – Hoi An, Vietnam – Belgrade, Serbia – Riga, Latvia – Davao, Philippines – Zagreb, Croatia – Sofia, Bulgaria – Ubud, Indonesia.

Interesting. Half of them are in Asia, half of them are in Eastern Europe. I happen to know some of them and this list makes me laugh.

Of course, personal preferences are different and here’s why I would have Panama City, Panama ranked first.

My criteria are very simple ones and there are 0, 1 and 2 points given

1. Quality of living

weather: 2
people: 2
nature: 2
safety: 2

2. Business environment

solid growth: 2
infrastructure: 2
bureaucrazy: 2
taxes: 2
immigration: 2

Details:

Weather: You can’t beat a country that close to the Equator, surrounded by 2 oceans. Don’t even try.
People: Super-friendly, good looking, competently running the Panama Canal, world’s largest ship register, a banking system without bad banks etc.
Nature: a rainforest within city limits, and 50% of the country is rainforest, more than 2,500 km coastline, Pacific and Caribbean, hundreds of islands, a silent volcano, 3,500 m high.
Safety: Only risk is in the drug trafficking business for those involved. Stay away,
Infrastructure: Impressive how fast things are being done here. Look at skyline and airports and metro and ports and the Pan-American Highway
Bureaucrazy: For self-imployed pros or those who do their business offshore, not a big deal. For the others, settle in one of 3 Special Economic Zones.
Taxes: See bureaucrazy. No income taxes for offshore business
Immigration: with 4% unemployment, the country welcomes foreign professionals and investments. Some easy ways to immigrate.

So Panama City is getting my 18 out of 18 points, but check with your own preferences.

TexMex and CalPan

Posted on August 4, 2014 by jay pacific

TechCrunch yesterday had an interesting article about how “Mexico’s Ressources Fuel The Texas Startup Economy”. Quite impressive.

There is a solid trend to consider Texas’ (and others’) neighbour country before China or India. Mexico appears to become the better place for manufacturing jobs. Labour may still be higher but transport costs and flexibility are superior, compared with Asia. Mexico and Central America will most likely become the new workbench for U.S. companies.

How does Panama fit into the picture?

Well, Panama has no surplus in workforce, nor does it have any track record in manufacturing. Panama is much more of a service than a manufacturing economy. Think of the vessel registrations, the solid financial sector, the offshore business industry. And how multinationals are moving their global or LatAm headquarters and callcenters to this country.

What Mexico is and will become for outsourced manufacturing, this should Panama be for California’s IT and VC firms. Fueling growth and profitability.

Preferrable business, tax and immigration rules, constantly growing economy, US currency, first world infrastructure, very affordable living costs, excellent investment opportunities, and a tropical lifestyle.

Think about it.

Panama – Building a global workforce

Posted on June 24, 2014 by jay pacific

Panama has a population of 3.6 mio and 44.7% of them are age of 24 and younger. (USA 33.1)

This makes for a perfect population pyramid, as shown. Life expectancy is 78 years. (USA 79.5)

Despite the USA’s unemployment rate of 7.3%, Panama has 4.6% what in reality means a lack of qualified workforce. Therefore the immigration rules have become much easier through the last years and is now kind of inviting for 44 so-called friendly connected nations. (Source)

Bringing these relaxed immigration rules into a mix with Panama’s tropical lifestyle, excellent business environment and investment opportunities, it is easy to attract talent from everywhere to staff hightech businesses with global reach. And this way to offer many opportunities for young Panamanians too.

canal_entrance_bridge

This picture shows the Pacific entrance of the Panama Canal with the Bridge of the Americas, kind of connecting North and South America, crossing the Panama Canal, which connects Atlantic and Pacific.

There is a marina on the left, where ferries and yachts are leaving to and arriving from the numerous islands in the Gulf of Panama, a general aviation airport is 10 minutes away by car. Along the coast there are many surf spots and year-round, nobody wears a neopren suit. Here’s why not:

Conclusion: There’s no better place to attract, motivate and keep talent.

Better Panama

#exPANAMAnding opportunities

Tag Archives: immigration