Volcan is located in the Bugaba District in the Province of Chiriqui, at an altitude that varies between 4,000 to 5000 feet and boasts a comfortable year-round climate which ranges between 55°-78° F. This small town is home to the highest point in the country, Volcan Baru, Panama’s only volcano.
It sounds tempting. Move your business to another country and avoid US taxes. But, is it legal?
Like so many other instances in tax planning, the real answer is “it depends.”
What you need to consider before moving your business is revealed in Part 1 of this Expert Series.
A new trend in recent years in the USA and the EU has been alternative clean investments to protect the environment and provide clean energy. Such investments reduce pollution while lowering energy costs. Panama’s green investment program is called the Reforestation Visa which is an immigration program designed to replant areas that have been deforested while providing investors an opportunity for permanent residency leading to full citizenship.
If you’ve ever looked for long-term accommodation, chances are you’ve come across the term “corporate housing”, a growing industry offering companies and individuals an alternative to hotels for extended stays. But what does corporate housing actually entail, and how do you find out if it is the right choice for you?
Panamanians love their golden frogs. Their status as a cultural icon dates all the way back to the Mayans who believed they could increase fertility. Their brilliant yellow color eventually gave rise to a myth that upon death, they would transform into actual gold. Frog-shaped talismans called huacas are still considered symbols of good fortune, and replicas are commonly found in Panamanian jewelry stores. Golden frogs are used to promote hotels and restaurants and have even been used on Panama’s lottery tickets. Small, golden, and lucky – hence La Rana Dorada, the perfect name for master brewer Brad Kraus’ microbrewery enterprise in Panama.
One non-negotiable for US citizens is that we are taxed on worldwide income. If you live in the US, make money overseas and bring the money back into the US, it will be subject to US tax. However, if the income is earned overseas, the business is owned by a foreign entity and the income is not brought back to the US, the income will be subject to taxes in the foreign country and not the US.
In 2007 I bought my dream home, a water front property on East Texas. I honestly thought I’d stay there until the day I died. A water front property was something I dreamed about for as long as I can remember. But Texas summers can be brutal.
Mandarin Chinese is the language spoken by more people than any other in the world. Spanish is the second most popular language, with between 350-400 million native speakers. And English is not far behind in spot number three.
Almost 90% of the population in Panama speaks Spanish. So if you plan to be spending time in the country, you’re going to miss out on a lot if you don’t know the language!
Understanding land and property values in Central America can be tricky. Pricing is often all over the board. There are virtually no such things as market comps. It’s an analytical, left-brained, North American real estate professional’s worst nightmare.