{"id":4814,"date":"2016-07-11T04:48:23","date_gmt":"2016-07-11T08:48:23","guid":{"rendered":"http:\/\/www.escapeartist.com\/?p=4814"},"modified":"2020-08-18T10:32:55","modified_gmt":"2020-08-18T14:32:55","slug":"heres-why-you-want-residency-in-panama-and-a-passport","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/heres-why-you-want-residency-in-panama-and-a-passport\/","title":{"rendered":"Here\u2019s Why You Want Residency in Panama and a Passport"},"content":{"rendered":"

Here\u2019s Why You Want Residency in Panama and a Passport<\/strong><\/h2>\n

The best and most popular foreign residency program with a path to citizenship is Panama. It\u2019s also the easiest if you are from the US, UK, Canada, or one of the 50 \u201cfriendly\u201d nations that have agreements with Panama. And, if you\u2019re not lucky enough to come from one of these top tier countries, Panama is still the lowest cost option available to you.<\/p>\n

Here\u2019s why you want residency in Panama and a second passport from Panama.<\/p>\n

My beat is writing on international tax and business. So, the first reason you want residency in Panama is to cut your taxes. If you\u2019re living and working outside of the United States, and qualify for the Foreign Earned Income Exclusion,<\/a> your first $101,300 in salary will be tax free. Salary can come from your offshore corporation or your employer.<\/p>\n

If you\u2019re living in Panama, and a legal resident of Panama, it\u2019s far easier to qualify for the Foreign Earned Income Exclusion. Without residency, you must be out of the US for 330 out of 365 days. With residency in Panama, you can spend 3 to 5 months of the year in the US and still qualify for the FEIE.<\/p>\n

Second and at the other end of the age scale, Panama is one of the best places to retire. If you\u2019re looking for a lower cost of living than the United States plus solid medical care, Panama City is for you. If you want the very lowest cost of living in a safe and secure city, checkout Las Tablas, Boquete, and Coronado.<\/p>\n

Boquete and Las Tables are north of Panama City (near to Costa Rica) with great climates and loads of expats. Coronado is a golf and residential community about 1 hour from Panama City. It gives you the feel of nature and access to facilities in the city.<\/p>\n

Another reason you want residency in Panama is to plant your flag offshore. Whether you simply want options and a home base, or are looking for a soft landing when things go bad, Panama is the best place to plant that flag.<\/p>\n

The cost of this flag (residency in Panama) is the lowest of any developed country. If you\u2019re from a friendly nation, it\u2019s simply too good of a deal to pass up. You can buy residency for $8,750 or get Panama residency for free<\/a> with an investment of $20,000.<\/p>\n

If you\u2019re not from a friendly nation, you can get residency in Panama with an investment of $80,000 in teak. If you\u2019re from India, Pakistan, or another country with a low rated passport, residency and a second passport from Panama will be a major upgrade.<\/p>\n