Panama is both a haven for retirement and those wanting to invest or relocate their business with U.S. based income offshore. The following is a summery of special text incentives offered by the Panama government.
Income tax only applies to Panamanian-sourced income. This rules applies to both Panamanian citizens and temporary residents. Relocate your business with U.S. source income, for example a call center and pay no income tax for income earned outside of Panama.
There is No Tax on inheritance or estate in Panama.
Income from rental properties is taxed up to 27% and the highest bracket applies to annual income that exceeds $30,000.
A 15 year income tax exemption is available for businesses that invest in a special “tourism zone”.
A minimum $50,000 investment ($300,000 in an urban area) in a tourist related businesses such as hotel, bed and breakfast or restaurant can qualify for a 20 year exemption on real estate taxes and import duties on materials such as furniture, equipment and vehicles.
Property tax only applies on land valued above $30,000. The top rate is 1% on property with a value exceeding $75,000.
New construction of a single family home, apartment building, or other residential unit may qualify for a twenty year property tax exemption for the value added of construction. Property tax on the original land may still apply, and the benefit may be transferred with the sale of the property.
This information is a general summary of complex tax issues, is subject to change, and is not intended to be used as a guide to financial planning. Consult a tax professional before making any financial decisions.
The Resort at Isla Palenque Photo: www.islapalenque.com
Located off the Pacific coast of Panama and near to the border with Costa Rica is the Gulf of Chiriquí. Among the dozens of islands in the gulf is Palenque, which is a Spanish word for refuge or sanctuary. According to the Chicago Real Estate Daily the island was purchased for $3.5 million by Ben Loomis who plans to develop a luxury eco-friendly resort. First phase of construction is planned to cost $30 million, and includes a 30 room boutique hotel.
Palenque island is natural paradise with wildlife, breath taking views, and abundant natural vegetation. The gulf itself is especially popular for fishing and whale watching.
Barqueta Nice is the premier ocean front community in Panamá.
Unlike other developments the homes in Barqueta Nice are located directly on the oceanfront. Association services include garbage collection, security, road and landscape maintenance. Other services available in this area include high speed Internet, satellite television, water, and electricity.
Consider building your dream home on the beach or purchasing a completed and fully furnished home. Both options are available on Panamabeachlots.com.
Photo gallery shows all completed homes currently in the development.
La Barqueta beach is located on the Pacific Ocean in the Chiriquí providence of the Republic of Panama. Although La Barqueta is now a popular retirement destination the area has been of importance to the Panamanian agricultural sector since the 17th century.
La Barqueta comes from the Latin word for Baraquin, which is a person who travels by boat. The name was selected in 1885 by Antonio Anguizola De La Lastra who raised cattle on the property. At the time the plantation consisted mostly of wetlands and navigation by boat of the flooded riverbanks was favorable to traversing poorly accessible roads.
During the early part of the 20th century Antonio Anguizola Palma, son of Antonio Anguizola De La Lastra managed to develop La Barqueta into one of the largest cattle plantations in the Republic of Panama. A pier was constructed so that cattle could be transported to Panama City for export to North and South America. When Antonio Anguizola Palma died his daughter, Ana Beatriz Anguizola De La Lastra de Araúz inherited La Barqueta. She married Julio Araúz Jované in 1955, and expanded the cattle and dairy farm operations at La Barqueta to include mechanized rice plantations.
During the 21st century La Barqueta became famous for the development of its coastline as a luxury retirement community and its five star hotel, Las Olas Beach Resort.
Panama has for many years and continues to be an is an ideal place for Americans to consider for retirement. According to the AARP’s Modern Maturity Magazine, Panama is rated as the number one place in the Americas for retirement. Fortune Magazine and International Living place Panama in the top five of retirement destinations, and Conde Nast Traveler puts Panama as one of the six best places for a second home in the Americas.
Barqueta Nice is the premier ocean front community in Panamá. 
