Panama has staked its claim as one of the leading countries for expats. Many travel experts are projecting that in 2024, Panama City could be the “it” destination for expats and digital nomads. The country as a whole has been popular with retirees and expats for a number of years. But 2024 seems to be the year that it will be poised to explode in popularity. With this booming popularity, the expat community in Panama has exploded.
Friendly Business Environment for the Expat Community in Panama
Panama recently rolled out a short-term work visa specifically to attract digital nomads. The visa is available for nine months and costs $300 on the condition that you earn at least $3000 US weekly to qualify.
A few years ago, they introduced a “Golden Visa” program that allows individuals with a high net worth to become citizens by investing at least $300,000 in Panamanian property and applying for citizenship five years later. The $300,000 threshold is much higher than other countries.
Combined with the short-term visa opportunity, it gives Panama a competitive edge in attracting digital nomads and other entrepreneurs who can help grow Panama’s economy. Another thing that works in Panama’s favor is that they don’t tax income earned abroad.
The Pensionado Program
Another program they offer is the Pensionado program, which provides savings for retirees on services like healthcare and entertainment. Retirees have long been flocking to Panama, but today’s expat community in Panama is much more diverse.
Future Projections for the Expat Community in Panama
From a professional standpoint, Panama is full of opportunities. Panama has a range of employment and investment possibilities in sectors like technology, finance, tourism, and English translation. Because Panama’s economy is growing so quickly, expats often find work in areas that favor international experience because those jobs are difficult to fill locally. A permit for expats to work in Panama is required, but the employer can usually provide that. Panama also has a friendly business environment that allows people to move to Panama and open their own companies. There are legal issues to deal with, but it’s not a complex process, and Panama has very few restrictions against foreigners owning homes and companies.
Outstanding Lifestyle for the Expat Community in Panama
The lifestyle of Panama is no less dynamic. Panama’s culture is filled with diversity and energy. The food has a variety of influences, from Caribbean and African to European and American, as well as indigenous influences. Panama is also blessed with a wealth of natural beauty. There are two coastlines, one on the Pacific and one on the Caribbean.
There are miles of rainforest available for hiking and white-water rafting adventures. Panama City is one of the most dynamic cities in the Western Hemisphere and the most modern city in Central America.
Expats Can’t Resist Panama
Panama has been an accepting and alluring place for expats for several years. With the business opportunities and cultural advantages it has, Panama projects to be a dominant force and an advantageous place to live moving forward.
With all of the benefits offered by the Panamanian government, business opportunities, and luxury homes, it’s easy to see why the expat community in Panama has exploded.
If we can help make your luxury dreams come true, please don’t hesitate to contact us. We’ve been working with expats just like Jeff for years and have helped them just like we can help you.