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  • August26th

    Panama Economy grew 4.9% in the first quarter of 2010

    Posted in: News and Information

    The National Institute of Statistics and Census (INEC) recently published an economic growth in Panama of 4.9% in the first quarter of 2010.

    The INEC attributes this strong growth to activities related to the domestic such as mining and quarrying, construction, , transmission and , , hotels and restaurants, telecommunications, port operations, air transport, insurance and financial auxiliaries, , and other community activities, social and such as radio, and other entertainment, as well as also a lesser extent growth in manufacturing, financial intermediation and the general government.

    INEC’s also notes that the activities directed to the outside world, showed a decrease, the cultivation of various fruits, fishing, wholesale trade in the Free Zone of Colon and Panama Canal operations.

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  • August26th

    New Tax Laws

    Posted in:

    With the enactment of Law No.8 of 2010, new rates will take effect on income tax for both legal entities and for individuals. Note that the application of these rates is retroactive, so their entry into force is from January 1, 2010. In addition, it includes tariff changes regarding ITBMS (similar to the VAT), ISC and Stamps, which take effect from July 1, 2010.

    Income Tax – Juridical Persons

    For telecommunications companies established in the , their net income arising from telecommunication services are deemed local income.

    Included as local income is income from freight, charges, fares, cargo and other services rendered by international shipping companies whose origin or final destination is Panama, except where such income results from freight, charges, fares and services for passengers or cargo that are transiting, and companies that operate ships that have their base or home port in the Republic of Panama.

    Excluded from the concept of local income is the of dividends or interests in companies that do not require a Notice of Operations or those not generating taxable income in Panama.

    New General Rates

    For fiscal year 2010 (January to December) the income tax rate will be 27.5%. For subsequent years, the rate will be 25%.

    New Special Rates

    Companies engaging in the following activities shall pay income tax based on the 30% rate through 2011, 27.5% from 2012 to 2013 and 25% from 2014 onwards, to wit: power generation and distribution, telecommunication services in general, and reinsurance activities, financing activities regulated under Act 42 of 2001, cement manufacture, the operation and management of games of chance and gambling, in general and the banking business in Panama.
    As for juridical persons whose income exceeds one million five hundred thousand dollars (B/.1, 500,000.00), they shall calculate based on the method that is higher between the application of the respective rate to their taxable income or 4.67% applicable to their total taxable income.

    Special Regimes
    Disposal/Sale of real estate: Regular Dispatch of Business

    For the disposal of immovable property which is part of the ordinary course or dispatch of business, the income tax will be calculated at a definitive rate of 3.75%.

    Logistics and other operations in the Colon and other zones

    In the case of businesses established in any free area, the disposal, sale or transfer of immovable property or the rendering of services are subject to the rates provided for in Articles 699 and 700 of the Fiscal Code. However, logistics, storage and wine cellar operations, as well as the internal movements of goods and cargo, billing services, repacking and similar activities that are directly related international, are considered to be foreign or export operations.

    Interest and commissions remitted abroad by way of loans or financing will be taxed at the general rate set forth in Articles 699 and 700 of the Fiscal Code, over 50% of the amount paid or credited.

    ABOUT THE AUTHOR: Rodrigo Julio Molina Ortega
    Molina & Co. is one of the leading consulting and law firms in the Republic of Panama. Our partners combine over 20 years of professional . We are corporate and legal consultants who will organize and manage your project or offshore company.

    Copyright Molina & Co.

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  • August26th

    Insurance for tourists

    Posted in: News and Information

    The National Assembly approved a measure to offer insurance to all tourists who enter Panama through International . The new law will provide tourists with up to $20,000 of coverage during the first 30 days of stay in the . Panama is one of few countries in that provides this free to visitors.

    The insurance covers up to $20,000 in case of death. It also covers medical expenses incurred resulting from an accident in Panama, illness contracted in Panama, medical , dental work, costs and legal assistance in the case of lost or stolen documents.

    Panama Tourism (ATP) director Salomón Shamah informed that the insurance will cost $2 per tourist and will be included in a tourist’s travel

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  • August26th

    Panama Medical Tourism

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    Panama has earned the title as the “Hong Kong” or “Dubai” of the Americas. This has mainly been due to its significantly lower cost of living and fully “Americanized” culture. Panama is slowly becoming one of the top medical destinations, attracting US and Canadian health travelers. The reasons for this are: its proximity, excellent healthcare services, US trained and certified medical staff and its attractive natural beauty.

    Healthcare System in Panama

    Panama’s long association with the United States has left a distinct American footprint in its culture, giving it more than a hundred years advantage over other countries in providing healthcare to American patients using US standards of quality and . This can be seen in the similarities in facilities, medical procedures and practices, as well as the abundance of US trained and board certified doctors and medical staff.

    There is currently one hospital in Panama that is fully certified by the Joint Commissions International. However, all of the other top hospitals, most of which are privately owned, are fully certified by local medical accreditation bodies set by the Panamanian as well as other non- accreditation bodies.

    In addition, most of the top hospitals have affiliations and are duly recognized by international medical organizations such as the Johns Hopkins International, Baptist Health International of Miami, Cleveland Clinic, Tulane Health Science Center, Miami Children’s Hospital, University of Nebraska Medical Center, the Harvard Medical Faculty, the Kendall Medical Center and the Beth Israel Deaconess Medical Center among others.

    Top Hospitals in Panama for Medical Tourism

    Major hospitals in Panama have affiliations with prominent international medical institutions. This enables them to maintain a high quality level, not only in their facilities, but also in their procedures, methodology and as well. The most prominent among these Panamanian hospitals include:

    • Hospital Punta Pacifica
      This is the only Central American medical facility that is affiliated with the Johns Hopkins Medical International and maintains the same high-end standards in facilities, services and staff. It is also the only digitally connected hospital in the region and is the only hospital accredited by the Joint Commissions International.
    • Hospital Nacional

    Starting out as a 10-bed facility, the Hospital Nacional has grown over the years into an 80-bed private healthcare facility with over a hundred specialists and ultra-modern facilities.

    • Clinica Hospital San Fernando
      A private hospital affiliated with the Tulane University, Miami Children’s Hospital and the Baptist Health International Miami. The Hospital San Fernando is one of Panama’s largest hospitals, with 24-hour medical services and facilities that are fully equipped with state-of-the-art medical equipments.
    • Centro Medico Paitilla
      Located in Panama City, this 160-bed medical facility is affiliated with the Cleveland Clinic Foundation and has been in existence since 1975. It is also a certified training facility for the American Heart Association and was one of only two hospitals that provided healthcare services to US military personnel.

    Common Treatments done by Medical Tourists in Panama

    Hospitals and healthcare facilities in Panama offer a wide array of procedures and services for medical travelers, which include but are not limited to the following:

     

    Cost of Medical Treatment in Panama

    The following are cost comparisons between Medical procedures in Panama and equivalent procedures in the United States: [ sources 1 2 3 ]

      US Hospitals Panama Average Savings
    Medical Procedures      
    Angioplasty with stent $19,000 – $21,000 $10,000 – $15,000 25% – 47%
    Pace Maker $4,000 – $6,000 $1,500 – $2,300 50% – 60%
    Laparoscopic Hernia $6,000 – $8,000 $ 3,500 – $4,500 40% – 50%
    Laparoscopic Gastric Bypass $24,000 – $26,000 $14,000 – $16,000 35% – 40%
    Hip Replacement $19,000 – $21,000 $11,000 – $13,000 35% – 40%
    Arthroscopy $9,000 – $11,000 $4,000 – $6,000 45% – 55%
    Knee Replacement $19,000 – $21,000 $11,000 – $13,000 35% – 40%
    Herniated Disc $19,000 – $21,000 $6,000 – $7,000 65% – 70%
    Carpal Tunnel Release $6,000 – $8,000 $2,500 – $3,500 55% – 60%
    Plastic and Reconstructive Surgery      
    Neck Lift $10,000 – $12,000 $2,000 – $3,000 75% – 80%
    Face Lift (rhytidectomy) $10,000 – $12,000 $2,000 – $3,000 75% – 80%
    Breast Augmentation/Reduction (Mammoplasty) $5,500 – $8,000 $3,100 – $4,500 40% – 45%
    Breast Lift $5,000 – $6,000 $3,000 – $4,000 35% – 40%
    Liposuction (Lipoplasty) $4,000 – $6,500 $2,500 – $4,400 30% – 35%
    Nose Surgery (Rhinoplasty) $4,000 – $6,000 $1,500 – $2,500 55% – 65%
    Buttocks Augmentation $5,000 – $6,000 $3,500 – $4,500 25% – 30%
    Chemical Peel $900 – $1,100 $450 – $550 45% – 55%
    Obstetrics and Gynecology      
    Intrauterine Insemination $1,000 – $2,000 $800 – $900 20% – 55%
    In Vitro Fertilization $9,000 – $18,000 $4,000 – $6,000 55% – 70%
    In Vitro Fertilization with donated egg $16,000 – $20,000 $7,000 – $9,000 50% – 55%
    Eye / Ophthalmology      
    Cataract surgery $5,500 – $6,500 $2,000 – $3,000 50% – 60%
    Refractive surgery (Eximer Laser) $4,500 – $5,500 $1,500 – $2,500 55% – 60%
    Glaucoma surgery $5,500 – $6,500 $1,500 – $2,500 60% – 75%
    Refractive surgery with intraocular lens implant $5,500 – $6,500 $2,000 – $3,000 50% – 60%
    Eyelid Surgery (Blepharoplasty) $4,000 – $5,500 $1,500 – $2,500 60% – 65%
    General and Cosmetic Dentistry      
    Root Canal $900 – $1100 $250 – $350 70% – 75%
    Porcelain Crown $1,000 – $2,000 $450 – $550 55% – 75%
    Porcelain Veneers $1,000 – $2,000 $450 – $550 55% – 75%
    Composite Veneers $600 – $750 $150 – $250 45% – 70%
    Dental Implant $2,000 – $2,500 $900 – $1100 55% – 60%
    Periodontal Surgery $1,000 – $2,000 $450 – $550 55% – 75%
    Periodontal Plastic Surgery $1,000 – $2,000 $450 – $550 55% – 75%
    Periodontal Regenerative Procedures $1,200 – $1,600 $500 – $600 55% – 65%

    Malpractice and Liability Laws in Panama

    The Panamanian system has not adopted the US legalities associated with medical practices, particularly in the area of malpractice. Although doctors are responsible for their activities and performance under the in this country, they are not required to shoulder the damages incurred during a malpractice case. The result is a lower malpractice insurance pre-requisite, which can be translated into lower procedural costs.

    Pros

    • Hospitals in Panama provide high quality health care through a large staff of US-trained doctors, physicians and other medical specialists
    • Techniques, medications, treatments and facilities used are based on the same standards used in the USA
    • Doctors and medical staff can communicate well in English
    • Panama City is considered Central America’s safest and most modern city. Even the tap water is safe to drink
    • Panama is relatively close to US and Canada.
    • The currency is the US dollar, so prices can be compared easily.

    Cons

    • There is only one JCI-accredited hospital in Panama, although a few have already submitted requests and are currently going through the accreditation process.
    • Costs of medical procedures are higher compared to other medical tourism destinations, although these are still significantly more economical as compared to the US, Canada and the UK.

    Traveling to Panama

    Direct flights to Panama City are available from major cities in the US and Canada. This close proximity and shorter time, makes Panama a destination choice for medical travelers.
    Average estimated travel time in hours

    From/To Panama
    New York City 5
    Los Angeles 7
    Miami 2.75
    Houston 4
    Dallas 4.5
    Washington 4.75
    Atlanta 4
    Toronto 5
    Vancouver 8

    Entry and Exit Requirements to Panama

    USA and Canadian medical travelers with a valid passport that extends at least 6 months beyond the traveler’s intended last day of , do not need to get a visa to enter Panama. A card can be purchased upon arrival, allowing the recipient to for 90 days in the country.
    Other requirements include: return tickets, sufficient funds to shoulder the stay, confirmed accommodation and other targeted facilities. Panamanian immigration laws are very strict, so it is advisable to carry your passport with you at all times to your proof of entry and avoid any complications during your stay.

    Statistics of Medical Tourism in Panama

    Doctors have estimated that there are only hundreds of medical tourists hundreds of medical tourists from the United States visiting Panama per year. Some hospitals have declared that they have received at least 400 to 450 international patients within the last four years seeking various medical procedures.
    These figures will continue to grow, as Americans without health insurance continue to seek healthcare in nearby medical tourism destinations such as Panama. More and more baby boomers are contemplating retiring to this Latin American destination, as well as seeking healthcare services and beauty treatments at lower costs.

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  • August25th

    Visa & Residency Information

    Posted in:

    Visas

    Panama is now positioning itself as the “new Costa Rica.” It has put together the most appealing program of special benefits for foreign residents and retirees you’ll find anywhere in the world today.

    In fact, anyone over the age of 18 apply and can qualify as a pensionado in Panama. All you need is a guaranteed pension income of only $500 per month ($600 per month for a couple). It must be a pension from a agency (Social Security, disability, or armed forces) or from a company.

    As a qualified pensionado/retiree in Panama, you will be entitled to:

    • 50% off entertainment anywhere in the (movies, theaters, concerts, sporting events)
    • 30% off bus, boat, and train fares
    • 25% off airline tickets
    • 50% off hotel stays from Monday through Thursday
    • 30% off hotel stays from Friday through Sunday
    • 25% off at restaurants
    • 15% off at fast-food restaurants
    • 15% off hospital bills (if no insurance applies)
    • 10% off prescription medicines
    • 20% off medical consultations
    • 15% off dental and eye exams
    • 20% off professional and technical services
    • 50% closing costs for home loans and more…

    In addition, you are entitled to a one-time exemption of duties on the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation or local purchase of a car. All this, and you can “retire” in Panama starting at age 18.

    Plus, Panama’s pensionado law stipulates that anyone entering the country as a qualified pensioner today is guaranteed that status as long as he chooses to in the country.

    The general rules:

    • All visa applications must be made through a Panamanian lawyer
    • There is no age limit required for applying for any of these visas, save for the minimum legal age of 18 years. Children under 18 will qualify for a visa as dependents of their parents
    • All overseas documents to be presented to the authorities in Panama must be authenticated by a notary and by the Panamanian consulate nearest you, or by a notary and the Apostille. The Apostille (The Hague Convention of 1961) is a faster way of authenticating documents and is normally obtained through the secretary of state in your home state (in the United States) or through the foreign office (in Britain). For Canada, please check with the Panamanian Embassy or consulate nearest to your home city
    • All documents must be fresh (within three months of visa application) and passports must have at least one year to run
    • Dependents: Bring a marriage certificate. However, marriage certificates are not acceptable if over three months old, so you’ll need to request new ones. If your children under 18 are to be covered by your visa, you’ll need to bring new birth certificates (not originals)
    • None of these visas grants work permits
    • All visa applications require that you obtain a health certificate in Panama.

    The Pensioner Visa (Turista Pensionado)

    This visa is designed for people whose pension from a government entity or private corporation is $500 or more ($600 or more for a couple per month). It is granted indefinitely. The benefits include one-time exemption of duties for the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation of a car (sales tax will still apply). However, please note that under this visa you cannot qualify to acquire Panamanian nationality.

    Private Income Retiree Visa (Rentista Retirado)

    This visa is for people who don’t have a monthly pension, are no longer working, and have received a retirement lump sum. As a visa requirement, that money is to be deposited on a five-year certificate of deposit with the Bank of Panama, to yield at least $750 a month (at current rates, the face value of the CD would need to be approximately $220,000). The visa is renewable every five years, as long as the CD is renewed. The Private Income Retiree Visa includes such benefits as a traveling Panamanian passport (that, however, does NOT grant nationality), a one-time exemption of duties for the importation of household goods (up to $10,000), and an exemption every two years of duties for the importation of a car.

    Person of Means Visa (Solvencia Económica Propia)

    Designed for those who wish to live in Panama off their own means, without the need to work or start a business. The person must have a two-year certificate of deposit in any local bank of at least $200,000. The visa is granted in two steps: First, a one-year provisional visa is granted, and then the process is repeated and the visa is approved permanently, with the right to a cedula (local identity card). Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.

    Investor Visa (Inversionista)

    Designed for those who wish to establish a business in Panama (note, though, that some retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $150,000 and a minimum of three permanent Panamanian employees hired. It is granted provisionally for one year and, after renewal, is granted permanently with the right to be issued a cedula. Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.

    Forestry Investor Visa (Inversionista Forestal)

    Note: Although currently suspended, this visa is being revised to be brought back.

    Designed for those who wish to make long-term investments in reforestation and take advantage of tax breaks. There must be a minimum investment of $40,000 into a duly accredited reforestation company. This investment must be kept until final harvest (approximately 20 years). This visa is granted provisionally for one year and, after renewal, it is granted permanently with the right to be issued a cedula. Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.

    Small Business Investor Visa (Inversionista de Pequeña Empresa)

    Designed for those who wish to establish a small business in Panama (note that some retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $40,00 and a minimum of three permanent Panamanian employees hired. It is granted provisionally for one year, and needs to be renewed three more times before it is granted permanently with the right to a cedula. Five years after obtaining the permanent visa, holders will be eligible to obtain Panamanian nationality.

    Residency

    Panama has one of the easiest and most affordable residency programs in the world.

    The visa process for the pensionado program in Panama is also very simple. It’s a one-time application. There are no renewals and no additional fees. Other residency programs require you to file a renewal each year. This involves time, hassle, and additional fees. In Panama, you can apply today for no more than a few thousand dollars and have residency for life. Your permit takes only a month. It’s fast. It’s affordable. It’s easy.

    Panama is truly one of the best–if not the best–residency deal in the world today. For the tiny price, the benefits are incomparable. And it is an extraordinary opportunity…

    The Panama pensionado program will not net you a passport, however. But it will grant you residency rights for life. If you want or need a Panamanian passport for tax or other reasons, don’t worry. There are many other programs you may qualify for.

    For instance, with as little as a $10,000 investment, you can start up your own business, and within nine years, be granted a Panamanian passport. Or you can invest $40,000 in a government-approved–and potentially very lucrative–reforestation project. These are just some of the additional ways in which you can qualify to live, retire, or do business in Panama.

    Rainelda Mata-Kelly, our recommended lawyer in Panama, will tell you more. Rainelda holds a master’s degree of law from Cornell University and founded the London office of a Panamanian law firm in 1983. In 1991, she became a Miami correspondent for La Prensa, the Panamanian newspaper, and then went on to be that paper’s executive editor. Since 1989, she has been engaged in her own practice, specializing in commercial and shipping law. Rainelda represents both Panamanian and foreign clients.

    Below, Rainelda details the requirements and features of the most popular programs available in Panama right now…

    Where and When

    * You need to travel to Panama in order to obtain your visa. You need to be present for the filing of the application. For most visas, you receive an interim card for three months, and within that time, the visa should be issued (sometimes it takes four months). For the Tourist Pensioner Visa, however, there is no interim card and your permanent visa should be issued about three to four weeks after filing. You need to be in Panama when the visa is issued, and you should preferably be in Panama from the filing of the application to the issuance of the visa. If you decide to travel outside Panama during that interval, you need a multiple- permit, which costs $75 per person.

    * If you obtain a visa to reside in Panama, but you wish to live overseas, we recommend that you make plans to visit Panama at least once a year (legally you may be away up to two years). In any case, you must obtain a multiple entry permit valid for up to two years before leaving and must never let it expire while overseas.

    * Once you obtain a visa in Panama, even if you decide to live here permanently but you wish to travel often or unexpectedly, we recommend obtaining a multiple-entry permit.

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  • August25th

    Insurance

    Posted in:

    Voloj & Voloj is a full brokerage firm, founded by our current , Mr. Carlos Alberto Voloj, who is an attorney at with more than 30 years of in the Panamanian insurance market.

    Our Firm is committed to customer care by offering quality services and maintaining lasting relationships with clients, always based on integrity and professionalism. We provide a broad range of traditional and innovative insurance products to individuals and companies.

    You can contact us by at (please remember to quote “Brigitte Hunt” to ensure you get the best deal):

    507-261-5169,
    507-261-4960,
    Fax 507-261-3205,
    Mobile: 507-6671-9970.

    Email: rafyvoloj@cableonda.net and volojseguros@cableonda.net

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  • August25th

    Mortgages

    Posted in:

    The Federal Mortgage Centre, Inc. is a company that provides financial
    services to foreign and nationals who are in the process to obtained
    properties or already purchase the property in Panama.

    Specifically in arranging mortgages through local banks, Federal Mortgage
    Centre, Inc. will provide due diligence for our clients at the highest
    level in compliance with all laws and regulations of Panama.

    We look forward to provide our customers the best opportunity to get their
    mortgage loan with serious and prestigious banks, with the best rates in
    the financing market, and the shortest possible time.

    To complement our services we also provide to get life and fire
    , opening banks accounts, financial advisory,
    consultation and legal services.

    Will be a pleasure for us to provide our services.

    Contact :
    Federal Mortgage Centre, Inc.
    Balboa Ave. P.H. Bay Mall
    3rd Floor Ofic. #308
    Office: 507 209-5007/5008
    Fax: 507 209-5049
    Mobile: 507 6550-2423 / 6550-3940
    Skype: federico.loans
    Email: info@loanpanama.com, roman@loanpanama.com, federico@loanpanama.com
    Visit us: www.loanpanama.com

    Home Financing Specialist
    Scotiabank Panama – Personal Banking
    ph: (507) 315-6700  cell (507) 6671-5031
    email:telva.chang@scotiabank.com

    Click Here to see requirements

    ___________________________________________________________________

    LOAN REQUIREMENTS FOREIGNERS

    Home Mortgage Loans

    Juan Gabriel Alain, Tel:(507) 210-7661 Fax: (507) 210-4007

    email: juan.g.alain@hsbc.com.pa

    Requirements:

    People earning a salary

    Original Job letter, Copy of Passport, Copy of the latest two payroll receipts

    Last (2) Income Tax Returns ’04 and the ‘05, Signed and Completed Application Form (provided by HSBC)

    (2) bank reference letters (credit references preferably)

    Authorization to check credit references

    SELF-EMPLOYED

    Copy of Passport, Last (2) Income Tax Returns ’04 and the ‘05, Signed and Completed Application Form (provided by HSBC)

    (2) bank reference letters (credit references preferably)

    Authorization to check credit references

    **Note: No need to present Bank references if you live on the United Status, also please attach :

    - Copy of the last (2) Income Tax Returns ’04 and the ‘05 (Earning a Salary and Self-Employed)

    - Copy of the last (2) W-2 Forms ’04 and the ’05 (Earning a Salary)

    IMPORTANT NOTE: A life insurance must be taken out for the amount of the loan.  This can be included in the mortgage payment if you are under the age of 65.  A medical exam be required to be taken in Panama depending on your age and the amount you borrow.  If not taken with the bank, a life insurance must be endorsed to the bank by a Panamanian insurance company.

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