Stories and guides from Panama City expats
Panama business: relationships before deals, use formal titles, expect social talk first. Dress formally for finance/government. Build trust before negotiating.
Panama crypto legal: Bill No. 247 proposes crypto recognition as property, business licensing, and payment framework. Territorial tax system means foreign-sourced crypto generally untaxed. AML/KYC required.
Panama real estate due diligence requires 10 essential legal checks including Public Registry title verification, property tax debt review, zoning compliance, and building permits-a 4-8 week process preventing costly mistakes for foreign buyers.
Reliable Panama law firms have credentials like decades of experience (AFRA 1965, Alcogal 1985), Legal 500 listings, bar membership, and transparent fees ($500-$2,000 visas, 3-5% real estate).
Foreigners can buy Panama property with nearly identical rights as citizens. 20-year tax exemptions, $120K minimum for residency, 4-6% mortgages available.
Panama LLC vs Corporation: LLC ($500-$1,500, 2+ partners, simpler) for small businesses. Corporation ($1,500-$3,000, 1+ shareholders, bearer shares) for privacy/investors.
Panama work permits require BOTH residency (Pensionado $1k/mo, Entrepreneur $160k, Investment $300k, Digital Nomad $1.5k/mo) AND MITRADEL permit. Quotas: 10% ordinary, 15% specialized staff.
Start Panama business: 100% foreign ownership, no local partner needed. 2-4 weeks, $700-$2,050 cost. No residency required. Territorial tax (foreign income not taxed).
Panama Pensionado visa: permanent residency for retirees with $1,000/month pension income ($750 if buying $100,000+ property). Benefits: 25% restaurant discounts, healthcare/medication savings, territorial tax (foreign pension not taxed). Total cost: $2,300-4,500.
US citizens get 180 days visa-free in Panama (passport, return ticket, proof of funds). International spouses: EU/Canada/Australia visa-free 180 days; China/India/Russia need embassy visa.
Panama healthcare: 60-80% cheaper than USA. Doctor visits $25-50 (vs $100-300). Hip replacement $18,000-25,000 (vs $40,000-70,000). Modern hospitals, English staff, private insurance $100-300/month.
Build Panama community: join Facebook groups, Thursday-Friday expat happy hours in Panama Viejo/Casco Viejo, coworking spaces, Spanish classes, InterNations events.
Panama diving and water activities: Bocas del Toro reefs, San Blas snorkeling, Pacific wreck diving. PADI certification $300-500 (3-4 days). Group dives $60-120. Year-round diving on both coasts.
US licenses valid in Panama for 180 days. Americans convert easily with cédula, medical exam ($20-40), and written test-no driving test needed. Keep both US and Panama licenses.
Grocery shopping in Panama: PriceSmart (bulk), El Rey (mid-range), DIA (budget), mercados (30-50% cheaper produce). $200-800/month typical.
Import cars to Panama for $3,000-$8,000+ (shipping + 10-20% tariffs + fees). Vehicles must be <5 years old with clear title. Process takes 4-8 weeks. Usually cheaper to buy locally.
Canadian licenses valid in Panama for 180 days. Canadians convert easily with cédula, medical exam ($20-40), and written test-no driving test needed. Keep both Canadian and Panama licenses.
Foreign license valid in Panama temporarily. Residents need Panamanian license: cedula, medical exam, written test (English available), $50-100 fees.
Document matching critical in Panama - name, birthdate must be identical across passport, cedula, bank accounts. Minor variations cause major problems.
The "Gringo Price" is real in Panama, foreigners pay 20-100% more in markets, taxis, and services. But it doesn't apply at supermarkets, chains, or regulated businesses. Learn Spanish, research fair prices, negotiate, and build vendor relationships to pay local rates.
