Come on Down to Panama

Head South of the Border for Tax Breaks,
Discounts and Immediate Residency 

A few weeks ago, a local newspaper in Panama reported that 15,491 new companies have been created through a single official government website that allows you to set up quick incorporations online. And that was just in the past eight months.

The report barely raised any eyebrows in Panama. It seems Panamanians are becoming used to this high level of prosperity never before experienced in the country's history.

A major part of this prosperity can be attributed to real estate development and sales. The recent, ongoing real estate boom is by far the largest bonanza in Panama's history. And more importantly, it still continues.

According to Jose Boyd, President of the Real Estate Agents Association of Panama, there are an estimated 250 new skyscrapers under construction in the Panama City area. Plus, builders have already filed applications for another 400 skyscrapers.

''Panama was a well-kept secret. We are now breaking records,'' Boyd told El Nuevo Herald.

Has the Real Estate Bubble Already Burst?

For the last two years there has been talk that the real estate bubble was at the bursting point. But today, the financing, building, and sales go on. Cash continues to pour in from major investors in other Latin nations, the U.S., Spain and Europe.

I'll be returning next month to Panama City for The Sovereign Society's 20th Total Wealth Symposium. I'll be interested to compare the local situation since my last visit in October 2007. This will be one of many visits I have made to Panama in the last 10 years, a period that has seen phenomenal change and growth.

Unfortunately, Panama is no longer the "well-kept secret" that it was when we first started reporting on this small tax haven over 10 years ago. In fact, it seems the whole world has suddenly discovered this strategic nation and its famous American-built Canal. That means if you're interested in buying real estate there, you have to look beyond the sky-high condo prices in Panama City, to the real estate deals still lurking in some of the rural Panama areas such as Chiriqui or Bocas del Toro.

The Most Unique Foreigner Friendly
Laws in the World

One reason for Panama's successful economic growth has been its carefully planned and enlightened laws that are almost unique in the world. These laws welcome foreigners who wish to move to Panama for a second home or retirement, establish a business or make investments.

There are a host of special visas authorized by laws; the most popular of which is the pensionado program. This unequalled program allows immediate residence for foreigners. Plus, the program offers you reduced prices and allows you tax-free import of households goods, motor vehicles, even a boat. You can also secure special real estate tax exemptions when you buy or build in Panama as a foreigner.

All in all, these inducements are unequalled in any other nation. Then add in the beautiful land, ranging from tropical beaches to cool mountains and you'll understand why thousands of Americans, Canadians and Europeans now make their homes here.

Yet Another Reason to Make this Haven Your
Second Home While You Still Can

One topic we will be discussing at The Sovereign Society's 20th Annual Total Wealth Symposium will be the pending changes in Panama's immigration laws.

Recently the Legislative Assembly enacted a new immigration law. This new law seeks to modernize and change the rules that apply to programs governing passports, visas and residency for foreigners.

Insiders I talked with in Panama say the law is designed to protect and tighten Panama's all too porous borders and control the entrance of undesirables. We will have experts on hand in Panama to explain the proposed law and answer questions.

In Panama, they have an interesting process for passing laws. First, they enact general laws, which set down the guidelines on a particular topic. Then later, the executive branch fills out the intent with proposed rules. Then the Legislative Assembly reviews those proposed rules. It tends to be a long process. So it's likely that we won't be able to give you the final form of the new law and rules until September 2008, possibly later.

In the meantime, the existing laws remain in place. But if you are considering establishing a residence in Panama, you should act immediately. It looks like the new law will NOT be as beneficial to you as the current laws. In other words, please start the process now so you can take advantage of the current laws.

We will explain just how to do this at the Total Wealth Symposium, at a special "Citizenship Boot Camp." This is the first time we've had a boot camp on citizenship and residency. And in this special afternoon seminar, special speakers will give you everything you need to know to set up a residence not only in Panama, but in many other tax havens you might want to make your second home.

I invite you to join us. Hope to see you in Panama.

NOTE: Reserve your seat right now for our 20th Total Wealth Symposium, and you can receive a special discount. Click here for details.