Legal Relocation to Panama
Legal Services for "Digital Nomads" in Panama
If you are
developing an online business or technology services, traveling the world, you
are a "digital nomad". Considering that Panama has a high Internet
connectivity with an ideal geographic location, a banking center, with comfortable
business offices for digital jobs, many digital nomads are considering moving
to the country to structure their international trades and online business from Panama.
A very interesting interview about PANAMA, from the well-known German Entrepreneur, Mr. Christoph Heuerman “The Perpetual Traveler”, a long-term customer of PGS Attorneys in Panama City, Panama.
Our experience for more than 10 years with digital investors of different nationalities, has shown us that part of the success of the digital business, depends on the way you formulate a correct legal structure for your income and clients worldwide. The correct structure for an international digital business depends on several elements to be considered, such as: a territorial fiscal status, immigration residency, bank accounts, international corporate entities, among others.
Based on the several “Double Tax Treaties” with more the 40 countries worldwide, being a Panamanian Permanent Resident, you as a Digital Nomad can request to our local tax authorities your Panama Tax Residency Status based on the “strongest ties rule”, having the benefits of the Panama tax system,. The Tax Residency in Panama is regulated by article 762-N of our Tax Code, and regulated by the Decree 958 of 2013, along with additional by-laws.
TAX RESIDENCY FOR LEGAL PERSONS: Tax residence in Panama for legal persons (in addition to other minor requirements) applies when:
- The Board of Directors meetings are held in Panama.
- The meetings of the “representatives in behalf” of the Board of Directors are in Panama at the time of the meeting.
- That the main offices of the legal persona are in Panama, even when invoicing abroad.
TAX RESIDENCY FOR NATURAL PERSONS: The tax residency of natural persons is understood (in addition to other minor requirements), when:
- Your main home or property is in Panama.
- Have your center of economic interest in Panama.
- When you have a family interest in Panama.
WHY PANAMA for
digital noMads?
PANAMA DOES NOT TAX FOREIGN INCOME (NOT EVEN INTERNET PROFIT), AND HAS A VERY CONVENIENT IMMIGRATION RESIDENCY KNOWN AS “FRIENDLY NATIONS VISA”
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