Andrea Gavrilidis es una abogada idónea en la República de Panamá, con una sólida trayectoria en el ámbito del derecho mercantil y corporativo.
Living in Panama as an expatriate can be a rewarding experience if properly planned. Here are some key tips to help ease your adaptation and ensure a successful transition
• Visas and permits: Before moving, research the different types of visas available, such as the retirement residency visa or the investor residency visa. Each has specific requirements you must meet.
• Required documentation: Make sure all your personal documents are in order, including your passport, police clearance certificates, and any other documents that may be needed for your residency application.
• Opening bank accounts: It’s recommended to open a bank account in Panama to make your daily transactions easier. Most banks require valid identification and proof of residence.
• Currency and costs: The official currency is the balboa, although the U.S. dollar is widely accepted. Living costs vary by region—for example, in Panama City, rent tends to be higher in areas like Marbella, El Cangrejo, and Punta Pacífica.
• Tropical climate: Panama has a tropical climate with average temperatures of 28–30°C (82–86°F). The rainy season runs from May to November, and the dry season from December to April.
• Language: Spanish is the official language. Although English is spoken in certain areas, learning Spanish will greatly help with integration and everyday communication.
• Medical care: Panama has a modern private healthcare system. It’s advisable to get health insurance that covers your specific needs.
• Education: If you have children, research available education options, including both international and local schools.
• Expat communities: Joining expat groups can provide support and practical advice about living in Panama.
• Legal and financial advice: Consider hiring local professionals to guide you through legal and financial matters specific to expatriates.
Many expatriates fail to meet the requirements of their visa or change their immigration status without following the correct procedure. It’s crucial to ensure you have the correct type of visa and renew it on time if needed. Avoiding “irregular stay” is key to preventing penalties or deportation.
Expatriates who work in Panama without a work visa or the appropriate permit are in violation of immigration laws. Even if you hold a residency visa, a specific work permit is required—unless exceptions apply.
Some expatriates don’t fully understand their tax obligations in Panama, such as declaring income earned abroad or complying with tax filing requirements. Panama’s tax system has specific rules regarding the taxation of global income depending on your tax residency status.
Expatriates who start businesses in Panama must follow all legal procedures and obtain the required licenses and permits. Steps are often skipped, such as registering with the General Directorate of Revenue (DGI) or securing municipal licenses.
Sometimes expatriates fail to formalize business or employment agreements in writing. While Panama allows verbal agreements, having a legally binding written and signed contract is essential to avoid legal disputes.
Some expatriates hire employees without understanding Panamanian labor laws, which require formal contracts, social benefits (like health insurance, vacation, and the 13th-month bonus), and compliance with rules on working hours, wages, and termination.
When buying or renting property, some expatriates don’t properly research legal requirements or fail to follow regulations related to title transfers, lease contracts, or property taxes.
Many expatriates are unfamiliar with local traffic laws, such as mandatory seat belt use or rules for foreign drivers. This can lead to fines or even confiscation of a driver’s license.
As with visas, some expatriates fail to complete the necessary procedures on time to maintain their legal status, which can lead to residency issues or deportation.
It’s important for expatriates to thoroughly educate themselves about local laws and regulations and, if possible, seek advice from a lawyer specialized in immigration, tax, and labor matters in Panama.
Recibe información sobre las leyes panameñas y oportunidades de inversión.
