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Tax and Visa Benefit
LAW 122: TAX INCENTIVES TO PROMOTE TOURISM WITH 100% TAX CREDITS

A new law (No. 122) of February 5, 2020 provides tax incentives for the promotion of tourism activity. The law grants individuals and legal entities an income tax credit of 100% for amounts invested in the acquisition of bonds, shares or other financial instruments issued by companies registered with the National Tourism Registry regarding new tourism projects or extensions of certain existing projects.

LAW 80: TAX EXEMPTIONS FOR TOURISM PROJECTS

Law No. 80 of 8 NOVEMBER 2012 which defines all of the incentives and tax exemptions for foreign investments, as well as other laws that complement these incentives with the main objective of increasing tourism development in Panama, including:

  • Total import tax exemption on construction materials, vehicles and energy savin (5 years)
  • Total consumer tax exemption
  • Total real estate tax exemption on land and improvements (15 years)
  • Total exemption on income, charges, liens
  • Total income tax exemption
  • Total exemption on capital tax or encumbrances
DECREE NO. 320: BEST RETIREMENT PROGRAM IN THE WORLD
Executive Decree No. 320 of August 8th, 2008 is considered to be the best retirement program in the world, the Panama Pensionado program offers retirees excellent incentives including:
  • Import tax exemption for household goods
  • Tax exemption to import a new car every two years
  • 25% discounts on utility bills
  • 25% discount on airline tickets and 30% on other transportation
  • 15% discount on loans made in your name
  • 1% reduction on home mortgages for homes used for personal residence
  • 20% discount on doctor’s bills 15% on hospital services if no insurance applies
  • 15% off dental and eye exams
  • 10% discount on medicines
  • 20% discount on bills for professional and technical services
  • 50% discount on entrance to movie theaters, cultural and sporting events
  • 50% discount at hotels during Monday to Thursday, 30% on weekends
DECREE NO. 198: SHORT STAY VISA FOR FOREIGN REMOTE WORKERS
Aiming to become a popular destination with digital nomads and professionals working remotely, Panama has launched its Short Stay Visa for Remote Workers through Executive Decree No. 198 of May 7th, 2021.This new visa allows foreign nationals employed by companies operating outside of Panama or who are self-employed, to live and work remotely from Panama for nine months with a one-time extension of nine additional months. The government expects that the presence of these professionals will foster tourism and consumption of Panama’s goods and services and ultimately help to reactivate Panama’s economy, which has declined through the effects of the COVID-19 pandemic.

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