Why Moving To Panama Continues To Be A Top Option For Expats

My favorite part of the events we host is the chance they give me to spend three or four days at a time with longtime colleagues, contacts, and friends in the places where I’m most interested in investing my time and money.

It isn’t quite the same, of course, but I have to say that I’m appreciating this week’s Live and Invest in Panama Virtual Conference more than I expected to. We aren’t all in the same place, but the focused live screen time with my key boots-on-the-ground connections in Panama is proving not only fruitful but fun.

The session I was most looking forward was yesterday’s panel discussion with my attorney in Panama City Roberto Guardia, longtime friend and Panamanian businessman Jose Bern, and expat friend Dusty Tubbs.

These three guys brought very different perspectives to the conversation to do with the situation on the ground in Panama right now, the effects of the pandemic on the country’s economy and property markets, and the prospects for post-COVID recovery.

If you weren’t online with us yesterday to benefit from the live discussion, first, I have to ask why not? With everything going on in the world right now, I’d say that listening in to the information, ideas, and intelligence being shared over the three days of this week’s event qualified as a not-to-be-missed opportunity.

It’s not too late. You can access the recording of the discussion now here… and get yourself signed up to join me and my team for today and tomorrow’s live sessions at the same time.

Meantime, here are specific takeaways from the timely conversation I enjoyed yesterday with Roberto, Jose, and Dusty:

Meantime, here are specific takeaways from the timely conversation I enjoyed yesterday with Roberto, Jose, and Dusty:

• To open a bank account in Panama, you’ve historically been required to show up at the bank for an in-person interview. In our current age of COVID, it’s possible to organize this interview via a Zoom call. Roberto explained that he’s been scheduling these for his clients eager to open accounts in Panama during these uncertain times…
• Residency applications are being processed. You could submit your new application now. You’d need, though, to expect delays, as government offices are not operating at 100%…
• The government has waived time-in-country rules and requirements to do with residency application processes for 2020 and indefinitely through 2021. If you weren’t able to travel to Panama to fulfill the physical presence requirements for your residency process last year, don’t worry…
• While next-door neighbor Costa Rica is struggling economically and otherwise in the face of the pandemic crisis, Panama continues strong. Costa Rica relies on taxation for revenues. Panama counts on growth. Specifically, Panama relies on Canal revenues to keep the country going… and these continued uninterrupted through 2020…

In addition, Jose updated us on the operations of the copper mine north of Penonome.

“I don’t think anyone fully appreciates the boom that this mine, now fully up and running, is going to bring to this country.

“Within a few years, mine revenues will outpace Canal revenues. This will mean double the cash flow… and a whole lot more budget for investment in infrastructure, healthcare, and further growth,” Jose explained.

As a result of the economy the copper mine is creating, Penonome is poised to become the fastest-growing city in the country. I’ve been shopping for investment opportunities in the region, which I’ll share first with my premium subscribers.

Before yesterday’s discussions, I was predicting Panama would lead the global recovery post-pandemic.

Now I’m certain of it.

Which could explain why the American and Canadian embassies in Panama have issued notices indicating they’re expecting bigger than ever influxes of expats into the country in 2021.

We’ve been saying that, too, of course… but now, I guess, it’s official.

Panama is the place to be in 2021 and beyond.

Lief Simon