Panama
The Panama Canal connects the Atlantic and Pacific Oceans and is one of the most important shipping lanes in the world.
About Country
Continent | America |
Capital | Panama City |
Population | 4,314,767 |
World share | 0.1 % |
Land area | 74,340 km² |
Official Languages | - Spanish |
Unofficial Languages | - Arabic |
Currency | USD |
Economy rating | 77 |
Economy GDP | 59,377 millions USD |
ВВП на человека | 13,761 USD |
Democracy Index
7.18
Flawed
democracy
*
|
Crime Rate |
9.4 |
Safe zone |
Unemployment |
3.8 % |
Low unemployment |
*
|
Average salary |
728 USD |
|
Average expense |
707 USD |
|
Average rent price |
713 USD |
Immigration
Immigration difficulty |
Normal |
|
Recommended Savings |
8,520 USD |
Double citizenship |
Allowed |
Official site |
Immigration official website |
Compulsory exams |
|
|
Passport rating |
36 Amount of countries: 143 |
Immigration options
| Immigration type | Required Time | Fee |
| Marriage | from 10 to 20 days (paperwork) 3 years (for citizenship) | 50 USD |
| Family reunification | from 10 to 20 days (paperwork) 5 years (for citizenship) | 50 USD |
| Student | from 10 to 20 days (paperwork) 5 years (for citizenship) | 50 USD |
| Employee | from 10 to 20 days (paperwork) 5 years (for citizenship) | 50 USD |
| Investments | from 10 to 20 days (paperwork) 5 years (for citizenship) | 50 USD |
Marriage
| Immigration fee | Immigration Time |
| 50 USD | from 10 to 20 days (paperwork) 3 years (for citizenship) |
List of documents:
- Completed questionnaire;- International passport;
- 2 color photos;
- Receipt of payment of the fee;
- General civil passport;
- Medical insurance;
- Certificate of no criminal record;
- Financial documents: bank statement with bank seal;
- Documents confirming the marriage.
Additional Information:
When you marry a citizen of the country, you will be given a residence permit.The marriage must be officially registered.
Family reunification
| Immigration fee | Immigration Time |
| 50 USD | from 10 to 20 days (paperwork) 5 years (for citizenship) |
List of documents:
- Completed questionnaire;- International passport;
- 2 color photos;
- Receipt of payment of the fee;
- General civil passport;
- Medical insurance;
- Certificate of no criminal record;
- Financial documents: bank statement with bank seal;
- Documents confirming the relationship.
Additional Information:
If you have a close relative in the country who is a citizen, then you can use the family reunification program.The next of kin can move, they include: spouse, parents, children.
Student
| Immigration fee | Immigration Time |
| 50 USD | from 10 to 20 days (paperwork) 5 years (for citizenship) |
List of documents:
- Completed questionnaire;- International passport;
- 2 color photos;
- Receipt of payment of the fee;
- General civil passport;
- Medical insurance;
- Certificate of no criminal record;
- Financial documents: bank statement with bank seal;
- Documents confirming admission to an educational institution.
Additional Information:
International students wishing to study in Panama can apply for a student pass (residence permit), which allows them to stay in the country for the duration of their studies.Employee
| Immigration fee | Immigration Time |
| 50 USD | from 10 to 20 days (paperwork) 5 years (for citizenship) |
List of documents:
- Completed questionnaire;- International passport;
- 2 color photos;
- Receipt of payment of the fee;
- General civil passport;
- Medical insurance;
- Certificate of no criminal record;
- Financial documents: bank statement with bank seal;
- An invitation from the employer;
- Work permit.
Additional Information:
For immigration through employment, it is necessary to have a valid employment contract.You can apply for a work visa if you have a job offer from a Panamanian employer. The employer will have to provide you with an invitation letter and submit your application to the Ministry.
Investments
| Immigration fee | Immigration Time |
| 50 USD | from 10 to 20 days (paperwork) 5 years (for citizenship) |
List of documents:
- Completed questionnaire;- International passport;
- 2 color photos;
- Receipt of payment of the fee;
- General civil passport;
- Medical insurance;
- Certificate of no criminal record;
- Financial documents: bank statement with bank seal;
- Documents confirming the investment.
Additional Information:
You can immigrate to Panama through investing in the country's economy.There are several options:
1. Business investment. If you invest at least 160,000 USD in a Panamanian company and provide at least 5 jobs, you are issued an "investor visa".
2. A residence permit can be obtained if you purchase at least 20 hectares of forests for at least 80,000 USD.
3. Investing in real estate in the amount of 300,000 USD or just putting this money in the bank.
Taxes
The tax system in Panama is one of the most favorable in the world for both individuals and businesses. Panama operates a territorial tax system, which means that taxes are only levied on income generated within the country. This makes it an attractive destination for foreign investors and expats looking to benefit from low taxes and a favorable business environment.Individuals in Panama are subject to a progressive income tax system, with rates ranging from 0% to 25%. However, there are various tax exemptions and deductions available, such as deductions for charitable donations and mortgage interest payments. Additionally, Panama does not levy inheritance taxes, gift taxes, or wealth taxes, making it an attractive destination for high net worth individuals.
The corporate tax rate in Panama is set at a flat rate of 25%, which is lower than many other countries in the region. Furthermore, there are no taxes on capital gains or dividends, making it an attractive location for foreign investors. In addition, Panama operates a free trade zone, which offers companies significant tax benefits and exemptions on goods and services that are imported, manufactured, or re-exported.
The Panamanian government has taken steps to modernize its tax system in recent years, including implementing a Value-Added Tax (VAT) system in 2019. The VAT system replaces the previous sales tax and has helped to streamline the tax system, increase revenue, and reduce tax evasion.
Overall, the tax system in Panama is attractive to both individuals and businesses, offering low rates and favorable conditions for foreign investment. While there are still areas for improvement, Panama's tax system continues to be a key factor in its economic growth and development.
Education
The education system in Panama has undergone significant reforms in recent years, aimed at improving the quality of education and increasing access for all students. The Panamanian education system is divided into three main levels: primary education, secondary education, and higher education.Primary education in Panama is compulsory for all children between the ages of six and twelve, and is provided free of charge by the government. Primary education focuses on developing fundamental skills, such as literacy, numeracy, and critical thinking, and also introduces students to the culture and history of Panama.
Secondary education in Panama is divided into two levels: basic secondary education and diversified secondary education. Basic secondary education is compulsory for all students between the ages of twelve and fifteen and provides a general education curriculum. Diversified secondary education is optional and offers specialized programs in areas such as science, technology, and the arts.
Higher education in Panama is offered by both public and private institutions and provides a range of undergraduate and postgraduate programs. The Panamanian government has made significant investments in higher education in recent years, with a particular focus on increasing access for students from disadvantaged backgrounds.
Despite these reforms, the Panamanian education system still faces challenges in terms of access, quality, and funding. Many schools lack adequate resources and facilities, particularly in rural areas, and there is a shortage of qualified teachers in some subjects.
Overall, the education system in Panama is undergoing significant changes aimed at improving access and quality for all students. While there is still work to be done, the government's commitment to education is a positive sign for the future of Panama's economy and society.
Healthcare
The healthcare system in Panama is a mix of both public and private sectors. The government runs the public healthcare system, which is funded by taxes and provides free medical care to citizens and residents. The private healthcare sector, on the other hand, is mostly composed of privately-owned hospitals, clinics, and medical practices that offer more specialized and advanced medical services for a fee.Overall, the quality of healthcare in Panama is good, with well-trained healthcare professionals and modern medical facilities. The country has made significant progress in improving healthcare access and outcomes in recent years, including the reduction of infant mortality rates and the eradication of several infectious diseases.
Despite these successes, there are still some challenges facing the healthcare system in Panama. One of the main issues is access to healthcare in rural areas, where healthcare services are often limited. Additionally, there is a shortage of healthcare professionals in some areas of the country, which can lead to longer wait times and reduced quality of care.
Another concern is the rising cost of healthcare, especially in the private sector, which can be prohibitive for some Panamanians. The government has implemented several measures to address this issue, such as price controls for certain medications and medical procedures, but more action is needed to make healthcare affordable for all.
In conclusion, the healthcare system in Panama is a mix of public and private sectors, with good quality care and well-trained healthcare professionals. However, there are still challenges facing the system, including access to care in rural areas and rising healthcare costs. The government is working to address these issues, but more action is needed to ensure that all Panamanians have access to affordable and high-quality healthcare services.
Climate
Climate type |
- Tropical climates
|
Climate Information |
Сlimate in different countries |
In the highlands, temperatures are generally cooler, with the capital city of Panama City experiencing average temperatures of around 24°C. The highest temperatures are typically seen in the months of March and April, with average highs reaching 33°C in the lowlands.
During the wet season, which runs from May to November, temperatures are slightly cooler due to increased cloud cover and rainfall. The dry season, which runs from December to April, is typically warmer and sunnier, with less rainfall and higher temperatures.
Panama's varied topography and location between the Pacific Ocean and the Caribbean Sea result in different microclimates throughout the country. The Caribbean side of Panama experiences more rainfall and cooler temperatures than the Pacific side, which is generally drier and hotter.
Despite its warm temperatures, Panama's climate is also characterized by its humidity, particularly during the wet season. This can make it feel much warmer than the actual temperature, leading to a greater risk of heat exhaustion and dehydration.
Overall, Panama's climate is ideal for those who enjoy warm temperatures and sunny weather. However, visitors should be prepared for high humidity levels and the occasional heavy rainfall, particularly during the wet season. As climate change continues to affect the region, it is important to monitor weather patterns and stay informed about any potential weather-related risks.