IL Postcard

Panama Resources to Help You Make Money

Date: 07/09/2008

July 9, 2008
Panama City, Panama

Dear Panama Enthusiast,

Work and business opportunities in Panama is an increasingly popular topic. So much so that we'll cover it in depth at the July 31–Aug. 2 Live & Invest in Panama Seminar. In the meantime, here's some information to mull over: our "top five" list of Panama business resources:

1. The National Business Incubation Association (NBIA) in Panama City is a unique resource that can help you with nearly every aspect of starting a new business. If you have an innovative, high-tech idea or environmentally sound technology, you can register for assistance from the NBIA. Services offered include business training and consulting, plus administrative and special services (like event organization and even assistance with visas and locating funding).

2. The City of Knowledge. If you decide to set up shop in the City of Knowledge (Ciudad de Saber or CDS in Spanish), you'll be privy to some of Panama's best financial incentives. If you satisfy the requirements, your incentives will include exemption from taxes and fees on machinery, equipment, or other material necessary for development; exemption from all local taxes and encumbrances on activities, operations, transactions, procedures and the transfer of property; and a special two-year multiple entry work visa for foreigners on staff plus dependents.

3. The U.S.-Panama Business Council has been around for over a decade and has headquarters in the U.S. and Panama. A growing number of multinationals are establishing Panama ties, so the organization is adding new offices. The organization holds business forums and cultivates important business contacts in Panama, all for its member-businesses.

4. The American Chamber of Commerce in Panama exists to promote trade, commerce, and investment between the U.S. and Panama. It encourages you to participate in the development of Panama's social and economic progress by doing business here. Because this organization spends a lot of time acquiring and disseminating business information on both the U.S. and Panama, it's an invaluable business resource.

5. Local headhunters: If you'd rather search for work than start a business here, there are options. Getting a work visa in Panama requires, among other things, a criminal background check from your local police office (wherever you live now); a "good health" certificate, which you can get here fairly quickly and easily; and a job offer with contract. You'll need to contact local companies, get a job offer, and pay a local attorney to help you with the visa (unless your hiring company does all the paperwork).

Panamanian companies, in general, must have a 90% Panamanian work force, so jobs for foreigners are few and highly coveted. However, if you have a special skill set that cannot be filled by a Panamanian, it may be easy for you to work here legally. In addition, some areas like the City of Knowledge, mentioned above, and the Area Economica Especial Panama-Pacifico (Panama-Pacific Special Economic Area, or AEEPP), mentioned in the June issue of Panama Insider,help provide special work permits for foreigners.

Get our top three Panama headhunters list, plus access to Panama Insider's special Panama Pacifico issue, when you sign up for Panama Insider…and that's not all, for a limited time only, you get a special 25% discount on the regular subscription price. Don’t wait too long…the discount is only valid for you Panama Enthusiasts through July 31. Find out more and sign up here.

Thanks for reading Panas,

Jessica Ramesch
Editor, Panama Insider

P.S. There are just a few spots left for the July 31–Aug. 2 Live and Invest in Panama Seminar. This is the best opportunity you'll have this year to not only visit Panama but also meet our "who's who" of Panama…from tax and immigration specialists to real estate and medical experts. It's a three-day, fun-filled, information-packed extravaganza. Subscribe to Panama Insider at a special discounted price and we'll give you a discount on the seminar, too. Find out more about Live & Invest in Panama and sign up here .