{"id":19040,"date":"2017-02-27T13:10:48","date_gmt":"2017-02-27T18:10:48","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=19040"},"modified":"2017-02-28T10:09:33","modified_gmt":"2017-02-28T15:09:33","slug":"simon-black-at-sovereign-man-weighs-in-on-panama","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/simon-black-at-sovereign-man-weighs-in-on-panama\/","title":{"rendered":"Simon Black at Sovereign Man Weighs In On Panama"},"content":{"rendered":"

\"PANAMA\"<\/a><\/p>\n

 <\/p>\n

Simon recently visited Panama and reflects back to his earlier days in Panama.
\nFebruary 21, 2017
\nPanama City, Panama<\/p>\n

It seems like every time I come to Panama now the first word that springs to mind is \u201cimpressive\u201d.<\/p>\n

I first traveled to Panama back in 2003\u2026 fourteen years ago.<\/p>\n

I remember landing at Tocumen International Airport for the first time– it was a depressing backwater that was barely functioning.<\/p>\n

And on the way into town there was hardly any sign of civilization; everything seemed completely impoverished.<\/p>\n

Basically Panama was just another third world toilet bowl back then.<\/p>\n

But over the years as I kept coming back, and even as I lived here back in 2007, Panama really started to grow… thanks in large part to the expansion of the Canal.<\/p>\n

Economists can quote figures about GDP and foreign direct investment to measure growth, but what really matters is standard of living.<\/p>\n

And people here are living MUCH better than ever before.<\/p>\n

Panama\u2019s middle class has exploded, growing from almost nothing to more than a third of the population\u2026 and rising. It\u2019s far higher in the capital city.<\/p>\n

They\u2019re able to afford the basics that Western countries take for granted– air conditioning, washing machines, laptops, televisions, smart phones, Internet access, etc.<\/p>\n

Home and vehicle ownership have soared (contributing to Panama City\u2019s horrendous traffic).<\/p>\n

And since Panama has become a major international hub for trade, transportation, tourism, business services, and finance, the job market is robust.<\/p>\n

This isn\u2019t some country where the locals are all picking bananas; there are plenty of meaningful careers and opportunities available to people who work hard.<\/p>\n

And unlike in the United States where wages haven\u2019t kept pace with inflation, Panamanians become wealthier each year.<\/p>\n

The transformation has been incredible.<\/p>\n

Today Panama City is easily the most cosmopolitan capital in Latin America with a bustling skyline and nightlife that rivals Miami\u2019s.<\/p>\n

Everywhere you look there are clear signs of prosperity (and hence business and investment opportunities).<\/p>\n

And that trend will likely continue.<\/p>\n

I just came out of a meeting with a senior government minister in which we discussed a wide range of projects and incentive programs.<\/p>\n

They\u2019re keen to continue attracting more businesses and industries here, and I was pleasantly surprised to see that the minister had a particular interest in cryptofinance and how it might be implemented.<\/p>\n

Bear in mind, this is a country where just about anyone can come and obtain legal residence to live, work, and set up a business. It\u2019s great.<\/p>\n

It\u2019s called the \u201cFriendly Nations Visa\u201d, and it provides an easy framework for people from just about every country in Europe and North America, along with Australia, New Zealand, Singapore, Chile, Argentina, Uruguay, Israel, Japan, Hong Kong, and South Korea.<\/p>\n

Basically you have to deposit a small sum of money in a Panamanian bank and submit an application packet to the authorities.<\/p>\n

(By the way, Panamanian banks tend to be extremely conservative, liquid, and well capitalized, plus it\u2019s a US dollar economy so you might not even have any exchange rate risk.)<\/p>\n

Through this visa you can ultimately receive permanent residency in the country, which will remain valid even if you don\u2019t live here.<\/p>\n

Even if you don\u2019t qualify for the Friendly Nations Visa for whatever reason, there are literally dozens of other ways to obtain residency here, ranging from reforestation to business investment.<\/p>\n

Foreigners can also qualify to apply to become Panamanian citizens after five years of residency and obtain a Panamanian passport.<\/p>\n

Bottom line, Panama is a great deal.<\/p>\n

And it makes a LOT of sense to consider obtaining such an easy second residency in a growing, thriving country that might one day lead to a second passport for you and your entire family.<\/p>\n

You might not ever need it. But it\u2019s hard to imagine you\u2019ll be worse off having such a great Plan B.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Simon recently visited Panama and reflects back to his earlier days in Panama. February 21, 2017 Panama<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[242,10,12,241,39,34,33,62,42,16,29,18,22,19,117,219,11,245,6,20,243,31,7,246,244,15,44,17,116],"class_list":["post-19040","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective","tag-boca-chica-real-estate","tag-bocas-del-toro","tag-boquete","tag-boquete-real-estate","tag-buenaventura","tag-casco-antiguo","tag-casco-viejo","tag-coffee-in-panama","tag-estate-homes-in-panama","tag-estate-planning","tag-exchange-property-in-panama","tag-foundations","tag-hydro-electric","tag-investments-in-panama","tag-los-quetzales-lodge","tag-move-to-panama","tag-offshore-real-estate","tag-offshore-real-estate-panama","tag-panama","tag-panama-economics","tag-panama-papers","tag-panama-property-exchange","tag-panama-real-estate","tag-relocate-to-panama","tag-rum-in-panama","tag-tax-issues","tag-travel-to-panama","tag-trusts","tag-volcan-baru"],"yoast_head":"\nSimon Black at Sovereign Man Weighs In On Panama - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/simon-black-at-sovereign-man-weighs-in-on-panama\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Simon Black at Sovereign Man Weighs In On Panama\" \/>\n<meta property=\"og:description\" content=\"  Simon recently visited Panama and reflects back to his earlier days in Panama. 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