overview
Panama: "Panama, a Central American country, is known for its famous canal that links the Atlantic and Pacific Oceans. Its economy is fueled by shipping, finance, and tourism. Panama’s vibrant culture and strategic location make it a global hub for business and trade.",
overview
National Anthem
Himno Istmeño
Independence Day
November 3, 1903
Haiko
Canal joins two seas / Rainforest hides golden frogs / Embera paddle
Interesting Tradition
Celebrates Festival of the Black Christ with pilgrims crawling to a statue on their knees
Weirdest Local Superstition
Sweep towards the center of a room for luck
Strangest Law Still on the Books
Illegal to make loud noises on Sundays
overview
Come for the crossroads, stay for the connections: Panama leverages its strategic position to create extraordinary possibilities. Life balances between mornings in sleek financial districts and afternoons on Pacific or Caribbean shores. The nation's territorial tax system and friendly nations visa program have established it as a premier destination for international business and remote work.
overview
Step into a crossroads where connectivity isn't just location, but destiny. Here, two oceans bring infinite possibilities.
overview
Famous for its canal where ships take a shortcut through the Americas
Panama isn't just a country—it's a bridge between worlds. Here, time flows between two oceans and continents, and even a simple canal crossing becomes a lesson in global commerce. This is a land where tropical abundance meets modern ambition.
From the sophisticated skyline of Panama City to the pristine archipelago of San Blas, Panama offers diversity for every type of explorer. Whether you're drawn to the colonial charm of Casco Viejo, the cloud forests of Boquete, or the Caribbean vibe of Bocas del Toro, you'll find a country that connects cultures in colorful ways.
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Statistics
Eat
sancocho (chicken soup) - carimañolas (yuca fritters)
Drink
seco herrerano (sugar cane spirit) - chicheme (corn drink)
overview
Beer
Annual consumption (liters per capita)
Wine
Annual consumption (liters per capita)
Coffee
Annual consumption (liters per capita)
Tea
Annual consumption (liters per capita)
overview
overview
Representative Novel
The Green Pope by Miguel Ángel Asturias (Novel set in Central America, including Panama)
National Animal
Harpy eagle
National Pasttime
Baseball
National Souvenir
Mola textile art
National Dish
Sancocho
Famous Festival
Carnival
Famous Dance
Tamborito
Famous Music
Típico
overview
This unique geographical feature is due to Panama's curved S-shape, allowing for breathtaking views.
The canal is a vital trade route that connects the Atlantic and Pacific Oceans, making it a crucial component of global commerce.
With over 970 different bird species, Panama is a birdwatcher’s paradise, showcasing an incredible diversity of wildlife.
overview
April 2014
Arrival of Spanish Conquistadors
July 2014
Independence from Spain
February 2015
Panama Canal Treaty with the US
March 2015
US hands over Panama Canal control
October 2016
Transfer of Panama Canal completed
MOBILITY
NO. OF Mobility Assets
MOBILITY
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MOBILITY
Visa Free Countries
125
Performance Class
Global Contender
Passport Grade
B
Rank
61
Score
138.5
This visa grants access to:
MOBILITY
MOBILITY
MOBILITY
Rankings
Panama offers pleasant climate (#19) and moderate living costs (#45). Our comprehensive analysis shows high happiness (#39) and standard healthcare access (#57).
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Healthcare
Median Age
29.6
years
Life Expectancy
78.8
years
Obesity Rate
27.10%
Tobacco Use
8.00%
Sources
Health Expenditure
9.68%
of GDP
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Hospital Beds
1.9
per 1000 people
Doctors
1.629
per 1000 people
Out-of-pocket
37.33%
of total expenditure
Sources
Healthcare
Panama offers a universal healthcare system, with public hospitals providing free or low-cost medical care to citizens and residents.
In addition to its public healthcare, Panama has a well-regarded private sector offering advanced treatments and quicker access to services.
Expatriates in Panama can access both public and private healthcare services, with many opting for private insurance to cover additional costs.
Panama is a growing destination for medical tourism, known for its affordable and high-quality healthcare services, particularly in urban areas.
Medications are affordable in Panama, with most pharmaceuticals available over the counter and at lower prices compared to Western countries.
Healthcare
Healthcare
cost of living
Cost of Gasoline
$0.97
per liter
Cost of Meal
$10.00
(Inexpensive Restaurant)
Monthly Rent
$815.00
(1 bedroom, City Center)
Monthly Utilities
$98.67
(85m² Apartment)
Domestic Beer
$2.00
(0.5 liter draught)
VAT Rate
7%
cost of living
cost of living
cost of living
Taxation
Before considering a move to Panama, it's important to know about its territorial tax system.+Panama only taxes income sourced within the country. Income tax rates are progressive, ranging from 0% to 25%. Social security contributions are mandatory. There's no VAT, but an ITBMS (similar to sales tax) of 7% applies. Property tax is also levied. A Registro Único de Contribuyentes (RUC) is required for tax purposes.+Panama does not have a double taxation treaty with the United States.
Tax Residency Requirement
183 days
Worldwide Income Taxation
No (Territorial system)
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Higher Rates for Foreign Assets
No
US Double Taxation Treaty
No
Personal Income
Progressive tax rate based on income levels
Personal Capital Gains
Flat rate on investment gains
Inheritance
Based on inherited amount and relationship
Corporate Income
Standard corporate tax rate applied to business profits
Corporate Capital Gains
Tax rate applied to capital gains from corporate investments
Dividends
Withholding tax rate applied to dividend distributions
Interest
Withholding rate interest payment to non-residens
Royalties
Withholding tax rate for royalty payments
Work Assignment
Foreign individuals are considered residents if they are physically located and have been generating income in Panama for more than 183 days during the year.
Overall Ranking
Global position in PWC’c Ease of Paying Taxes ranking
Ease of Paying Taxes Score
Overall score based on multiple factors
Total Tax and Cotribution Rate
TTCR percentage including all mandatory contributtions
Time to Comply
Annual hours required to comply with tax regulations
Number of Payments
Total number of tax payments required annually
Post-filing Index
Score measuring the ease of processes after filing taxes
taxation
taxation
CLIMATE
Average Temperature
25.60 °C
Humidity
81
%
Average Annual Precipitation
2,928
mm
Rainless Days per Year
224
Best Time to Travel
December-April
Questions?
Find answers to common questions about GlobalPassport™ and our tools guiding you towards residency or citizenship in Panama.
What Mobility Assets are available to me in Panama?
Do I need to speak Spanish to apply for residency or citizenship in Panama?
Can my family members apply for residency or citizenship in Panama with me?
How will the GlobalPassport™ help me move to Panama?
Can I keep my own citizenship?
overview
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