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SawMan replied to the thread 8.25 % bank interest in Panama on the Panama forum:
thompson626 initially posted:
We work with Credit Unions in Panama, COACECSS in particular. You send your funds directly to the bank so it is very safe and secure. You have to be there in person to sign up. There are no fees for you because the Credit Unions pay us a finders fee. We have a contract with them. One bank in Panama failed many years ago and it was an American bank, Stamford, not a Panamanian bank. Panamanian banking authorities found out that they were not following Panamanian banking laws. The bank was shutdown and all of the depositors received their money back. I remember the Disa Bank some thirty years ago, and whether it was an actual failure or just a closure, who remembers? But does it really matter today? Credit Unions have been around Panama for 70 years and never a failure or financial problem with any of them. They are too conservative. The interest rate starts at 4% and works up to 8.25% depending on the length of time you decide to lock it in, and the amount you invest. Minimum lock in is 6 months. Minimum investment is $5000. E-mail me for all the details and I can start you off on your road to doing your due diligence. Thanks. jT
SawMan replied on April 20, 2015 with:
The following is a link to banks licensed to operate in Panama. If your institution is not on this list, it is NOT a bank and not protected by laws governing banks, capital requirements and regulatory oversight by the Superintendent of Banks:
SawMan replied on April 20, 2015 with:
Banks do fail in Panama and other banks are not always there willing to pick up the pieces (which happens a lot.) The Superintendency of Banks of Panama ordered the Seizure of Administrative and Operating Control of BANCA PRIVADA D’ANDORRA (PANAMÁ), S.A. effective at 2:00 PM on Wednesday, 11 March 2015 due to insufficient assets to meet deposits. ES BANK (PANAMA) is currently going through involuntary liquidation by the Superintendent.
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bill27 posted Tennis players in David on the Panama forum on April 20, 2015:
Any good players looking for a knock at Club David? Thanks
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Beldohr replied to the thread expat contacts in Boquete on the Panama forum on April 20, 2015:
Beldohr initially posted:
I will be in Panama the week of April 20 - 24, of 2015 and I would like to find expats in Boquete. I hear it is an ExPat Hotspot. I plan on being in Boquete on Wednesday April 22. Can anyone show me around>
Beldohr replied on April 20, 2015 with:
I have cancelled my plans to visit Boquete due to time constraints. Sorry. I would still like to hear from expats about life in Boquete.
Beldohr replied on April 18, 2015 with:
Send me your personal email and I will email you when we leave the RIU resort at Playa Blanca on Wednesday morning. I look forward to meeting you.
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capt replied to the thread Navigating Panama Car rentals on the Panama forum on April 20, 2015:
mistergee initially posted:
So we decided.. we are driving during our trip to panama. now comes the 2nd hardest part. What is the correct and most economical way to rent a car on panama? What do we need to make sure we have in place. who do you recommend . Basically how do we avoid getting burned in the car rental process. Additionally if anyone is able to provide a detailed map, guide on how to get from panama city to pedasi that would be really helpful. Thanks in advance
capt replied on April 20, 2015 with:
I have used Ace a couple of times, last time (Mar4/15) I picked a economy car up for $338 incl. both taxes, third party liability for 15 days. CDW was covered on my credit card. NOTE; YOU MUST RESERVE ON LINE!!!!!!!!!!!!!!!!!!!!!
mistergee replied on April 20, 2015 with:
I've heard similar statements. interesting that this the popular opinion. Does anyone have a car rental agent in pc that they trust and can recommend? thanks
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panamachick posted verbal contract binding on the Panama forum on April 20, 2015:
does anyone know the Panama law well enough to know if, if 3 witnesses agree that they heard a verbal agreement it is binding? A panama arbitator recently said it was, thus we had to pay half a grand to our neighour. Of course my husband had never said made a verbal agreement. what my husband in reality did say to the neigbour a few weeks prior is, "you ( the neigbhour) pay for your damage to your fence and we will pay for the damage that the water caused on our property ( 7 broken concrete steps that got washed out.). Our american friend who has a business here and has lived here for 17 years said he thot the law said, if it is not written down it has no value?? We actually proved it was the neighbours water that caused ALL the damage but he is panamian and we are Cdn, so that is immaterial.
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Jazzmann replied to the thread corporate bank account on the Panama forum:
goldenbull526 initially posted:
I am new here in panama city trying to start a new business. I have set up a corporation (no small feat) and am trying to open a corporate bank account which seems to require an act of God to accomplish. After I get everything completed I will be heading to bogeta also to get out of this climate and into something nicer or more to my liking. Does anyone have any ideas or bank officers that they can turn me on to that would actually be wiling to help me instead of give the runaround. I'm only a small guy not a multi nations drug dealer for goodness sake.
Jazzmann replied on April 20, 2015 with:
Foreign Account Tax Compliance Act (FATCA). sometimes I still call it "FACTA" rolls off the tongue better. I practiced law in the US for 40 years and have never seen our masters shy away from ignoring the constitution. The law is NOT something the government feels bound by, it's a stick that they hit YOU with.
stgibson replied on April 20, 2015 with:
I would recommend Scotia Bank. It is much easier to open a corporate account once you have opened a personal account. Banks here do not want to deal with US citizens because of FACTA requirements although I have recently heard rumblings of repealing FACTA because it violates the US Constitution but then so does wire tapping and intercepting emails without a proper court order . Had a friend here from Japan last month who opened a corporate account in 2 days.
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Moskva replied to the thread Stay in Panama San Francisco area on the Panama forum on April 20, 2015:
Moskva initially posted:
We ( a couple) need recommendation where to stay for a week or two in Panama City San Francisco area in the ending of April. Plan to do a next dental work that started by emergency case in November. Then we stayed in Allbrook hotel, but it was a hard to catch taxis because of heavy traffic to that direction. Please advise who familiar with this area.
Moskva replied on April 20, 2015 with:
Thank you Lapapuja .
lapapuja replied on April 20, 2015 with:
Look in encuentra24 for apartments to rent on Avenida Balboa.
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stgibson replied to the thread Corporate Taxes on the Panama forum:
jkgood initially posted:
Moving my company from Canada to Panama was wondering what the taxes are for profit? I already know the company has to pay Corporations in Panama pay 300.00 per year to the government and 150.00 to the attorney: total 450.00 maintenance fee. Is there any other taxes such as what you made for profit?
stgibson replied on April 20, 2015 with:
There is no tax on corporate earnings for sales outside the borders of Panama. This is based on "Spanish Code of Commerce" which Panama adheres to and is territorial. The US tax laws are based on "English Common Law" which is universal, thus profits made anywhere in the world are taxable. I have a Costa Rician S.A. registered to do business in the US and a Corporation in Guyana where we produce goods. I pay taxes to the US for profits made on goods sold there or anywhere else in the world. I pay taxes in Guyana for profits on goods exported and these taxes are excluded from profits on taxes to the US. I pay no taxes in Panama unless I sell goods in Panama.
Volunteer replied on April 19, 2015 with:
You can download the Renta 2014 from the www anip gob pa website and run test Panama tax returns. You will find that by entering your foreign checks in the foreign source line, you net income tax will be 0.
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karenmmm replied to the thread Pensionado Visa on the Panama forum:
sastrunk initially posted:
It's been awhile since I've seen a post about obtaining a visa, so I thought I would share our recent experience. A few caveats: we are American so the process might be different if you are from a different country; this was our experience and yours may be different. We are planning our move from the U.S. to Boquete within the next 2 months - I started the visa process from the U.S. after contacting an attorney in Boquete who was recommended by a member of this site. Our attorney has offices both in Boquete and in Panama City, which we have found was very convenient! PM me for attorney's contact info. We applied for a Pensionado visa. The following process takes some time, but it will speed up the process if you do everything ahead of time: 1. You must have proof of your pension, and it must be certified (apostilled) by the Secretary of State in the state where you live, or by the nearest Panamanian Consulate. Our pension is through Social Security and they will not provide a notarized copy - you will have to download a pension letter from their website, then also get a certification letter you must sign and have notarized (this simply says the letter from social security is a true and valid copy of your pension amount). Once you have both the pension letter and the notarized certification, you can log on to the Secretary of State's website and search "apostille" for instructions for your specific state. Follow the instructions and pay the fee. Our apostille cost $3.00 and took about a week. 2. You will also need an original copy of your marriage license (if a couple) and that must be apostilled (certified) by the Secretary of State where it was issued. We were married in Minnesota but currently live in Arizona, so we had to send it off to Minnesota for the apostille. Again, a small fee and about a week to get it back. Everything that needs to be apostilled can be sent to the nearest Panamanian Consulate, but I believe their fees are higher. 3. You must each have a report from the FBI - it is a national report now called an Identity History Summary Check, and local police reports are no longer accepted. Prior to submitting your request, you must have your fingerprints taken. Our local police department doesn't do this any more, but we found a local postal store that could give us fingerprint cards for a nominal fee (as I remember, it was about $7 per person). Thank God for Google! It can be invaluable as you go through this process. Once you have your fingerprint cards, go to this website to complete the paperwork: Complete the form and submit it (with the requested fees and fingerprint card). It can take a month or more to get the report back, although we got ours back within 2 weeks. Once you receive it back, you must log on to the U.S. State Department's website and follow directions to submit your FBI report to them for an apostille. here is the website address: Once you have all documents in hand, you will probably need to scan and e-mail them to your Panama attorney for review and translation into Spanish. Once that step is completed, plan your visit to Panama - you must appear in person at the ministry office to get your temporary visa. We traveled to Boquete and met our attorney, who needed a copy of every page of our passports (you can make color copies in advance including the front and back covers, but the pages with new stamps from your recent entry into Panama must be copied after you get to Panama). We also had to get 6 passport sized photos each (I assume you could do this in advance - we didn't, so went to the one guy in Boquete with a good digital camera and the ability to print out the photos). These photos are NOT used on your temporary visa - they just go into your file! We met the paralegal from our attorney's office at the ministry office in David - you can also go to the primary ministry office in PC. This is where hiring a knowledgeable attorney is invaluable! Keep in mind that this is NOT the U.S. - it may take hours to go through the process. Each individual at the ministry has a specific job, and no one else can do that job - so if one guy is out to lunch, you wait. Your attorney or paralegal (if they do this often) has developed relationships with people at the ministry and can help ease the process - not necessarily speed it up, but at least make sure you are taken care of. You will want to make sure you have your original passport with you, and that your attorney also gets a multi-entry visa stamp in your passport so you can come and go as many times as you like before your move. One of the steps in the visa process is that a new photo will be taken - the one that will actually be used on your temporary visa. I don't know what happened to the passport-sized photos we had - but I looked good in those, and the photo on my visa is terrible! Once you get your temporary visa, there will be a wait while your paperwork is processed. We were just notified that we have been approved (after 3 months) and now will need to meet our attorney in Panama City, hand over our passports and some additional funds, get a new photo taken for the permanent visa (yeah!) and personally appear at the main ministry office to pick up the permanent visa. We plan to do this when we make our final move in a month or two. In total, the cost for everything (attorney's fees, ministry fees, apostilles, postage, etc.) ran about $3,000 - not including the trip to Panama, and once again, this was our experience and yours may be different!
karenmmm replied on April 20, 2015 with:
Brought the family to CR in the 90s, and to obtain a license at that time you showed your US license and paid 20$. Done. Thanks sastruck for this great thread. I quickly obtained my CR permanent residence too, just followed the attorney instructions. Here I have been run around by an "embassy recommended" attorney.
stgibson replied on April 20, 2015 with:
Do Not do this. This is what we were told also. We paid $50/license at the Panamanian consulate to authenticate our licenses, brought them here and gave them to our attorney who turned them over to the ministry of authentication in Panama. We then went to Sertracen to get our licenses. They told us they could not accept a license authenticated by the Panamanian embassy and that we would have to go to the US Embassy for authentication which is a 7 hour drive. We went to the Embassy and they told us that they could not authenticate our licenses because they were already registered with the ministerio de authentication in Panama. To make a long story short, after 9 months, $1500, going to drivers school in Spanish and taking the driver's test in Spanish we now have our licenses. You MUST go to the US Embassy and get your licenses authenticated and receive Panamanian licenses which is a fairly simple process, but must be done in Panama City. The consulate authentication is just another scam in the "Gringo Bingo" game. PS, make sure you get a lawyer that is recommended highly by ex-pats. We used a lawyer recommended by the Panamanian Consulate and after 3 years and $20K we still do not have our permanent residency. Our first lawyer screwed up our application totally and 3 lawyer's later we are getting close to either acceptance or having to start all over. Do your "due diligence" first.
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karenmmm posted Tennis players David area? on the Panama forum on April 20, 2015:
Looking for someone to hit with at Club David. Prefer an A or very good B level player. Thanks
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