Panama-Italy Friendship Treaty - Path to quick Permanent Residency in Panama

[OCT2023]

Is anyone familiar with this process?

It looks like the previous Friendly Nations Permanent Residency Program from before 2022 ... but still valid for Italian Citizens

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Reading between the lines it also sounds like they're saying you can establish Tax Residency in Panama after Italy AIRE ... without technically living in Panama ... which is confusing.

Thoughts?

 

[MarkusCostigan]

Being tax resident from Panama's perspective is very easy, but much less easy from Italy's perspective.

183 days, No connection with Italy anymore, Real domicile in Panama, center of interest, demonstrable continuous presence in the territory etc...

 

[OCT2023]

How beneficial is a Panamanian Permanent Residency if one doesn't plan to live there ... only good for a Plan B? Banking? Real Estate?

 

[cer955]

You can have a permanent residency easily, but to be "tax resident" from Italy side you need to fulfil other requirements.
Also keep in mind, if your residency in is Panama, you may want to be able to prove your actual time spent there.

Panama doesn't really care of course, but Italy will.

 

[JohnnyDoe]

Italy is horrified by Panama, so they will run you through X rays and most probably will not believe you anyway.

 

[OCT2023]

How beneficial is a Panamanian Permanent Residency if one doesn't plan to live there ... only good for a Plan B? Banking? Real Estate?

Italy is horrified by Panama, so they will run you through X rays and most probably will not believe you anyway.

Is the Permanent Residency even worth pursuing if there's no plan to live in Panama?

 

[JohnnyDoe]

Is the Permanent Residency even worth pursuing if there's no plan to live in Panama?

no if you want to register as residing there with the Italian authorities.

 

[flagfree]

no if you want to register as residing there with the Italian authorities.

I have been on contact with couple of lawyers who offer a setup where you do get permanent residency there, but you do not live there. You would live and have tax residency in another country. You would then invoice clients from panama and just a little bit from your country, to have a low profile.

According to them, this is completely legal from a 1927 law since there is no obligation of disclosure from panama, and CRS is only used for crime investigations.

Any thoughts? I am trying to figure out if this is true

 

[JackAlabama]

I have been on contact with couple of lawyers who offer a setup where you do get permanent residency there, but you do not live there. You would live and have tax residency in another country. You would then invoice clients from panama and just a little bit from your country, to have a low profile.

According to them, this is completely legal from a 1927 law since there is no obligation of disclosure from panama, and CRS is only used for crime investigations.

Any thoughts? I am trying to figure out if this is true

thats very old thing working under friendly nations program.
its only legal for Panamas side (of course) but not if you live in Italy 364 days a year for example but if youre a nomad its ok.
Panamas lawyers have been hacked/targeted notoriously and its data leaked putting ppl into big mess bc it was so popular.

so it may or may not be working is the answer

 

[flagfree]

thats very old thing working under friendly nations program.
its only legal for Panamas side (of course) but not if you live in Italy 364 days a year for example but if youre a nomad its ok.
Panamas lawyers have been hacked/targeted notoriously and its data leaked putting ppl into big mess bc it was so popular.

so it may or may not be working is the answer

well sorry i wasnt interested on the italian side, i would be in a different country in EU. But regardless, i would have some tax residency somewhere, and not in Panama, so my issue would be with that country.

Lawyers show smth like 15-20 years of experience so in theory that should be one thing.

However I still don't get if this is evasion or simply avoidance and it's completely legal. Like, not obligation to declare makes me think this is legal, but not declaring makes me think is it not.

 

[JackAlabama]

well sorry i wasnt interested on the italian side, i would be in a different country in EU. But regardless, i would have some tax residency somewhere, and not in Panama, so my issue would be with that country.

Lawyers show smth like 15-20 years of experience so in theory that should be one thing.

However I still don't get if this is evasion or simply avoidance and it's completely legal. Like, not obligation to declare makes me think this is legal, but not declaring makes me think is it not.

in eu its certainly almost everywhere not legal.
Only in a non-dom or territorial country can this be cool (not always tho). Id could think of cyprus or malta which work but idk about the eu side of things.
Or you nomad 3m spain, 3m italy, 3m france and 3m uk or whatever.