Panama vs. UAE Residency: Is Panama Still Worth It?

[gatrader]

Hello everyone,

I've been considering obtaining residency in another country and Panama has come up on my radar quite a few times. I wanted to reach out to this community to gather some insights and experiences.

1. Costs: Can anyone provide a breakdown or an estimate of how much obtaining residency in Panama would cost?
2. Residency Requirements: I've heard various things about the requirements for maintaining residency status in Panama. How often does one need to return to Panama to keep the residency valid? And is there a requirement to rent or own a property there?
3. Path to Citizenship: If one has Panama residency, is there an option or a clear pathway to eventually obtaining a Panamanian passport? How many years of residency are typically required before one is eligible?
4. Potential Disadvantages: For those who have gone through the process or are well-acquainted with it, are there any disadvantages or potential pitfalls I should be aware of when considering Panama residency?

Any insights, experiences, or advice would be highly appreciated. I want to ensure I have a clear understanding before making any decisions.

Thank you in advance for your time and assistance!

 

[JackAlabama]

Hello everyone,

I've been considering obtaining residency in another country and Panama has come up on my radar quite a few times. I wanted to reach out to this community to gather some insights and experiences.

1. Costs: Can anyone provide a breakdown or an estimate of how much obtaining residency in Panama would cost?

It changed recently, however you can find options in Panama if you do not want to put down that chunk they are asking.
Lawyers can help. This is the most important thing which makes or breaks your experience.
If your lawyers held up what they promise, smooth sailing otherwise welcome to the insane maze of latam bureaucracy and red tape tripled.

1. Residency Requirements: I've heard various things about the requirements for maintaining residency status in Panama. How often does one need to return to Panama to keep the residency valid? And is there a requirement to rent or own a property there?

about once per year or once every 2 years. However there are options to get it back for 6 years absent.
Depends how strong you want your ties to be there and if you can stand being there

1. Path to Citizenship: If one has Panama residency, is there an option or a clear pathway to eventually obtaining a Panamanian passport? How many years of residency are typically required before one is eligible?

No clear road, but def is possible But what are you doing with a blacklisted passport for banking.
Lawyers can help.

1. Potential Disadvantages: For those who have gone through the process or are well-acquainted with it, are there any disadvantages or potential pitfalls I should be aware of when considering Panama residency?

Not really,
very boring to live there. Must speak spanish fluently at native speed, however no need to write much.
Hub of latinas so you can meet hot chicks from every latam country in one place. A lot of prepagos too, just to be aware of how to proceed.
Banks are unusable because as soon as you wire it somewhere the other bank gets heart attacks.
Eu hates them, so you will not make friends with this residency. Also in Asia its not that liked bc latam equals drugs.
Banks within Panama work reasonable tho.
They went haywire during covid with lockdown and that s**t, which is very remarkable as basically no one cares about anything.

Any insights, experiences, or advice would be highly appreciated. I want to ensure I have a clear understanding before making any decisions.

Thank you in advance for your time and assistance!

 

[EuroKiss]

It changed recently, however you can find options in Panama if you do not want to put down that chunk they are asking.
Lawyers can help. This is the most important thing which makes or breaks your experience.
If your lawyers held up what they promise, smooth sailing otherwise welcome to the insane maze of latam bureaucracy and red tape tripled.

about once per year or once every 2 years. However there are options to get it back for 6 years absent.
Depends how strong you want your ties to be there and if you can stand being there

No clear road, but def is possible But what are you doing with a blacklisted passport for banking.
Lawyers can help.

Not really,
very boring to live there. Must speak spanish fluently at native speed, however no need to write much.
Hub of latinas so you can meet hot chicks from every latam country in one place. A lot of prepagos too, just to be aware of how to proceed.
Banks are unusable because as soon as you wire it somewhere the other bank gets heart attacks.
Eu hates them, so you will not make friends with this residency. Also in Asia its not that liked bc latam equals drugs.
Banks within Panama work reasonable tho.
They went haywire during covid with lockdown and that s**t, which is very remarkable as basically no one cares about anything.

Just curious why somebody living in Dubai highlighted prostitution as unique positive point in Panama, when Dubai itself is nothing more than a Slavic brothel in the middle of the f**ing desert…

 

[jafo]

There is a European on OCT that is living life in Panama! I don't remember his username but search for the keyword "Panama".

If I'm not mistaken, he lives in Punta Paitilla or thereabouts. He really has Panama under control. I spoke to him and he really knows the place well.

PS. I'm afraid that I can't be of much help, because the last time I was in Panama was 2009, if my memory serves me right. I closed down shop in Zona Libre de Colón and never returned, so I really don't know much about Panama anymore. I'm afraid to even discuss it lest I guide people erroneously with outdated information.

 

[JackAlabama]

Just curious why somebody living in Dubai highlighted prostitution as unique positive point in Panama, when Dubai itself is nothing more than a Slavic brothel in the middle of the f**ing desert…

Thats not at all what is implied.

 

[gatrader]

It changed recently, however you can find options in Panama if you do not want to put down that chunk they are asking.
Lawyers can help. This is the most important thing which makes or breaks your experience.
If your lawyers held up what they promise, smooth sailing otherwise welcome to the insane maze of latam bureaucracy and red tape tripled.

about once per year or once every 2 years. However there are options to get it back for 6 years absent.
Depends how strong you want your ties to be there and if you can stand being there

No clear road, but def is possible But what are you doing with a blacklisted passport for banking.
Lawyers can help.

Not really,
very boring to live there. Must speak spanish fluently at native speed, however no need to write much.
Hub of latinas so you can meet hot chicks from every latam country in one place. A lot of prepagos too, just to be aware of how to proceed.
Banks are unusable because as soon as you wire it somewhere the other bank gets heart attacks.
Eu hates them, so you will not make friends with this residency. Also in Asia its not that liked bc latam equals drugs.
Banks within Panama work reasonable tho.
They went haywire during covid with lockdown and that s**t, which is very remarkable as basically no one cares about anything.

Thanks for your prompt and detailed answer so I guess it’s a good alternative to UAE residency?

 

[JackAlabama]

Thanks for your prompt and detailed answer so I guess it’s a good alternative to UAE residency?

Well yeah, just the lifestyle and timezone is very different. panama is hell if you work with asia or europe but a blessing if youre only usa focused. panama has a feel of being empty tho, which is not the case in uae even in summer. uae is great with an euro and asia africa focus because its so close and timezone difference is only minimal.
panama is specifically distinct latin american and american style and spanish a must to feel somewhat at home (although you can get by without a single word), whereas uae also has a pretty american style to it but with a lot of asian focus which is absent in panama (besides strong chinese community which you might not notice much depending on what youre up too.

 

[gatrader]

But how ab having residency in Panama and living somewhere else? It would work?

 

[JackAlabama]

But how ab having residency in Panama and living somewhere else? It would work?

yah works great. No need to check in often there.

 

[gatrader]

I’ve t

There is a European on OCT that is living life in Panama! I don't remember his username but search for the keyword "Panama".

If I'm not mistaken, he lives in Punta Paitilla or thereabouts. He really has Panama under control. I spoke to him and he really knows the place well.

PS. I'm afraid that I can't be of much help, because the last time I was in Panama was 2009, if my memory serves me right. I closed down shop in Zona Libre de Colón and never returned, so I really don't know much about Panama anymore. I'm afraid to even discuss it lest I guide people erroneously with outdated information.

I’ve tried to look for him but I’m unable, would you be so kind to check you past dms?

Appreciated

 

[bigbite100]

Since its blacklisted, what does that mean with working with a Panama company? Is it not possible to send funds from an European bank account (for example Wise or other EMI) to a Panama company? European clients cant pay the Panama company?

 

[JackAlabama]

Since its blacklisted, what does that mean with working with a Panama company? Is it not possible to send funds from an European bank account (for example Wise or other EMI) to a Panama company? European clients cant pay the Panama company?

Well there can be many issues depending on the country and banks used.
Some simply block transfers, some others cannot process it due to eur correspondence banks they have, some countries do not accept bills billed to panama as deductions, some banks will show you the door if you mention pa residency, some others still take you if you have a eu passport and bank at home whatever.
You see the issues can be multi-fold and depends what you have and do.

 

[gatrader]

So it

Well there can be many issues depending on the country and banks used.
Some simply block transfers, some others cannot process it due to eur correspondence banks they have, some countries do not accept bills billed to panama as deductions, some banks will show you the door if you mention pa residency, some others still take you if you have a eu passport and bank at home whatever.
You see the issues can be multi-fold and depends what you have and do.

So Panama residency has a worse reputation than UAE from a individual pov?

 

[JackAlabama]

So it

So Panama residency has a worse reputation than UAE from a individual pov?

Yep by far, panama has been on shatlists for many long years already and also on banks internal lists to have extra eyes on.

 

[gatrader]

So ideally things work if u keep everything within Panama, like personal bank acc?

 

[stronco]

>Banks are unusable because as soon as you wire it somewhere the other bank gets heart attacks.

Heart attack or at least epileptic seizures. Even Dubai doesn't like PA. Woraround is to go through US banks, US is fine with PA and the rest of the world is fine with US. IBKR can be useful also.

>But how ab having residency in Panama and living somewhere else? It would work?
If you need tax residency, then need to stay 183 days.

Me personally, I would seriously consider paying tax rather than stay in that shithole for 6mo.

 

[jafo]

I’ve tried to look for him but I’m unable, would you be so kind to check you past dms?

It's the same member you just sent a message to. He's super nice and super capable. I'm not sure he can provide services since from what I gathered he's enjoying his life to the fullest. He's just chilling. Very centered and rational person. Follow his messages. He may be able to indicate what to do. I, unfortunately, closed shop there more than 14 years ago, so whatever knowledge I had is no longer applicable. Cheers

 

[JackAlabama]

So ideally things work if u keep everything within Panama, like personal bank acc?

Yah this, or like another member stated try to make it work thru/with usa.
or you have another residency which you can use for offshore banks in case you need this.

 

[Radko]

If I had to choose between Dubai and Panama I would go with Panama.
I don't like how fake Dubai is, and Panama is great, not nearly as expensive as Dubai (food has 0% VAT) and you can rent a 3-4 bedroom house with a pool, 2 car garage, near the beach, for less than $1000

Panama has many different residency visas, if you have a pension you can get a retiree residency visa and you get discounts on so many things, some discounts go up to 20%~50%, food, restaurants, movies, flights, and so on....

You only have to visit Panama once every 2 years to keep your Visa.
Getting Permanent residency Visa is easy.

Panama is very well connected, it's safe, people are awesome, not nearly as hot as Dubai.

 

[Konstanz]

Been in Panama. Big part of city has "ghetto" vibes.
In general Panama is nice. But not sure about safety