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Old September 27th, 2006, 05:45 AM   #21
CrazyCanuck
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Some of those projects i'm really digging, when they all come to fruition Panama will have a killer skyline.
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Old September 27th, 2006, 05:46 AM   #22
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Panama city is insane. Based on skyline alone, could it be described as the Hong Kong of the West? Beautiful.
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Old September 27th, 2006, 06:28 PM   #23
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World class indeed.
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Old September 28th, 2006, 06:07 AM   #24
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DISCOVER WHY PANAMA IS BOOMING!


An International Living overview:

Taxes in Panama

Personal income tax in Panama is based on a sliding scale, ranging from a minimum of 7% after the first $9,000, to a maximum rate of 27%. Regardless of your residency status, the tax is only applied to Panamanian-sourced income. Taxable income includes wages and salaries, other business profits, pensions/bonuses, income from copyrights, royalties, trademarks, stock sales, bonds, and securities. Deductions may be made on all medical expenses incurred in Panama, all donations made to charities, interest paid on home mortgages, education expenses, and loans for home improvements.

The country is renowned for its light tax burden. If you qualify for Panama’s pensionado program (a “retiree” may be as young as 18 years of age), you are entitled to a one-time exemption of duties on the importation of household goods (up to $10,000), and an exemption, every two years, of duties on the importation or local purchase of a car.

If you buy or build a new house, you won’t pay property taxes for up to 20 years, nor will you pay taxes on foreign-earned income. In 1994, Panama passed Law No. 8— the most modern and comprehensive law for the promotion of tourism investment in Latin America and the Caribbean. Since the law was enacted, dozens of the world’s largest hotel chains have swept in to take advantage, including the Marriott, the Radisson, Holiday Inn, the Sheraton, and the Intercontinental.

But Panama’s attractive tourism investment laws are not just for big business. With a minimum investment of $50,000 anywhere in Panama’s interior you can benefit from:

• A 20-year exemption of any import taxes due on materials, furniture, equipment, and vehicles.
• A 20-year exemption on real estate taxes for all assets of the enterprise.
• Exemption from any tax levied for the use of airports and piers.
• Accelerated depreciation for real estate assets of 10% per year


The investment amount does not include the price of the land. And for projects in the metropolitan area, the minimum investment requirement is $300,000.

Income tax

Personal income tax in Panama is based on a sliding scale, ranging from a minimum of 7% after the first $9,000, to a maximum rate of 27%. For temporary residents, the tax is only applied to Panamanian-sourced income.

Transfer tax

Real estate transfer taxes in Panama are paid by the seller, and are 2% of either the updated registered value of the property or the sale price—whichever is higher. The updated value is the registered value, plus 5% per annum of ownership. If the property is bought by a corporation, it is customary for the shares of the company to be sold (instead of the property), thus eliminating the need to pay transfer tax.

Inheritance tax

Inheritance taxes in Panama have been completely abolished. Despite this, taxes on gifts (inter vivos) of properties located in Panama are in effect, and the rate depends on the degree of relationship between the donor and the donee. This does not apply to property owned anywhere outside Panama.

Rental income tax

If you receive rental return on your property, you will be liable for income tax up to a maximum of 27% (on returns greater than $250,000). However, if you invest in one of the special “tourism zones,” you may be exempt from income tax for 15 years.

Property tax

Properties with a registered value of $30,000 or lower do not pay property tax. For properties of a higher value they pay as follows: 1.75% from $30,000 to $50,000; 1.95% from $50,000 to $75,000; and 2.1% over any property value above $75,000. If you buy or build a residential property in Panama, you may be exempt from property tax for up to 20 years if the construction permit is issued by December 1, 2006 and the occupancy permit issued and improvements registered by December 1, 2007. On houses or apartments where the construction permit is issued after Dec. 1, 2006 the following exemptions will apply:

• Value up to $100,000: 15-year exemption
• Value from $100,000 to $250,000: 10-year exemption
• Value over $250,000: five-year exemption


The exemption is transferable during the exemption period to any new buyer. The land itself is not exempted and would continue to incur property tax, if its value is above $30,000.

Capital gains tax

Capital gains should be included in the annual tax return, and are taxed at whatever level the individual is being assessed for income tax. Unless you have owned the property for a minimum of two years and are not in the business of selling and buying property, you may choose to pay a flat 10% of the gross profit.


Source: http://www.internationalliving.com/panama/taxes.html


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Old September 28th, 2006, 07:57 AM   #25
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I have always been a fan of Panama's skyline.
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Old September 28th, 2006, 08:21 AM   #26
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OMG
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Old October 1st, 2006, 02:05 AM   #27
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The boom construction in Panama City is impressive, there are 4 towers over the 300 meters, 3 of them oficially on construction.
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Old October 30th, 2006, 01:23 AM   #28
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OMG that is some crazy stuff. I cant wait to see this town in a few years.
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Old October 30th, 2006, 01:53 AM   #29
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The reason,

Quote:
Originally Posted by dallas View Post
Amazing for a city that traditionally only famous for a canal, can I ask what's fuelling the boom?
The reason why the country is booming this inmense, is mainly because of international investments of business companies and man, also because of the expansion of the Panama Canal in which is making the economy grow at about almost 8.5% per year, and also because of all the Real Estate companies building in Panama along with the people who are planning to retire within the country. Also another reason why is because our natural resources are being used, and exported to different countries, that's why we're ranked #1 as the fastest growing economy in Latin America, and also the most globalized country in Latin America(#21 in the world). These are some of the main reasons why, I'm sure there are many more, but these are some of the main ones.
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Old October 30th, 2006, 01:54 AM   #30
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Wow!
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Old October 30th, 2006, 01:54 AM   #31
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Also,

There are many other buildings under construction and proposed in Panama over the 200 meters or 650 feet, in which is something very common in Panama right now, he forgot to mention the Vitri Tower of 250 meters tall, the Ocean Two of 236m, and many others in the list.
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Old October 30th, 2006, 01:58 AM   #32
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Arts Tower is very well done at the base. Rivage Tower, however, has a simple yet genius and tasteful massing.
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Old October 30th, 2006, 02:20 AM   #33
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Amazing!
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Old October 30th, 2006, 02:42 AM   #34
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i like the ice tower, the waters tower and the arts tower whose the architect of those building
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Old October 30th, 2006, 02:51 AM   #35
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Great Towers.
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Old October 30th, 2006, 02:54 AM   #36
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that megapolis render with the panama skyline is really realistic, it looks like if it was already built
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Old October 30th, 2006, 03:02 AM   #37
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Indeed,

Quote:
Originally Posted by wiki View Post
that megapolis render with the panama skyline is really realistic, it looks like if it was already built
It already looks like if it was real, in which is something that surprised me at first, but then offcourse I realized that it wasn't true. That was some good rendering that guy did.
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Old October 30th, 2006, 03:05 AM   #38
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true, amazing project without a doubt is the best building project in latinamerica
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Old October 30th, 2006, 04:51 AM   #39
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Totally speechless!!!!A sudden boom!
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Old October 30th, 2006, 04:54 AM   #40
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Impressive boom going over there.
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