If you are developing an online business or technology services, traveling the world, you are a "digital nomad". Considering that Panama has a high Internet connectivity with an ideal geographic location, a banking center, with comfortable business offices for digital jobs, many digital nomads are considering moving to the country to structure their international business online business from Panama.
Panama does not tax foreign income (not even internet profit), and has a very convenience immigration residency known as “Friendly Nations Visa”, so you as a Digital Nomad can establish a “Panama Corporation”, “Panamanian Residency”, get a “lifetime Work Permit”, a “Panama Tax Number” and even “Panama ID card”.
Base on the several “Double Tax Treaties” with more the 40 countries worldwide, being a Panamanian Permanent Resident, you as a Digital Nomad can request to our local tax authorities your Panama Tax Residency Status base on the “strongest ties rule”, having the benefits of the Panama tax system, by spend more than 183 days in the country.
Our experience for more than 10 years with digital investors of different nationalities, has shown us that part of the success of the digital business, depends on the way you formulate a correct legal structure for your income and clients worldwide. The correct structure for an international digital business depends on several elements to be considered, such as: a territorial fiscal status, immigration residency, bank accounts, international corporate entities, among others.
PGS Attorneys understands this new revolution of doing business online, and we can guide you in the correct structuring of your digital income, making use of the legal tools and Panamanian entities.
Contact us: Mail@PanamaGS.com