Is Panama The New America



Panama fun facts.
1 - Panama has NO hurricanes
2 - Panama has a thriving Metropolitan city in Panama City
3 - Panama has secure banking institutions
4 - Panama has a climate for everyone, city, beaches, mountains
5 - Panama uses the US Dollar as its currency
6 - Panama is a short flight from many major cities in the USA
7 - Panama has many English speaking folks, Spanish is the main language
8 - Panama welcomes foreigners to live and work.

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Wednesday, February 29, 2012

Panama's New Corporate Tax Machines - WHAT?

Day 151 Wednesday (Miercoles) - Panama City

OK, so like everywhere in the world you have taxes to pay. Income taxes if you make money as an individual, Corporate taxes if you run and oprate a business. Panama is no different.

But, here in Panama they are incorporating something new called the Fiscal Printer that all businesses starting tomorrow, March 1st have to start using to track tax dollars. Now these machines can run between $1000-$2000 a pop and then you have to have some kind of monthly maintenance agreement with the maker to make sure the darn thing works.

As in any law, exceptions rule the roost and I am here to show you what those exceptions are. This information came out yesterday the 28th of February.

Have fun if this pertains to you, as you can see below the exception list is pretty extensive and you should always consult your tax attorney to make absolutely sure you are exempted. Please pardon some of the sentence structure as the translation is not always perfect.

EXCEPTED PERSONS USING EQUIPMENT TAX

 By: Augusto Garcia
 According to current regulations on implementation of Fiscal equipment, all persons performing operations related to the transfer or sale of goods and services, are required to document their transactions through tax receipts issued by duly authorized equipment by the DGI. The use of such equipment is required by all businesses required to do so from March 1, 2012.
 This problem has significant importance if we consider that in principle all other invoices and equivalent documents until March 1 have been used in commercial transactions are abandoned, with tax receipt or tax bill the only valid document to document this such transactions and to support the costs and accounting costs taxpayers before the DGI.
 Based on the above is necessary to clarify the people who are expressly exempted from the use of Equipment Tax, and therefore are entitled to use other evidence other than those issued by the Tax Team. These people include the following exception:
 1. Agricultural activity whose annual gross taxable income are less than two hundred fifty thousand dollars (B/.250, 000.00): Agricultural activity covers production of feed, salt, timber, agricultural raw materials, poultry, livestock and forestry homegrown grains such as rice, maize, sorghum and other agricultural products.
 2. The transfer of real estate property and those which must be given or appearing on public documents.
 3. The public transport of passengers, nationally and internationally by land, air or sea à covers the public transport system (Metrobus) and passenger transport on inland routes and airlines, and shipping.
 4. The cargo transport services of petroleum products.
 5. Operations and general services made ​​by banks and other financial institutions, including leasing companies and investment funds and the activities of the banks credit or financial fiduciary governed by special laws, cooperatives, institutions and savings funds, pension funds, retirement funds and social security and savings and loan institutions.
 6. The operations performed by the stock exchanges and authorized products to operate in Panama.
 7. The services provided under the dependency ratio in accordance with the Labour Code includes wage laborers.
 8. The services provided in liberal professions, craft and art, independently or through civil societies: Examples of professions include lawyers, architects, accountants, engineers, doctors and others. These professionals should use when developing its Fiscal equipment profession through corporations.
 9. Individuals or legal entities engaged in sales activities of products or services through vendors who do not use motor vehicles. Those who use motor vehicles for the development of these activities are not required to use the equipment Prosecutors are authorized until fiscal printers phones.
 10. The activity of renting of buildings under contracts notarized or registered in the Ministry of Housing and Land Management, conducted by individuals or corporations to manage their own property without the intervention of third parties.
 11. The activities of the co-owners associations related to the collection of maintenance fees to meet the horizontal property regime.
 12. The activities of commission agents corresponding to reimbursable expenses in which case they may be documented by non-tax receipts. The DGI regulate this provision.
 13. Institutions, associations and nonprofit associations in the country, provided they are duly authorized to receive donations deductible by the Internal Revenue Service: The DGI has clarified that in the case of such entities, they are not required to Prosecutors used equipment from its registration with the Ministry of Government. However, for purposes of deductions of income tax proceeds of donations made ​​to such entities, they are required to be registered with the DGI.
 14. Private entities duly authorized by the Panama Maritime Authority to ensure compliance with building regulations, navigation, pollution prevention and safety of merchant ships, passenger transport, leisure, scientific research, work, oil exploration and drilling of international traffic, whether or not registered in the Merchant Marine of Panama.
 15. The hostels that are less than seven quarters. The hostels are defined as the tourist facility operated by an individual or family with their own room or house owners, characterized by small establishments providing personalized service and offer regional home cooking, and its construction is closely related to architecture popular in the area.
 16. Any other activity which by its nature or volume of transactions in the opinion of the Department of Revenue should be exempted from the use of tax teams, however, the Directorate may request information necessary to monitor the obligation to document as if fiscal printer.
 17. The fuel stations are not required to use equipment prosecutors, and may continue to use manual or pre-printed invoices duly authorized by the DGI.
 18. The companies involved Freight shall not be obliged to use Tax Team, until there are no local market portable Fiscal Teams: This exception covers all types of cargo including sending parcels.
 19. Businesses engaged in leasing of vehicles, are obliged to use Equipment Tax only for the daily close of their operations. -> The above implies that they are not required to issue tax receipts for each lease made.
 20. The Toll Collection Booths that is owned by the National Highway Company (ENA), are not obliged to use the equipment tax is to be noted that the sale of the northern corridor to ENA has not been completed, which is why the tollbooths of this corridor should use fiscal printers. In the case of the southern corridor is not necessary to issue tax receipts.
 21. Companies with massive turnover namely:
 • Electric Companies
 • Telecommunications Companies
 • Cable Television
ʥ Wholesale Distributors (Caf̩ Duran, FEDURO, etc..) Provided they maintain a turnover in excess of 85.000 monthly impressions.
 • This exception is necessary for the DGI clarify whether these companies will be granted a certificate stating his condition except for the use of equipment Prosecutors.
 22. The sites identified by Provinces, Districts, Counties, Villages, and areas populated place in the list attached to the resolution of the Director General of Revenue No. 201-10796 (locations nationwide are considered as "Hard to Reach"), not Teams are required to purchase Tax.
 23. Homeland areas where there is no electricity, no Tax shall use equipment.
 Small traders with a turnover less than B /. 36,000.00 per year are not exempt from use equipment expressly Fiscal and therefore must use the teams. The DGI has given them the option to have in case you do not wish to use this equipment, submit a formal application to the DGI, and are subject to an audit to verify that their income is less than the sum mentioned above.

Tuesday, February 28, 2012

Want to protect against the effects of Alzheimer's? Learn another language.

Day 150 Tuesday (Martes) - Panama City

So the title of our blog I am sure caught many of you by surprise, but it is another reason to think about moving to Panama. Learn Spanish along with your native language and you could maybe keep Alzheimer's at bay for a few more years.

I found this article of interest so thought I would share it as Alzheimer's is an awful thing to watch a loved one go through.

Here is the link to the full article Click here for more information

Monday, February 27, 2012

See what happens when gas goes up!

Day 149 Monday (Lunes) - Panama City

OK, everyone is starting to see gas go up all over the globe, I am sure this is not a surprise to anyone as the world is in a quandry and oil, well, it will rise and rise again.

So with that being on the table see what the Panama Man is traveling with now.

OK, maybe not traveling with, but you get the point, life as we know it cannot be sustained when we rely so heavily on something like Oil that we cannot control. What we can control is moving to a place like Panama where (besides gas prices) most daily living expenses are far below Europe and North America, and everywhere else for that matter. Panama does have inflation, as prices do go up, but the economy is solid and growing.

So Come to Panama and Turn Your Frown Upside Down.

Sunday, February 26, 2012

Are we making it big now?

Day 148 Sunday (Domingo) - Playa Coronado

this is a travel site that discusses many aspects of living abroad, and guess who made this weeks copy?????  O yeah, the Panama Man did. OK small plug but nevertheless, we are moving on up.

Check it out.

Living Abroad: Reality vs. Marketing Hype

By Ilene Little on Saturday, February 11, 2012

Living in Panama

Sovereign Man in Panama, show host Rich Novak
Every show features expats telling their experiences; why they left their home country, how they ended up in Panama, and how they made the transition to living abroad.  You can call into the show to get your own questions answered by people who “have been there and done that”.
Listening to Novak will also alert you to any changes in U.S. or Panamanian law that may influence your strategy to move abroad and protect your assets from being adversely affected by a government entity.
For example, on a recent broadcast Novak predicted how the US Hiring Incentives to Restore Employment Act (“HIRE Act”) is considered by many to be a draconian new tax regime that will negatively affect anyone trying to transfer money abroad after December 31, 2012.
“It was enacted to revitalize employment, but they tacked on provisions that require a citizen of the US who wants to transfer money overseas, to send 30% into the government and then ‘try’ to get the money back from the government,” said Novak.
Sovereign Man in Panama! Broadcasts LIVE each & every Thursday from 4PM to 6PM Eastern Time.  Expatriate guests frequently appearing on Sovereign Man’s Show include:

Saturday, February 25, 2012

Day 147 Saturday (Sabado) Playa Coronado

Hot Hot Hot today, did some walking, did some shopping, did some tree climbing for some grapefruits and coconuts. NOW it is time to rest and relax poolside. It seems we never really do that, rest and relax by the pool for an afternoon. It is funny that you think when you live a vacation lifestyle you would ONLY hang by the pool, but somehow we become busy and only dip in here and there. Don't feel sorry for us, I am just saying.

OK, enjoy your snow or cold wherever you are (OK maybe you are having a mild winter) but 86 degrees or 30 degrees you make the choice and I don't mean 30 celcius

Salud

Friday, February 24, 2012

Day 145 and Day 146, double trouble

OK, so I was lacking in my blog yesterday as I thought I would have gotten it done after the radio show, buttttt that just did not happen, so here I am banging out 2 days worth of gibberish.

First, the radio show was a good one, plenty of plugs for this blog, great CD rates (4-8%) and a beautiful condo building here in Coronado.

For more information on any of the above just drop me an email at The Panama Man and I will get you particulars.

TGIF today, the week seemed to fly by as Carnival worked its way through to an end on Wednesday, such activity throughout the country this past week. It was fun to be here and experience it.

Let's check out a couple of radio picks of our guests.

Have a great day today and more blogging tomorrow.



Wednesday, February 22, 2012

Let's talk visa's

Day 144 Wednesday (Miercoles) = Playa Coronado

So, we are approaching our 180 day tourist visa limit. What that means is we have to leave Panama for 72 hours before we can return.  In our case we are flying back to the states, specifically Chicago to visit our youngest daughter. I know what you are thinking, Chi-town in March? dumb-asses, leaving high 80's for 30,40, maybe 50!!!

We are considered pters, perpetual tourists, you can just always leave every 180 days forever, yet there are more permanent ways.

Pensionado is the most popular - show a guaranteed income from some sort of pension of $1200 and you get a permanent resident visa. which means you do not have to leave.

Another way to gain permanent residency visa is through economic or self solvency. 300,000 in property or a time deposit 5 year term gets you to stay.

Now these things often, so always check updated information before deciding'

As for us? Well we will stay pters for awhile, but economic solvency is a good avenue we are exploring. NOW, this does not mean you give up citizenship' it only means you do not have to leave Panama, that's all.

ok for now. radio show tomorrow and the panama man will be live for a couple of segments, be sure to tune in at 4pm eastern time. www.overseasradio.com

What is an Ex-Pat?

Day 143 Tuesday (Martes) - Playa Coronado

So we get this question asked all the time from friends and family, soooo here is a brief explanation of who we are and what we are doing.
Ex-Pats are people who live in a different country than that which they were born and brought up. In general expatriates are considered to be people who are residing in their host country (panama) temporarily, with the ultimate intention of returning home at a later date.

However, in recent times, more and more expatriates have left their home country and found that they can experience a higher standard of living and a better quality of life abroad and, for this reason, many of them never return home.

So there you have it, a very brief yet simple explanation of who is an Ex-Pat. Not so scary or disloyal as many might think.

Monday, February 20, 2012

What a good looking bird.



Day 142 Monday (Lunes) - Playa Blanca

Today was a day to relax more than anything. Going strong with Carnival for 3 days now. Fireworks, music, parades, people everywhere. WHAT FUN.

Then we saw the bird. In all its beauty.

Sunday, February 19, 2012

Playa Blanca Resort Area

Day 141 Sunday (Domingo) - Playa Blanca
We have been enjoying our Carnival weekend at the Playa Blanca Resort area in Panama. Many activities surrounding the resort take place on a daily basis, and with Carnival happening it has brought many more items of interest.  The place seems quite full yet not as noisy as we had expected, plus fireworks fill the air every night.

Tonight there was live music at the newly completed Town Center just outside the Resort Hotel itself.  We snapped a couple of evening pictures tonight for your viewing pleasure.

Hope you are enjoying your weekend as much as we are.








Saturday, February 18, 2012

Passion for Panama’s Carnival in Las Tablas


Calle Arriba soy“Culeco” in Las Tablas.

Day 140 Saturday (Sabado) Playa Blanca

“Calle Arriba soy”

By Jacob Ehrler (Courtesy of El Visitante)

Calle Arriba soy
Panamanians get passionate about Carnival, and even more so if they are the Las Tablas Carnival type. The 100,000 people who will flock to Panama’s largest Carnival in the little countryside town of Las Tablas in the Los Santos province are all serious partiers. Nowhere in Panama will there be more music, jumping, dancing and debauchery over the next four days except in and around Parque Porras at the center of town.
But there are also great differences as one delves deeper into the Carnival tradition in Las Tablas. This Carnival is so great because two rival groups engage in an age-old tradition of rivalry to produce a bigger and better Carnival show than the other. Calle Arriba first marched out from their side of the church in town over 50 years ago. Calle Abajo joined in to compete the following year and no side has lowered arms since, at least not during the four days of Carnival.
Las Tablas resident Alina de la Vega, who recently moved to her mother’s homeland after living the first 30-odd years of her life in Miami, explains that “Marriages in Las Tablas actually break up during Carnival, families split. It’s no joke, we people in this town take the Carnival very seriously.” It’s like when a husband and wife have to endure that their favorite and opposing rival teams play a yearly match - except that it last four days and involves ten times as much drinking.

Calle Arriba queen pokes fun at Calle Abajo

We are not sure why Calle Arriba 2012 Carnival Queen Olga Elizabeth Trejos Barahona is holding a pair of handcuffs in this photo snapped during the New Year celebration in Las Tablas. But we are sure she is showing them to her Calle Abajo opponents, certainly allusive to a rumor she’s heard about how someone from the other side has been behaving.
The passion behind the Carnival in Las Tablas permits the “tunas,” or groups of Carnival revelers who support their particular queen, to really let it all out. As the decorative floats, surrounded by a sea of supporters passes in front of a balcony that belongs to the opposing “Calle,” the outbursts can be beyond colorful.
And when it’s over, it’s over. Come Wednesday morning, all goes back to normal, but not before each side gets to let off a lot of steam that has been building up over the last few months. Neighbors can speak again, though neither would think to admit that the other side had beat them out.

Friday, February 17, 2012

The day is here

Day 139 Friday (Viernes) Playa Coronado
OK, so cruising the PanAmerican Highway this afternoon you saw plenty of police presence as the traffic started to get busy in many areas of the interior of Panama. Folks are making their way to their destinations for the next 4 days of partying. Grocery stores were packed, Bacardi Girls were out and about, Beer sales I bet will hit an all-time high, food???? will be completely gone (reminds me of blizzard warnings in the Northeast of the US, clear the shelves, stay home, drink.

As the parties start we will see what we can do in way of pictures, but we will use extreme discretion, if you know what I mean (wink wink).

So don't forget to Come To Panama and Turn Your Frown Upside Down.

Thursday, February 16, 2012

Day 138 Thursday (Jueves) - Panama City

Radio show today was cancelled on broadcast due to bad weather in the states that knocked out the radio broadcast location, so next week it shall be.  Today is also the last day of things operating in the whole country until next Wednesday as Carnival is upon us. We purposely drove back late from the city tonight to avoid much traffic, BUT that was a lost cause as many other folks had the same idea. Leave the city late get to the beach areas of the interior.  O well, should be a great 4-5 days coming up and hopefully we will have some photos and fun reports coming your way.

Salud

Wednesday, February 15, 2012

One day closer

Day 137 Wednesday(Miercoles) - Playa Coronado




Tuesday, February 14, 2012

Carnival is coming, are you prepared?

Day 136 Tuesday (Martes) - Playa Coronado


By Jacob Ehrler (Courtesy of The Visitor)
Carnival is coming

Carnival queen
The Carnival is coming to Penonome, Panama City, La Chorrera and Las Tablas. This pre-Lenten celebration “of the flesh” is coming to every part of Panama! Even the beach hotels where people go to get away from all the madness will feature Carnival-inspired shows and festivities.
Firework shows will be in the sky to accompany this grand tradition, in which Panamanians show off their culture, heritage and uncanny ability to have a good time. If your Carnival plans are not yet sealed, it is high time to call your best friends and figure out a game plan. The big party will be from February 18 to 21.
Festivities start early. Carnival fever strikes on Wednesday, February 15, when many professionals begin to take leave from their duties in order to get into the party spirit. Most businesses close down early by Friday at mid-day. The queens are crowned at a ceremony on Friday, February 17.
Carnival is designed to enjoy the “earthly pleasures” to their fullest before the coming repentance and Lent during 40 days following last day of the party, on Tuesday, February 21 – Fat Tuesday or ‘Martes de Carnaval’.
Tradition calls for everyone to get all pleasures and sins out of their system in order to prepare for the Easter celebrations of ‘Semana Santa’ – the country’s ‘Holy Week’, another summertime vacation period.

The big finale

Martes de Carnaval (Tuesday) is the last day of the Carnival on which Panamanians celebrate their Spanish heritage and the queens don the national Pollera dressin presentations. The Carnival rivalry and feuds over which group has put on a better show, as is the case between Calle Arriba and Calle Abajo, is all but dropped this day and the insults regarding the traditional float of an opposing camp are put aside.
The fervor rises by the morning though, where in Las Tablas, the opposing queens meet at the dawn of Wednesday morning for the final showdown, often accompanied by members of the National Police to keep the peace.

Where to do it?

The answer is anywhere you want. There are a few corners of the Republic without a party. Las Tablas and Panama City are the biggest crowd-drawers but the most recommended plan of action is to go to one’s favorite nook of the country and have a great time.
True Carnival sociologists, however, will concur that the best plan of action is to “Carnival hop” from one celebration to the next across the country. ‘Culecos’ are calmer by day in Pedasi while the evening parades in Las Tablas are unbeatable. There is no better way to soak up the spirit than to take in as much as you can possibly handle.

Monday, February 13, 2012

Start of a big week.

Day 135 Monday (Lunes) - Playa Coronado

OK, so beginning Friday of this week CARNIVALE starts here in Panama and will last through Tuesday of next week.  Carnivale here is like Mardi Gras in the states. Party Party Party, get your sins out, Puke it all up on Fat Tuesday, get your Ashes on Wednesday (If your Catholic) and prepare for Lent.

So, with that being said those of us that live here and want groceries and the like, will need to start stocking up by Wednesday or the shelves will become bare.  We will keep you posted as the week flows on and will prepare a good history of Carnivale tomorrow or Wednesday on our blog.

Until tomorrow

Sunday, February 12, 2012

Ironman 70.3 Panama

Day 134 Sunday (Domingo) - Amador Causeway, Panama

Today was race day. It was a beautiful sunny, yet breezy day and almost 700 athletes competed.  The race is best described in the following pictures, ENJOY!!