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Ray M

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About Ray M

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  • Full Real Name:
    Ray Miller
  • Reason for registering:
    Live and/or work in Chiriqui
  • Location of primary residence:
    In Chiriqui

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  1. The tax residency here is needed as proof somewhere else. If the proof falls short, some other country will consider you a tax resident if that is advantageous to them. If not you will be a resident without tax purposes. Any which bank will always be in need of "residential exclusion" in specific countries that take part in Information Exchange. It depends on the country and your wealth if some country will claim more than they are entitled to per your status or time you're spending in that country. But if you stayed i.e. in Italy for a big portion of the year and used to be going to France during the summer, and presented your Panamanian zero-day-tax-residency, you might end up being asked some more questions, and it might be in retrospect for previous years. Also, the laws "move" and Panama will (sooner or later) be trying to get some reciprocal incentives. Why wouldn't they start taxing on "time" being spent in Panama and introduce the concept of tax residency? It would bring Panama more money than all of its GDP right now. I am guessing (really a guess but still) someone is already calculating that. If you wanna still save some money in Panama you could still use corporate vehicles but for taxing personal income there will be change coming to this country (sooner or later). For now, no personal income received from capital markets here or abroad and no concept of tax residency in Panama (when not working here).
  2. You need proof of being physically here for at least 183 days. You might negotiate with a foreign country (other than Panama) that you are not a resident for tax purposes in that country (even if you are working in that other country) by not living more than 183 days in the country you worked. You will likely pay more federal taxes then. As a "digital nomad" you may consider Estonian residency. They have a law explicitly for those cases. You pay some taxes and can claim against any which country that you already paid taxes there without having the need to "land" in any country permanently. Check it out!
  3. If the person isn't living in Panama at all (and/or isn't living in Panama for the majority of the year), Panama cannot be used as a residency for tax purposes for a European jurisdiction. Most European countries utilize the 183-day-rule. Also, the double taxation agreements (if in place with a specific country) won't work since Panama isn't interested in reciprocal taxation, simply because foreign personal income isn't taxed in Panama. What isn't taxed cannot be claimed reciprocally in case the foreign country taxed "foreign" income on the territory of Panama. So, the answer is: No. The residency was never considered a residency for tax purposes. Panama does not have any such concept in place for individuals who do not live here.
  4. Thanks so much, Bill. Highly appreciate your help and the links you provided. It was dawning on me to go to the tribunal electoral but I just needed your pointing I guess. Thank you! All the best! Ray
  5. I am looking for supporting documents for the test as part of the naturalization (Panamanian history etc.) Is there any official website for a download or anyone out there who happens to have a copy of the learning material? Thank you!
  6. I guess Bitcoin is sort of a revolution and is going to change the entire banking industry which - by and large - is pretty dysfunctional. Banks operate on old systems being around for many decades and having undergone constant upgrading. The banks know that they are in need of an uplifting and upscaling. Banks surely want the technology. But Bitcoin, they don't want because it makes the banks disappear sooner or later. That it is not wanted is unfortunate because Bitcoin is empowering people who never had access to a bank account. All they need is a phone - which almost everybody has - and a so-called wallet. No Western Union, no banks, no Visa, is needed. Transfers happen one on one without intermediary, instantly and super cheap. If that's not revolutionary. ? By the way, the price for Bitcoin goes up because the amount (not the value) of FIAT-money like USD is constantly inflating, meaning that purchasing power of each $ is getting less and less in relation to the amount of currency. The world is suffocated by ever printing more money. But Bitcoins supply is limited. So, the value is constantly rising. It's not a bubble! ?
  7. 6 months should be 180 days. I'm always amazed why this can't be more specific. Problems occur when the issue isn't meticulously addressed in the first place. It's not 'at the end of 5 months', it's when you're on your 180st day. Or the law should indicate that on your 150st day in the country you have to leave for 30 days, so that during a span of 180 days you won't be considered a 'permanent tourist'. Clarity please :-)
  8. I would be delighted if someone had the information about how to obtain Panamanian Citizenship (naturalization). What are the specifics, details, requirements? I'm having a E-Cedula for the last 4 years. I was told after being a permanent resident for 5 years you can start the process to obtain citizenship. I'm interested in the specifics (test materials etc.) Anyone who can bundle this up? So appreciated.
  9. I'm having a custom-built kitchen with wooden support for granite countertop. Apparently also some plywood was used as support that attracted termites. So the wood needs to be replaced. Any suggestions of who can do this? Who's the foremost wood expert here or in all of Panama who's using hardwood only and might be able to rebuild the kitchen. Also, who might be able to remove and reassemble the countertop? Some contacts are highly appreciated. Thank you.
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