FAQ

Frequently Asked Questions

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BankingBusiness & CorporationsImmigrationReal EstateTaxes
Q: Can I open a bank account in this trip?
Q: You said I need two bank reference letters, but I only work with one bank?
Q: Are there brokerage accounts available in Panama?
Q: How long does it take to open a corporate account?
Q: Can I open a personal bank account online?
Q: Can I open a corporate bank account online?
Q: What are the requirements to open a corporate bank account in Panama?
Q: I need a Merchant Account in Panama. What can be done about it?
Q: Can I open a business and work?
Q: What is the structure of a Corporation?
Q: Do I need a resident agent?
Q: What is the annual cost of a Corporation?
Q: What is the annual cost of a Private Interest Foundation (PIF)?
Q: Why would I need a Corporation?
Q: Why would I need a Private Interest Foundation (PIF)?
Q: What are the differences between an IBC and a LLC?
Q: Can I obtain a power to represent my corporation?
Q: How do I close a corporation?
Q: Can I change the Resident Agent of my Corporation?
Q: After obtaining residence, can I work?
Q: Do I need a Multiple Entry Visa?
Q: After obtaining residence, how long to I need to live in the country for?
Q: Can you assist me to apply for the immigration amnisty program called Crizol de Razas?
Q: How long my papers are good for, prior to submitting an application?
Q: How long do I need to stay in the country to apply for residence, if I live abroad?
Q: Criminal Records issued by my country's consulate in Panama are good to apply for residence?
Q: Do nationals of restricted countries need a Visa, and how long is it good for?
Q: Do you assist me to obtain a driver's license?
Q: Can I drive with my foreign license?
Q: How long do I have to request an extension for my temporary residence?
Q: What are the requirements to obtain permanent residence as a refugee or asylee?
Q: Is it possible to obtain permanent resident with a Work Visa for the 10% and 15% allowed for foreign labor?
Q: What is the legal basis to obtain permanent residence in the Panama-Italy program?
Q: Is it possible for a former foreign worker of a Multinational Company to apply for permanent residence?
Q: How long in advance do I need to request a VTR, if needed?
Q: What is the Special Permanent Residence?
Q: For Immigration Process purposes, is it possible to use certificates (shares) issued to the carrier?
Q: Can foreigners own property in Panama?
Q: I chose a property to buy but I am abroad and can't travel now, How can I buy it?
Q: Are there title insurance companies in Panama?
Q: I intend to buy land, Do I need a surveyor?
Q: Can I sign an option to buy a property?
Q: I hold my property in a Corporation, can I just sell it with the Corporation?
Q: If I sell and transfer the shares of my Panamanian Corporation, do I need to pay taxes?
Q: I want to sell my property, what taxes are involved?
Q: Where can I see my property or corporate taxes statement?
Q: What is a RUC and a NIT?
Q: What is the transfer of goods and services taxes in Panama?
Q: What is the ITBMS tax for hotels and hostals?
Q: Do I need to declare the improvements in my property?
Q: Do all Corporations need to register a RUC?
Q: What is statues limitations for property tax?
Q: What is statues limitations for Income Tax?
Q: How long after I had my Income Tax filed, am I allowed to file for an Income Tax Rectification?

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