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Gomez Tomiczek

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About Gomez Tomiczek

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    Novice

Personal Information

  • Full Real Name:
    Abel Gomez
  • Reason for registering:
    Live and/or work in Chiriqui
  • Location of primary residence:
    In Chiriqui
  • Birth (home) country:
    Panama

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  1. When investing in a real estate in Panama, it is necessary to consider several factors and numbers in order to analyze if the purchase you want to make is profitable. This is why it is important to foreign investors to understand how the tax system works in Panama and what types of taxes must be paid when investing in real estate. There are three types of property taxes in Panama, which I will explain in detail below. First of all, Panama does not have what is known in Germany as “Grunderwerbsteuer" (real estate purchase tax). That is to say, the fiscal code in Panama does not contain a t
  2. Many clients moving to Panama want to start taking their first steps in the Panamanian banking system, and they always ask me the same questions. It is for this reason that on this occasion I want to talk about banking products in Panama. The Panamanian banking system does not resemble the South American banking system, nor does it resemble or copy the European banking system nor that of the United States. In Panama we are used to take the best of each country and then make our own version. Over the years Panama created its own banking system which I want to explain in general today. What
  3. Foreigners using their country’s driver's license may legally drive a vehicle in Panama for up to 90 days. Once a foreigner obtains temporary or permanent residency in Panama he/she may request the homologation of his/her driver's license and obtain a Panamanian driver's license. To do so, it is not necessary to hand over your current driver's license or take any kind of driving test. The Panamanian government contracts a private company called SERTRACEN for the processing of driver's licenses nationwide. Only foreigners with residency status in Panama (either temporary or permanent) are eligi
  4. Foundations are a fantastic tool for estate planning and to structure and administrate your assets, but is a foundation really necessary? The answer to that question is not that simple, as there is no golden rule that is applicable to everyone and everybody. It depends on the type of assets you own and their value. If you purchase titled real estate in Panama you practically have three options: 1. Register the property in your personal name, 2. Register the property in the name of a corporation, 3. Register the property in the name of a foundation. Due to Panamanian inheritance law and it
  5. Panama has always positioned itself as an attractive destination for expats, businessmen, retirees and foreign investors. Forty percent of real estate assets in Panama above USD$140,000 are purchased by foreigners. Despite the pandemic we can see that the Panamanian real estate market is going through a boom by international buyers. Work from Anywhere Both commercial and residential real estate market trends are changing due to COVID-19. Before the pandemic, digital nomads were a phenomenon of the digital revolution. Traveling and seeing the world with a flexible job working online w
  6. With the aim of increasing investment in the country and creating a positive impact to the economy hit due to the Covid-19 pandemic, the Government of Panama has approved the creation of five new free trade zones in the country, generating a combined investment of US$21.9 millions and more than 10,000 jobs. Some of the free zones are investments of Panamanian entrepreneurs and others of foreigners. The new free trade zones authorized will be located in the provinces of Panama, Chiriqui and Herrera. Three of them will be dedicated to agribusiness, with the objective of becoming impor
  7. Rights of Possession (ROP) or “Derechos Posesorios” may seem a simple way of investment...but they are not. In fact, they are more complicated if you really want to prevent a legal problem in the near future. In order to explain the difference between a property that has ROP and a property that is titled, we must first know how the Panamanian government legally creates a property. In simple words, the land from the beginning belongs to the government of Panama. Then the government "assigns" those rights so that there is supply and demand and the land increases in value as it passes from h
  8. The government of Panama has created over the years more than 50 immigration categories to facilitate the immigration of foreign professionals, investors, entrepreneurs, family members, or retirees. In recent years, Panama has become a popular emigration destination. The constant economic growth, the warmth of the locals, the pleasant climate, the extensive beaches, as well as attractive investment opportunities, and the US dollar as local currency are among the many advantages that Panama offers newcomers. The six most common residence permits in Panama, either as a part-time resident or
  9. The process of buying real estate overseas can be complicated, time-consuming, and stressful. But it should not be like this. Read our guide below on the biggest mistakes buyers make and how you can avoid them: Mistake #1: Location is Everything Almost everything can be fixed, but the location, the location, the location cannot be fixed. Buy location, NOT price. When investing in real estate overseas remember to do your due diligence and pay attention to the small details that can turn your dream home into the home of your worst nightmare. Before buying try to get information from d
  10. On December 3rd, 2020 the President of Panama announced the creation of a new type of legal entity called “Startup Company" in order to increase entrepreneurship in Panama, facilitating the formalization of companies and at the same time providing tax incentives for new startups. How can I create a new startup company? Two to five natural persons, of any nationality, may form a startup company in Panama. The subscribers of the articles of incorporation will be at the same time the partners and therefore the final beneficiaries of the company. Unlike other company types in Panama, th
  11. Some will be familiar with today’s topic: Traveling with Children. In fact, taking a car, especially when the children are young, means carrying more luggage than passenger space in the car. But things don’t get easier when taking an international flight. In the practice, it means that you will need additional legal documents, such as valid passports, certificates, and others to have a pleasant and smooth trip. Traveling with Children: Are there any special documents I should bring? If your child does not have residency in Panama and only enters the country as a tourist there is not much
  12. Do You Want to Expand to the LATAM Market? Consider These Three Key Factors Due to the current situation caused by COVID-19, we can observe an explosive growth in online sales. This ongoing trend brings new business opportunities, as well as new ways to access the Latin American market (LATAM) for entrepreneurs from Europe, the United States, and Canada. The LATAM e-commerce market is expected to grow by 29% from 2020 to 2024. 25% of online customers made their first online purchase in March of this year. The products with the highest online sales in LATAM include computers an
  13. When making a trip from your country of origin to Panama, each traveler or family traveling together has a limit of cash that they can take with them which is $9,999.99. If you travel with cash exceeding $10,000, and you do not duly declare it at Customs, the total amount of money can be taken away. This modality is called "Commission of a Customs Fraud Crime" or even smuggling. The reason is mainly that by not declaring the "extra" amount of money, the customs authorities assume that the intention is to harm the tax interests of the country or even to use that money for illegal purposes.
  14. Moving to Panama Do you want to move to Panama and want to take your household goods with you? The good news, domestic goods can be imported duty-free. But first of all, what are household goods, according to the Panama Customs authorities? The term household goods can refer to the bed, the washing machine, the dryer, the dishes, the dining room table, the sofa, overall the furniture and accessories of the home. The goods must be used and be seen used. Construction equipment, commercial tools/equipment, motorcycles, trailers, new items, and other non-domestic goods will be taxed. Wha
  15. The President of Panama created a new Golden Visa for Panama to encourage foreign investment in the country. Unlike the existing immigration categories, this new permanent residence permit has four important advantages: 1. VIP counter for the reception and analysis of the Golden Visa. 2. Processing of the application in a maximum period of 30 working days. 3. Option of presenting the application without personal presence in Panama. 4. One-time application with the right to permanent residence permit and E-card (“cédula”). How is the new Golden Visa different f
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