The Advantages and Disadvantages of Life in Panama

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The Advantages and Disadvantages of Life in Panama - with Calvin

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Күн бұрын

I sat down with Calvin from Twitter to discuss the pros and cons of life in Panama, as he has been living there for quite a few years.
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00:00 Introduction
00:30 When did Calvin more to Panama
01:50 Territorial taxes in Panama
03:15 Why move to Boquete in Panama
05:40 Many different lifestyles in Panama
06:20 Failed expatriations in Panama
09:29 Colombia vs Mexico vs Panama
09:55 Banking in Panama
11:40 Labour laws in Panama
16:00 Gun laws in Panama
19:20 Lockdowns in Panama
22:37 Panama's foreign policy
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No part whatsoever of the discussion and presentation is, or should be considered as, investment advice, financial advice, legal advice, or tax advice. Always do proper due diligence and speak to a qualified professional advisor in your jurisdiction. Also, be advised that Ladislas Maurice and The Wandering Investor staff may own real estate or investments in the specific markets or opportunities that are discussed. The Wandering Investor may also have marketing agreements in place with certain opportunities that are mentioned.

Пікірлер: 93

@christiankalb Жыл бұрын

Great interview! I love how it's unfiltered and authentic. Very helpful information for expats. I just obtained PR in Panama last year and I've done a ton of research, this was one of the most helpful videos I've seen so far. Would love to see a longer version or podcast version of the 2nd episode! Thank you!

@panama-canada Жыл бұрын

The rail, high speed or otherwise across panama will be a gamechanger for the development of the region and good inroads for the chinese also.

@terracruiser89 Жыл бұрын

Much of what this man says is true but I did not experience many things he talks about. I lived in Boquete for three years. I never saw any advertising for gun sales. I never saw anyone carrying a gun. You can get a gun easily but if you are an expat and shoot a Panamanian you better get out of the country fast. You will be sent to jail. It won't matter that the person you shot was coming at you with a machete or a gun. He shows his hand calling people "rednecks". Boquete is a beautiful place. A very quiet place.

@danielacosan4200 2 ай бұрын

Panama is a country without judicial laws, those who dominate justice are the same politicians. I do not recommend living there.

@Frank-xp3xd Жыл бұрын

After having traveled for more the 3 years in Latin America I haven chosen Panama as my country of residency. It wasn't love at first sight but like you said, it just makes a lot of sense and I feel kind of stable and free here. Having spent also a year in Mexico I do understand your feelings. Saludos

@Flat_Earth_Addy Жыл бұрын

Why?

@p.c.h.6721 Жыл бұрын

I’m debating between moving to Mexico or Panama, any thoughts since you’ve been in both countries?

@Frank-xp3xd Жыл бұрын

@@p.c.h.6721 That's a tough decision. I love Mexico, it's a beautiful country with a lot of culture but also with organized criminality. Residency in Mexico is probably easier to get. Panama has tax advantages (if you are not from the US). Panama is tropical with lots of rain. I recommend you traveling to these countries before you make a decision but Mexico is huge!

@p.c.h.6721 Жыл бұрын

@@Frank-xp3xd Thanks for writing back. I’m not from the US, I’m from Spain, so I speak Spanish and that obviously should help. I know it’s a difficult decision, I guess I’ll have to visit both countries, in Mexico I was looking into Merida in the Yucatan, and Querétaro. And in Panama I will have to go and check it out, but it looks great as well. I know Taxes in Mexico are high, although from what I’ve heard the tax authorities of Mexico are not really going after foreigners, but I don’t know if that’s true or not (everybody is now required to get an RFC for tax purposes) I make a living from trading stocks, investing in the US stock market mainly, so I’ll have to speak to a tax advisor, but Panama is also very attractive, and as a long term plan seems to make better sense. Anyway, I try to think that if my main problem is whether to move to Mexico or to Panama, that’s not a bad problem to have 🤣 👍

@Frank-xp3xd Жыл бұрын

@@p.c.h.6721 Merida is borring. Central Mexico is so beautiful. Mexico City, Guanajuato and look for pueblos magicos. Pacific Coast is nice as well. Hay Narco en todos partes pero en un ano viajando nunca tenia problemas. Queda en los zonas turisticas o centros historicos y disfruta, es hermoso!

@DBStoic 5 ай бұрын

Informative and balanced! Great interview.

@jindandy7826 3 ай бұрын

Awesome info that I wasn't hearing elsewhere. Thank you!

@ShamileII Жыл бұрын

Great interview! I really appreciate the frank and open discussion.

@RFXZ67966 11 ай бұрын

This guy definitely didn't sell me on moving to Panama but I'm still interested in the PR

@TheWanderingInvestor 11 ай бұрын

Great. Wi Men and Giovanna can help you get residency in Panama thewanderinginvestor.com/services/residency-and-citizenship-by-investment/how-to-obtain-residency-in-panama/

@beekaye1496 Жыл бұрын

There’s no disadvantage living in my home country, you just have to adapt if you not from our country.

@guillermocharafedin 10 ай бұрын

Great and useful interview!

@DerPanamaKanal 10 ай бұрын

He summarized it really well! Great video.

@albertomanuelcheung7103 2 ай бұрын

Wrong to say that you don't have to pay your taxes, as property taxes. The DGI (equivalent to the Finance Dept) will eventually get you. Especially, if you are going to sell your property. You need to have the Paz y Salvo (the document that proves you are totally solvent and free of debt). Its true that Panama is a country where you can have a gun (with a permit), and backed by the Constitution similar to the Second Ammendment in the US, but no one is flaunting or advertising guns around the country. And last, but no least.... bills, all required an address. In Panama addresses are determined not necessarily by streets and house number as in other countries, but by the name of the building where you live, followed by the suburb where you are located.

@jgm3620 Жыл бұрын

Very interesting and informative video. Real life experience and honest feedback

@Pathfinding-earth Жыл бұрын

9:32 Panama is not for tourists, its for adventurers, sadly we don't advertise tourism, so you have to look for yourself or ask a resident for advice on what to do, and what to see apart from the usual places.

@PolarBearPredator Ай бұрын

How is the quality of the roads in Panama City, Panama? I know the freeways are pretty good but I want to know about what the roads are like inside Panama City, Panama specifically not so much what is outside the city as I won't be driving there at all. I heard they are poorly maintained but they look as good as any US or Canadian city to me from all the videos I've seen. Can anyone share their experiences? Thanks!

@TheWanderingInvestor Ай бұрын

@@PolarBearPredator yes, pretty average

@blikewat3r Ай бұрын

You sold me at “it’s so dysfunctional you don’t get bothered” 😅👍

@agrossfarm Жыл бұрын

Most banks have armed guards with metal detectors and you will not be allowed into a bank if you are carrying a gun.

@TheWanderingInvestor Жыл бұрын

Yup. Keep it in the truck 👍

@PanamaequityRealEstate Жыл бұрын

Solid content guys!!

@charlesogier6469 Жыл бұрын

Ladislas, could you please advise on the "arco seco" region near Coronado/ Nueva Gorgona/ Chame ? It's about 1h30min from the main city (Panama City), but with a better climate (not so much rain, a fairly decent beach on the pacific side), with some good level of shops and expat scene. Maybe that could be a good option as well, did you check ?

@TheWanderingInvestor Жыл бұрын

I haven’t been. But it sure sounds nice the way you describe it :)

@dovygoodguy1296 Жыл бұрын

Do you need a car in Boquete? Especially over 65? How do folks get catastrophic coverage? How bad is the garbage accumulation situation?

@Jepi369 Жыл бұрын

so whats his name? where can i find the next programmer event where you help programmer move to panama?

@lamuka99 Жыл бұрын

So what’s the best Korean restaurant in Panama City

@stanislavpolivyanenko919 Жыл бұрын

I am curious how someone like Calvin is dealing with the US taxes. As a US citizen he’s supposed to continue paying US taxes even, even if the income is coming from a foreign source. Or did he renounce US citizenship?

@TheWanderingInvestor Жыл бұрын

Yes. He must pay US taxes but with good structuring and being a tax resident of Panama he can benefit from various exemptions. Leaving the US can be very beneficial from a point of view for US people as well. Not tax advice.

@chriso5842 Жыл бұрын

He might use the Foreign Earned Income Exemption on the first $120k of income. Still needs to file and pay social security and I think Medicare.

@emiliocornejov 10 ай бұрын

@@chriso5842either that or heavtually filed for his citizen renunciation.

@normagertz9055 Жыл бұрын

Great interview!

@agrossfarm Жыл бұрын

When asked about International Relations of Panama, it was stated that the Chinese run the Canal. They Don't. The Govt. of Panama runs the Canal. It was also said that there is even a large Chinese neighborhood in Panama City, which is true, but neglects to point out that the Chinese started coming to Panama when the Canal was being built, so that people with some Chinese heredity make up about 25% of the population. Calvin even mentioned that he went to a "Chino", which is local slang for a neighborhood store, open long hours, and often owned and/or run by Panamanians who are of Chinese heritage. This has little or nothing to do with the Govt's international relations. American citizens likely own more than Chinese citizens, in Panama, partly because many of the wealthier Panamanian families married Americans during the US administration of the Canal Zone. The Govt. of Panama, like the Govt. of the USA, recognizes the People's Republic of China as the only Govt. of China. The Govt. of Panama welcomes immigrants, especially if they bring money to spend and invest, and they encourage new businesses that employ Panamanians, by providing tax breaks.

@monikaleszko5343 Ай бұрын

Is it easier for a Canadian to buy in Panama rather than Dominican Republic?

@MyLatinLife Жыл бұрын

Good intel!

@loricoil1732 15 күн бұрын

US taxes any money you make anywhere, no matter where you live or the origin of the income.

@julienb7080 Жыл бұрын

Where is the better place to invest in 2023? Dubai ? Bali ? Panama?

@paolowright6420 2 ай бұрын

Boquete is in Western Panama! Not Northern Panama.

@micomarinas2753 Жыл бұрын

can you make a video about the Saudi premium visa and is it highly profitable to invest in real estate in the new city that the Saudi government is constructing.

@TheWanderingInvestor Жыл бұрын

Not until I go there to check it out myself.

@Flat_Earth_Addy Жыл бұрын

Who would want to live in a dangerous 3rd world nation though? Also, you need to be 21 to apply.

@kd8199 Жыл бұрын

@@Flat_Earth_Addy as opposed to living in the country with the most mass shootings in the world? That’s where I live now.

@Flat_Earth_Addy Жыл бұрын

@@kd8199 Still better places. Why not move to Canada or the US?

@kd8199 Жыл бұрын

@@Flat_Earth_Addy - I live in the US. I retired here. I’m doing fine but many retirees are finding it too expensive. That’s why they move. That’s why Latin American countries make retirement visas an easy process. Many retirees want a better life living sometimes on just their social security checks.

@user-wv8zz1iv5v 5 ай бұрын

Yes, I fell like that to, half of my salary gone for gov who are doing stupidities and frauds, plus. Done, Bye Qc! Robert Nozick, Anarchy, State, and Utopia. Thank you Panama is a nice place, Hungary looks more like our life style, lots to think about. Fantastic videos😊 I see that you like dangerous places, Mexico etc :) Not enough safe from my view. ❤

@PolarBearPredator Ай бұрын

2:25 ya right they not getting any information from me on any income outside of Panama. Declare it but they won't tax it ya right ok sure. GT#H.

@gregorywandersaround6178 8 ай бұрын

Seeing tons of Chinese people in Panama? Thanks for the heads up. I had some high hopes too. Oh well.

@This_da_life Жыл бұрын

ya know ?

@dovygoodguy1296 Жыл бұрын

The truth is that Calvin didn't choose Panama, because most Panama is unappealing. We can say Calvin and you also wanted to leave the US but chose Boquete which happens to be in Panama. Even for older people. Do Calvin or you feel life in Boquete as in a ghetto or bubble because of the comfortable climate?

@kellybrennan7926 2 ай бұрын

Very disappointed to hear there's so many people with guns living there. One of the reasons I'm considering moving from the states is to get away from all the frightened people who need to own guns! Are the retirement communities less likely to have a lot of people with guns, or are they everywhere in Panama?

@devilfriend Жыл бұрын

Interesting interview. Americans have a weird and almost scary idea of what freedom means to them.

@dovygoodguy1296 Жыл бұрын

The problem of the Venezuelan migrants is the same in Colombia as well.

@BO_Riddle 8 ай бұрын

Let’s be clear, I think it’s unfair for you to say that Trump destroyed Usa when his every move was to put usa first.

@shaneburry2915 27 күн бұрын

Let’s be clear. Trump will destroy the US if elected again!

@Flat_Earth_Addy Жыл бұрын

Why not make some videos of places that are actually affordable? I am one of the richest millionaires, and I cannot afford any of these places!

@xyork Жыл бұрын

What an incredibly stupid question

@guillermogouldburn763 Жыл бұрын

How about we start with Haiti?

@kd8199 Жыл бұрын

Then you can’t afford the US.

@Flat_Earth_Addy Жыл бұрын

@@kd8199 The US is the cheapest nation in the world. What are you talking about? Who even mentioned the US? Panama is it's own country.

@Flat_Earth_Addy Жыл бұрын

@@guillermogouldburn763 Too expensive. Low paying jobs. How do you pay $1,000 a month rent if you are making $30 a month? And some of the worst crime in the world. Not a good pick.