The principal benefit to the teak ownership program is very affordable permanent residency in Panama. The residency programs offered by Panama are some of the most appealing in the world, entitling you to many perks and a handful of special benefits.
All resident women over the age of 55, and men over the age of 60 are eligible for:
• 50% off entertainment (movies, theaters,
concerts, sporting events)
• 30% off bus, boat, and train fares
• 25% off airline tickets
• 25% off monthly energy bills
• 30-50% off hotel stays
• 15% off hospital bills (unless insurance applies)
• Tax exemption on the importation of household goods up to $10,000
• Tax exemptions every two years on the importation or local purchase of a car.
With a beautiful, natural landscape, attractive tax incentives, and world-renowned residency programs, Panama is home to an estimated 20,000 US and Canadian residents right now. The cost of living is affordable, the weather is tropical, and the opportunities are ample. More and more folks are visiting, living, and retiring to Panama to enjoy these luxuries and a betterquality of life.
The specific law that Residency Candidates will be processed under is the Executive Decree 343, otherwise known as the Permanent Residence for Nationals of Specific Countries (NSC), also known as the Friendly Nation’s Visa. This permits residents from the United States, Canada, and 45 other countries to apply and recieve permenant residency if they meet some very simple critera.
This program allows for permenant residency for those candidates who purchase real estate or open a business in Panama. The requirements for this residency are straightforward and also include the requirement to establish a local bank account with an opening balance of $5,000, and $2,000 per dependent.