Panama's business environment is radically foreigner-friendly: you can register a corporation in 2-4 weeks, pay 0% tax on all foreign income, and get a business visa without a minimum investment cap. Whether you're a digital nomad spinning up an agency, a developer launching a SaaS startup, or a real estate entrepreneur opening a brokerage, Panama's legal structure is built for you. This guide walks you through company types, registration timelines, tax obligations, visa routes, and the real costs so you don't start blind.
The Opportunity for Foreigners: Why Panama Works
Panama business setup year-one cost for foreigners (Waterfall chart of $8,650 year-one cost to incorporate and run a Panama SA, with reference line at the often-quoted $3,000.)
Panama is the easiest country in Latin America to register a business as a foreigner. You don't need a Panamanian partner, don't need to invest a minimum amount upfront, and don't need to open a physical office. Your competitors in the US or EU are paying corporate taxes of 25-40%; Panamanian companies pay 0% on all foreign-sourced income and a progressive 5-25% only on domestic-sourced revenue.
Three concrete reasons to incorporate in Panama:
1. Zero Tax on Foreign Income If your clients are in the US, EU, or Asia, and you're a Panama corporation, you pay no corporate tax on that revenue. A $500K/year digital marketing agency based in Panama pays exactly $0 in corporate income tax. A US corporation in the same scenario pays ~$100K. That's your margin right there.
2. Residency Visa While Building Your Business Opening a business in Panama qualifies you for an Entrepreneur Visa (though it's rare to get the visa based on business alone—most founders also use a Pensionado or Friendly Nations visa). More importantly, once your business is registered, you can establish it as the basis for a Temporary Resident visa if you meet other criteria (e.g., showing $3,000+ monthly business income). You're not required to immigrate, but the option exists.
3. Integrated with Global Markets Panama is the crossroads of international trade. The country has trade agreements with 100+ nations, a financial sector that processes $50+ billion annually, and a business culture that speaks English fluently. Your suppliers, accountants, and lawyers here understand US and EU regulations as well as Panamanian law.
Business Types: S.A., LLC, Sole Proprietorship & Which One Fits You
Panama recognizes three main business structures. Each has different registration costs, tax treatment, and legal liability.
Sociedad Anónima (S.A. / Corporation)
An S.A. is a for-profit corporation with shareholders. It's the most formal structure and the most common for serious businesses.
Characteristics: - Limited liability (your personal assets are separate from company debts) - Can have one or more shareholders (including foreign nationals) - Must have a board of directors (can be one person) - Must maintain a statutory book of minutes and shareholder records - Annual reporting required to General Corporate Registry
Registration process: 1. Choose a company name and check availability ($0, online at registry) 2. Draft bylaws (articles of incorporation) with a lawyer 3. File incorporation with General Corporate Registry 4. Register with tax authority (DGI) for tax ID number
Timeline: 2-4 weeks with a lawyer; 1-2 weeks if expedited
Costs (2026): - Lawyer fees: $800-1,500 USD - Registration fee (government): $50-100 USD - Publication in official gazette (required): $30-60 USD - Tax ID registration: $0 USD
Total: $880-1,660 USD
Liability & Tax: - You're not personally liable for company debts - Company pays 0% corporate tax on foreign income, 5-25% on domestic income (progressive based on earnings) - You're taxed personally on dividends distributed to you
Best for: Agencies, SaaS startups, ecommerce businesses, professional services (accounting, law, consulting)
Limited Liability Company (LLC)
An LLC (called a "Sociedad de Responsabilidad Limitada" or "S.R.L." in Panama) is a hybrid—simpler than an S.A., with less formal governance.
Characteristics: - Limited liability (personal assets separate from company) - Can have one or more members (owners) - Less formal than an S.A. (no board of directors required) - Fewer mandatory record-keeping requirements - Can be taxed as a corporation or partnership
Registration process: 1. Choose name and confirm availability 2. Prepare operating agreement (bylaws) 3. File with Corporate Registry 4. Register for tax ID
Timeline: 2-4 weeks (same as S.A.)
Costs (2026): - Lawyer fees: $800-1,500 USD - Registration fee: $50-100 USD - Gazette publication: $30-60 USD
Total: $880-1,660 USD
Liability & Tax: - Limited liability - Same tax treatment as S.A.: 0% on foreign income, 5-25% on domestic - Simpler accounting & compliance
Best for: Freelancers scaling into teams, online businesses, remote agencies, startups wanting less administrative overhead
Sole Proprietorship (Empresa Unipersonal)
A sole proprietorship is the simplest structure: you and your business are one legal entity.
Characteristics: - No separate legal entity (you are the business) - Personal liability (creditors can come after your personal assets) - Minimal paperwork to start - Easiest to manage alone
Registration process: 1. Register with municipal tax office (DGI) 2. Get a business license from your local municipality 3. Register with social security (ISSS) if you have employees
Timeline: 1-2 weeks
Costs (2026): - Registration & licenses: $100-300 USD - No lawyer required (you can do it yourself)
Total: $100-300 USD
Liability & Tax: - You are personally liable for all business debts - You pay personal income tax on business profits (5-25% progressive) - Minimal tax advantages compared to S.A./LLC
Best for: Solo freelancers (writers, designers, consultants) who want minimal compliance, or a transitional structure before forming an S.A.
Comparison: Which Structure Should You Choose?
| Factor | S.A. (Corporation) | LLC | Sole Proprietorship |
|---|---|---|---|
| Liability | Limited | Limited | Personal |
| Setup Cost | $880-1,660 USD | $880-1,660 USD | $100-300 USD |
| Setup Time | 2-4 weeks | 2-4 weeks | 1-2 weeks |
| Foreign Income Tax | 0% | 0% | 0% |
| Domestic Income Tax | 5-25% | 5-25% | 5-25% |
| Admin Complexity | Moderate (board, records) | Low (operating agreement) | Minimal |
| Can Hire Employees | Yes | Yes | Yes (but you're liable) |
| Can Raise Investment | Yes (issue shares) | Yes (issue units) | No |
| Visa Support | Yes (business ownership) | Yes | Maybe (depends on earnings) |
Recommendation for most foreigners: Start with an LLC or S.A. if you plan to hire staff, raise capital, or scale. Choose sole proprietorship only if you're solo and want to test an idea fast before committing to formal registration.
Step-by-Step Registration: From Idea to Live Business
Phase 1: Pre-Registration (Week 1)
1. Choose Your Company Name - Go to the General Corporate Registry website (registro.gob.pa) - Search for availability (free) - The name must be unique and not similar to existing companies - You can reserve a name for 30 days at a cost of $10 USD
2. Prepare Your Documents - Personal ID or passport (copy) - Proof of address (utility bill or rental agreement) - Bank details (if you want to deposit capital)
3. Choose Your Structure (S.A., LLC, or Sole Proprietorship) - Decide based on the table above - For S.A./LLC: you'll need bylaws (your lawyer drafts these, 2-3 days)
4. Hire a Lawyer (Optional but Recommended) - Cost: $800-1,500 USD for full registration - They'll handle name registration, bylaws, and filing - Timeline: they'll complete everything in 2-4 weeks
Phase 2: Registration (Weeks 2-4)
For S.A. or LLC (with lawyer):
- Lawyer files incorporation documents with the General Corporate Registry 2. You sign documents (can be done remotely via notarized signature) 3. Government processes and approves (5-10 business days) 4. Name is published in the official gazette ("La Gaceta Official") ($30-60) 5. You receive your Certificate of Incorporation
For Sole Proprietorship (DIY or with lawyer):
- Visit your local DGI (tax office) office 2. Register as a business owner 3. Get your business license from the municipality 4. Done (1-2 weeks)
Phase 3: Post-Registration (Week 3-4)
1. Register for a Tax ID (RUC) - Go to DGI (General Directorate of Income, downtown Panama City or regional office) - Bring incorporation certificate, passport, and residency proof - You receive a RUC number (like a US EIN) - Cost: $0 USD - Timeline: same day or 1-2 days
2. Open a Business Bank Account - Visit a Panama bank (Banistmo, BAC, Multibank, or Banco General) - Bring incorporation certificate, RUC number, passport, proof of address - Many banks waive the minimum deposit for new businesses - Cost: $0-50 USD - Timeline: 1-3 days
3. Register for Social Security (ISSS) - Only If You Have Employees - You're required to register employees with ISSS - As a solo founder with no employees, this is optional (but advisable for tax compliance) - Cost: ~$50 USD registration - Timeline: 1-2 days
Real 2026 Costs: Lawyer, Registration & First-Year Hidden Expenses
Here's what you actually pay, month by month, in your first year.
One-Time Setup Costs
| Item | Cost | Notes |
|---|---|---|
| Lawyer fees (S.A./LLC) | $800-1,500 USD | Full registration, bylaws, filing. DIY: $0-200 if you use online service |
| Corporate Registry fee | $50-100 USD | Government filing fee |
| Gazette publication | $30-60 USD | Required for S.A./LLC |
| Tax ID registration (RUC) | $0 USD | Free at DGI |
| Bank account setup | $0-50 USD | Most waive fees for new businesses |
| Business license (municipality) | $30-100 USD | Varies by location (Clayton, Casco Viejo, San Blas, etc.) |
Total One-Time: $910-1,810 USD
Recurring Annual Costs
| Item | Cost | Frequency |
|---|---|---|
| Annual corporate registry filing | $30-50 USD | Yearly (due by March 31) |
| Accounting & tax prep | $300-800 USD | Yearly (required if you have income) |
| Business license renewal | $30-100 USD | Yearly |
| Notary/legal maintenance (as needed) | $0-300 USD | Only if you make changes to bylaws, add shareholders, etc. |
Total Annual: $360-1,250 USD (minimum $360 if no business income)
Common First-Year Hidden Costs
- Accountant consultation: $150-300 USD (to set up tax compliance) - Banking setup or corporate card: $0-100 USD - Office address (virtual or physical): $0-100 USD (many founders use their home) - Business insurance: $500-2,000 USD annually (optional but recommended if you have contracts) - Software/tools: $0-200 USD (depends on your business)
Realistic Total First Year: $1,500-3,500 USD
Tax Structure: Why 0% on Foreign Income Matters
Panama's tax system is territorial: you're only taxed on income earned in Panama. Income from anywhere else is tax-free.
Personal Income Tax (What You Pay)
If you're a resident of Panama, you file a personal income tax return showing: - Salary you paid yourself (if you're an employee of your company): 5-25% progressive tax - Dividends distributed to you from company profits: 5% flat tax - Foreign passive income (rental properties abroad, investments): 0% tax
Corporate Income Tax (What Your Company Pays)
Your S.A. or LLC pays: - 0% on foreign-sourced income (clients outside Panama, online SaaS, digital services to non-Panamanians) - 5-25% progressive on domestic-sourced income (clients inside Panama, services rendered in Panama)
Example 1: Digital Agency (Foreign Income) - Gross revenue: $500,000 (all clients are US/EU companies) - Expenses: $100,000 (contractors, software, hosting) - Taxable profit: $400,000 - Corporate tax: $0 (it's all foreign income) - You distribute yourself $100,000 dividend - Personal tax on dividend: $5,000 (5%) - Net to you: $95,000 (vs. $55,000 if you were a US LLC)
Example 2: Real Estate Company (Mixed Income) - Revenue: $300,000 (50% from sales of Panama properties, 50% from referrals to foreign developers) - Expenses: $60,000 - Taxable profit: $240,000 - Foreign income: $120,000 → $0 tax - Domestic income: $120,000 → ~$25,000 tax (progressive rate) - Corporate tax: ~$25,000 - Distribute $50,000 dividend to yourself - Personal tax: $2,500 - Total tax burden: ~$27,500 (11.5% effective rate on gross revenue)
Visas for Business Owners: Entrepreneur, Pensionado + Business Income
Opening a business doesn't automatically give you a residency visa. But it can support your visa application if you combine it with other criteria.
Entrepreneur Visa (Empresario)
Panama offers an Entrepreneur Visa, but it's rarely used alone. The requirements are vague: - You must demonstrate you're establishing a business in Panama - You must show $3,000+ monthly income from the business or $50,000+ investment - You must have a documented business plan
In practice, immigration rarely approves Entrepreneur visas by themselves. It's used as a secondary support document alongside other visas (Pensionado, Qualified Investor, Friendly Nations).
Better path for business owners:
-
Pensionado Visa + Business Income - Apply for Pensionado (need $1,000/month documented passive income) - Get approved for residency - Then establish your business in Panama - Your business income + passive income adds up, giving you strong tax residency
-
Friendly Nations Visa + Business - If you're a US, Canadian, Australian, or UK citizen - Need $5,000 in Panama bank account + $1,000/month income - Establish your business - Both income streams satisfy visa + give you tax residency
-
Qualified Investor Visa (Best for Business Founders) - Invest $500,000 in a Panama real estate project or business venture - Your business could be that venture - Get your visa immediately - No income requirement
Tax Residency vs. Visa Status
You don't need a visa to have a Panama corporation. You can be a non-resident foreigner with a Panama company, file a tax return, and pay 0% tax on foreign income.
But if you want to live in Panama, you need a visa. The typical path for foreigners: 1. Open a Panama S.A. or LLC (online, from your home country) 2. Establish tax residency (file a tax return in Panama) 3. Get a visa (Pensionado, Friendly Nations, or Qualified Investor) for legal residency
Real Examples: Three Founders, Three Timelines
Example 1: Sarah (Digital Marketing Agency)
Sarah is a US citizen living in Miami. She wants to start a digital marketing agency in Panama, serving US clients.
Month 1: - Forms an S.A. via a Panama lawyer ($1,200 fee) - Names it "Elevate Digital Strategies, S.A." - Gets registered, receives incorporation certificate
Month 2: - Opens business bank account at Banistmo - Gets tax ID (RUC) - Registers with DGI for tax compliance - Opens first US client contract (worth $8K/month)
Costs so far: $1,200 + $50 (registration) + $30 (publication) + $200 (accounting setup) = $1,480
Tax impact: - Monthly revenue: $8,000 - Monthly expenses: $2,000 (contractors, tools) - Monthly profit: $6,000 - Corporate tax: $0 (foreign client, foreign income) - Sarah takes a $3,000 dividend - Personal tax: $150 (5%) - Net to Sarah: $2,850/month (vs. $1,800 if she ran it as a US LLC and paid ~$1,000 in corporate tax)
Sarah saves $12,000+ in year one just from the zero-tax treatment.
Example 2: Carlos (Software Developer / SaaS)
Carlos is a Colombian developer building a B2B SaaS tool. He wants to incorporate in Panama while remaining in Medellín (not moving to Panama).
Month 1: - Hires a Panama lawyer online (Zoom consultation) - Forms an LLC (slightly cheaper than S.A., $1,200) - Sets up company name: "Fintech Tools, LLC"
Month 2: - Opens a Panama bank account remotely (Multibank accepts remote setups) - Gets RUC
Timeline: 3-4 weeks, no travel required
Costs: $1,200 + $100 (registration + fees) = $1,300
Tax situation: - Carlos is a non-resident of Panama (he lives in Colombia) - His company is a Panama resident (for tax purposes) - Revenue: $15,000/month (SaaS subscriptions from Europe, US, Asia) - Expenses: $3,000/month - Profit: $12,000/month - Company tax: $0 (all foreign income) - Carlos takes a $6,000 dividend - Personal tax: $0 (he's a Colombian resident, not Panama resident; he pays Colombian tax instead)
Carlos saves ~$4,000+/month vs. running a US LLC (which would pay ~25% corporate tax).
Example 3: Manuel (Real Estate + Relocation)
Manuel is a Spanish citizen who wants to relocate to Panama, start a real estate brokerage, and get permanent residency.
Month 1-2: - Gets a Friendly Nations visa (Spaniards don't qualify, but assume he qualifies for another program or gets Pensionado) - Applies for residency via Pensionado Visa ($1,000/month passive income) - Gets approved; receives temporary cedula
Month 3: - Forms an S.A. real estate brokerage - Opens bank account - Gets RUC
Month 4-6: - Starts selling Panama properties - Revenue: $50,000 (mostly Panama property sales = domestic income) - Expenses: $10,000 - Profit: $40,000 - Domestic tax: ~$8,000 (progressive 20% on domestic income) - Also has $1,000/month passive income (his visa income)
Total cost (visa + business setup): ~$2,000 (visa) + $1,500 (business) = $3,500
Why this works for Manuel: He gets residency + establishes a business tax-resident status. His real estate business pays domestic tax (expected for a Panama broker), but his passive income is tax-free. He's building equity in Panama while establishing himself legally.
Field Note from VIP Expats:** "We see tech founders and digital agency owners incorporate in Panama before they move. The tax savings alone—$15K-50K/year—justify the setup costs. Even if you're not moving to Panama, you might as well have a Panama entity if you're selling online services.", Alejandra, VIP Expats Business Setup Lead
Timeline Comparison: Business Registration vs. Visa Approval
| Milestone | Timeline |
|---|---|
| Decide on business structure | Day 1 |
| Hire lawyer (if using one) | Days 1-3 |
| Name reservation | Days 1-5 |
| File incorporation docs | Days 5-10 |
| Government approval | Days 10-20 |
| Gazette publication | Days 21-25 |
| Receive incorporation certificate | Day 25-28 |
| Register for tax ID (RUC) | Day 28-30 |
| Open business bank account | Day 28-35 |
| Business fully operational | Days 28-35 (4-5 weeks) |
| Visa application (separate process) | Days 1-30 (gathering documents) |
| Visa appointment | Days 30-60 (wait for slot) |
| Immigration review | Days 60-120 (government processing) |
| Visa approval | Days 120-150 |
| Receive cedula (ID card) | Days 150-180 (5-6 months) |
Key insight: Your business is operational in 4-5 weeks. Your visa can take 5-6 months. You don't need to wait for visa approval to start your business.
Common Pitfalls & How to Avoid Them
Pitfall 1: Forgetting About Tax Compliance
The mistake: You register a company, don't file a tax return, and two years later immigration or your bank flags you.
How to avoid it: - File an annual tax return even if you have zero income (it takes 1 hour, costs $0) - Keep business records (invoices, receipts, bank statements) for 5 years - Hire an accountant for $300-500/year to handle compliance
Pitfall 2: Mixing Business & Personal Money
The mistake: You use the company bank account for personal expenses, confusing tax treatment.
How to avoid it: - Keep a separate business bank account - Transfer a clear dividend or salary to your personal account - Document all transfers in the company records
Pitfall 3: Not Getting a Tax ID Right Away
The mistake: You register a company, open a bank account, but never formally register for a tax ID (RUC).
How to avoid it: - Visit DGI within 2 weeks of incorporation - Bring your incorporation certificate + passport - Takes 1 hour, costs $0 - You get a physical RUC letter
Pitfall 4: Banking Issues Due to Compliance Concerns
The mistake: You open a business account with weak documentation, or the bank sees your account as high-risk and freezes it.
How to avoid it: - Use your incorporation certificate to prove legitimate business purpose - Bring clear documentation of your business (domain registration, client contracts, website) - Avoid cash deposits; use wire transfers and invoice-based income - Start with a Panamanian bank (Banistmo, BAC) that understands local businesses
Pitfall 5: Hiring Employees Without Registering with ISSS
The mistake: You hire a contractor or employee but don't register them with Panama's social security system (ISSS).
How to avoid it: - When you hire your first employee, register with ISSS immediately ($50 registration) - Withhold ISSS contributions from paychecks (7.75% employee, 8.75% employer) - File monthly payroll reports - An accountant handles this for $50-100/month
FAQs: Questions Business Owners Ask
How much does it cost to start a business in Panama if I do everything myself (no lawyer)?
You can reduce costs to $200-400 USD by handling it yourself: - Registry fee: $50-100 - Gazette publication: $30-60 - Bank account setup: $0-50 - Tax ID registration: $0
But you'll need to draft bylaws (buy a template online for $20-50), navigate the filing process (takes 4-6 weeks), and risk mistakes. Most people save time and headaches by hiring a lawyer for $1,200—it's worth it.
Can I register a Panama company if I'm not a resident?
Yes, completely. You can be a non-resident of Panama and own a Panama corporation. You register it from abroad, open a bank account remotely (some banks allow this), and operate the company online. You only need a visa if you want to live in Panama.
Do I need a physical office in Panama?
No. You can run your business from anywhere—your home, a co-working space, or remote. The only document Panama needs is a registered address (where official correspondence is sent). You can use a virtual office address for $50-150/year, or simply use your home address.
What happens if my business makes zero revenue in year one?
File a tax return showing zero revenue and zero tax owed. This is normal for startups. You pay only the annual corporate registry filing fee ($30-50). After 3-5 years of zero revenue, immigration might ask questions about your visa status, but a business with no income yet doesn't disqualify you from residency.
Can I convert my foreign business into a Panama business?
Partially. You cannot "transfer" a US LLC into a Panama S.A. (they're separate legal entities under different jurisdictions). But you can: - Dissolve your US LLC (file with your Secretary of State) - Start fresh with a Panama S.A. - Move your client contracts to the Panama entity - Transfer bank accounts to the Panama company
This typically takes 4-8 weeks and costs $800-1,500 (lawyer fees). It's cleaner than keeping both entities alive.
Do I owe personal income tax if I'm non-resident of Panama but have a Panama company?
No, not to Panama. You only owe tax to your country of tax residence. If you're a US citizen or US resident, you owe US tax (via FATCA reporting) on your worldwide income, including Panama company profits. If you're a non-resident of both Panama and the US, you likely owe zero tax globally on foreign income. Consult a tax professional in your home country to confirm.
How do I become a tax resident of Panama?
You become a tax resident of Panama when: 1. You spend 183+ days in Panama in a calendar year, OR 2. You have a permanent home in Panama (lease, ownership, or stable residence agreement) AND the center of your economic interests is in Panama
Once you're a tax resident, you file a personal income tax return in Panama on your worldwide income. You also get the benefit of the 0% foreign income tax only if you're a Panama tax resident earning foreign-source income through a Panama company.
Next Steps With VIP Expats
You've learned the structure. Now it's time to act: incorporate, establish your tax residency, and start capturing the tax advantages that come with a Panama business.
Whether you're a digital nomad, SaaS founder, agency owner, or real estate entrepreneur, we've helped 200+ foreigners register companies in Panama and navigate the tax implications. Our process is simple:
- Schedule a free 30-minute business consultation with our incorporation specialist. We'll review your business model and confirm the best structure (S.A., LLC, or sole proprietorship). 2. We handle the registration while you focus on your business. Our lawyers file the documents, correspond with the registry, and deliver your incorporation certificate. 3. We set up tax compliance so you file cleanly each year and avoid penalties.
We also connect you with Panama accountants and bank relationship managers who understand foreign businesses and can set up your accounts remotely.
Ready to start? Contact our business team via WhatsApp: +507 6761-0315. Tell us your business type and we'll send you a custom timeline and cost estimate within 24 hours.
Learn more: Explore our guides on Panama Residency Visas 2026: Complete Comparison and Expats' Tax Guide to Panama: What You Owe & How to Optimize to understand visa + tax strategy together.
One-line summary: Incorporate a Panama S.A. or LLC in 4 weeks for $1,500, pay 0% tax on all foreign income, and scale your business with legal clarity and financial advantage.
Frequently asked questions
How much does it cost to start a business in Panama if I do everything myself (no lawyer)?
You can reduce costs to $200-400 USD by handling it yourself: - Registry fee: $50-100 - Gazette publication: $30-60 - Bank account setup: $0-50 - Tax ID registration: $0
Can I register a Panama company if I'm not a resident?
Yes, completely. You can be a non-resident of Panama and own a Panama corporation. You register it from abroad, open a bank account remotely (some banks allow this), and operate the company online. You only need a visa if you want to live in Panama.
Do I need a physical office in Panama?
No. You can run your business from anywhere—your home, a co-working space, or remote. The only document Panama needs is a registered address (where official correspondence is sent). You can use a virtual office address for $50-150/year, or simply use your home address.
What happens if my business makes zero revenue in year one?
File a tax return showing zero revenue and zero tax owed. This is normal for startups. You pay only the annual corporate registry filing fee ($30-50). After 3-5 years of zero revenue, immigration might ask questions about your visa status, but a business with no income yet doesn't disqualify you from residency.
Can I convert my foreign business into a Panama business?
Partially. You cannot "transfer" a US LLC into a Panama S.A. (they're separate legal entities under different jurisdictions). But you can: - Dissolve your US LLC (file with your Secretary of State) - Start fresh with a Panama S.A. - Move your client contracts to the Panama entity - Transfer bank accounts to the Panama company
Do I owe personal income tax if I'm non-resident of Panama but have a Panama company?
No, not to Panama. You only owe tax to your country of tax residence. If you're a US citizen or US resident, you owe US tax (via FATCA reporting) on your worldwide income, including Panama company profits. If you're a non-resident of both Panama and the US, you likely owe zero tax globally on foreign income. Consult a tax professional in your home country to confirm.
How do I become a tax resident of Panama?
You become a tax resident of Panama when: 1. You spend 183+ days in Panama in a calendar year, OR 2. You have a permanent home in Panama (lease, ownership, or stable residence agreement) AND the center of your economic interests is in Panama