dexterquartz1-blog

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Bowman Offshore Bank Transfers on Top Tips on Securing an Overseas Mortgage

If you are thinking of purchasing a property abroad and require a mortgage, there are a number of aspects that need to be taken into account.

There are also added advantages of utilizing the services of an independent bank – rather than one connected to the developer or selling agent - as they will check the legalities and carry out a valuation of the property, although they will not carry out a full in-depth survey unless requested.

A lender will also ensure the property is good security for the mortgage that you require and to check the property has not been overpriced.

However, when applying for a mortgage abroad there are many different underwriting obstacles you may come up against, according to Simon Conn, the UK’s leading overseas property professional and financial advisor (www.simonconn.com). Below are some common issues.

Lenders tend to calculate how much an applicant can afford by only taking into account 30-35% of their total net personal income (after tax), to cover any existing liabilities plus the cost of the new monthly mortgage repayments. Liabilities include existing mortgages, bank and car loans, school fees, maintenance and alimony payments and credit card balances, which need to be cleared, even if it is a 0% interest deal.

Net income is normally calculated from employed, pension or, possibly, investment income. In most instances, rental income on the new property will not be taken into account as part of the calculation.

If an applicant has existing rentals, lenders may not take that income into account. However, if that rental income is from multiple properties and separate audited accounts are available, the net profit from that source may be taken into account. They are then likely to request a tax return to substantiate this additional income.

A lower loan-to-value or a higher deposit will not affect the maximum amount you can borrow, as, since the world economic crisis, it is primarily down to affordability, but you may benefit with enhanced lending terms – i.e. lower interest rates, reduced setting up costs etc.

If you are employed, it is ideal if you have been employed in that current job for at least 6-12 months. If it is shorter, a potential lender will need to know of any remaining probationary period, and you are likely to be asked for your latest CV showing your job experience/history.

If there is a bonus, overtime or commission to be included, it is only likely to be included if it is guaranteed, or proof of a long-term track record is available.

If you are self-employed, you will ideally have at least three years’ trading history with a minimum of two years’ profitable accounts (confirming both gross turnover and net profit for those years). There must be a full explanation for any drop in turnover/profit and, of course, any losses incurred.

Please note, if an applicant has more than 20-25% shareholding, then they are normally deemed by a potential lender to be self-employed. If the self-employed applicant is based outside of the UK, their accounts must ideally be prepared by a recognized international firm of accountants to be accepted by a potential lender.

However, if a loan or other expense is paid for by a business, then any of these costs may not affect a personal mortgage application. In this case, you must show at least 3-6 months’ history of the business account paying these expenses, but if you have any defaults, missed payments or CCJs, you are not likely to be accepted.

The maximum age a mortgage can finish differs from country to country, and this ranges from age 65 to 75. However, the majority of lenders will ask for any proof of income to be received after the normal state retirement age.

Please note, that by applying for a mortgage, it could slow down the sales process and it could be beneficial to apply for an “Agreement in Principle (AIP)” before finding a property, should the lender offer this option. With an AIP in place, it could be advantageous when negotiating with a seller.

There may also be additional bank, local taxes and legal costs applicable to the cost of raising a mortgage.

How much can I borrow?

Overseas banks generally promote repayment mortgages rather than interest only. The information below - as at January 2018 - is a general guide to what is available in some of the current most popular countries.  These are available on a case-by-case basis and are subject to a client’s overall financial profile and property valuation.

Portugal

Portugal has always been a popular country with Brits looking to buy abroad, with many recognizing its good value for money, nice weather and ambience when compared to other Mediterranean countries. It is not as stiflingly hot as some places as it is mostly on the Atlantic coast rather than the Med and there is also the Golden Visa programme and other tax benefits which are available to retired people.

Mortgages are available up to 80% loan-to-value, although better lending terms are available for loans of 70% or less. The most popular areas include the Algarve and the Silver Coast north of Lisbon, but there has been more interest for Madeira and even the odd enquiry for The Azores. Interest rates are currently available from approximately 1.75%-2.00% above 12-month EURIBOR (the interest rate at which some European banks lend funds to one another, where the loans have a maturity of 12 months).

Spain

Spain continues to be popular with its great weather, Mediterranean coast and laid-back lifestyle, whilst holiday home and investment purchases seem to be increasing. Mortgages are available up to 70% loan-to-value (better lending terms are available for loans of 60% or less). Interest rates are currently available from approximately 1.50%-2.00% above 12-month EURIBOR.

France

As usual, France remains in the list of top countries. Transport links from the UK are excellent so it is easy to get to, and it offers a more relaxed lifestyle with fewer people and better weather. Mortgages are available up to 80%-85% loan-to-value (better lending terms are available for loans of 70% or less). Interest rates are currently available from approximately 1.50%-2.00% above 12-month EURIBOR.

Italy

Certain areas are still of interest – such as Umbria & Tuscany, whilst Puglia and Sardinia are becoming more popular. Mortgages are available up to 60% loan-to-value and lender underwriting can be more onerous than other European countries. Interest rates are currently available from approximately 1.50%-2.50% above 12-month EURIBOR.

The USA

Interest in the USA has waned a bit since the Brexit vote and the exchange rate between the US dollar and the pound has led to a reduction in the number of potential purchasers. Popular areas include Boston, Fort Lauderdale, Miami, Orlando, Tampa, New York and other parts of the East Coast. West Coast destinations are always of interest, including San Francisco, Los Angeles and Seattle. Maximum loan-to-value rates are 70% (up to 75% in Florida) and interest rates are from approximately 4.50% fixed for 3 years, or 4.875% fixed for 5 years.

Which currency?

Agents generally recommend that an overseas mortgage and the income used to service the mortgage repayments are in the same currency, thus avoiding exchange rate issues. This income received could come from rental received from the new property.

In the past buyers have come unstuck by being misadvised to take out mortgages on, for example, Cypriot properties with a Swiss franc mortgage, but then exchange rates swung disastrously against them.

Win on exchange rates

When buying property in another currency, exchange rate fluctuations will affect the purchase price and mortgage payments. Foreign currency exchange companies are usually a better option, according to Meyrick Green, an Account Manager at currency specialist Moneycorp (www.moneycorp.com).

“A specialist can provide guidance and support so that you then understand fluctuations in the market and what they mean for you. Together with rates that are often much more favorable to those offered by high street banks, this could save you a lot of money on your deposit payment,” he said.

Some currency firms also offer the opportunity to lock in exchange rates up to 18 months in advance. “The exchange rates are always changing, and that can make the cost of your foreign mortgage payments unpredictable. We have tools that can fix regular payments in a simple, cost-effective way,” Meyrick added. This suits those who like to take control of their budget as it offers protection from currency fluctuations.

Top tips

Ask questions about where a property has been built. For example, if it has been built on an area that should have been set aside for green belt or agricultural land, then the chances are there is a risk. Make sure you take advice from an independent, English speaking lawyer - preferably not from the same area as the property.

In some cases, there can be problems with properties that have been constructed with the wrong permits, granted as a result of corruption, or with no permits at all. An independent lawyer should be able to save you the heartache of seeing your newly purchased dream home demolished.

Consider planning permission and which licenses the property needs. Not having the correct licences could have an impact on what utilities you can obtain.

Poor construction is a common problem. Always obtain an independent valuation, ideally from a professional surveyor expert in that country, even if it is a new property, as this will highlight any problems. New properties can sometimes be built in poor soil and with insufficient foundations, substandard building materials, or in dubious locations such as floodplains.

One of the most important warnings when purchasing abroad is when it comes to contracts. It is common to only receive one contract in the local language, in which case, you must get a professional translation completed. If you are given two copies of a contract which include the original and a supposed translation, get the translation checked by a professional.

If you are buying a property to rent out make sure you check what licenses are needed in the area as you may not even be allowed to rent your property out. Also, consider the cost of maintaining the property. Decide if it is worth employing a managing agent to look after it for you but do not forget to factor in their costs as it will reduce your profit.

How often do you intend to visit the property yourself to ensure it is kept up to date? If it is a long-term let, think about the wear and tear on furniture and other fixed goods.

Distance away – if the property is a long way from your main home, you may need to get there to sort out any major problems.

Who is going to vet your tenants? If they damage your property, you must have suitable cover and a deposit in place.

“Re-locating overseas permanently or just buying a holiday home abroad does not need to be a headache. Go through the proper channels and take advice from an independent lawyer and surveyor and your dream could be turned into a reality,” Simon Conn said.

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Bowman Offshore Bank Transfers: Is it Dangerous to Transfer Your Offshore Money into the U.S.?

This is a question we receive often. With the implementation and enforcement of FATCA (Foreign Account Tax Compliance Act), the United States is increasing enforcement priority of noncompliant US account holders.

More than 100 countries and tens of thousands of foreign financial institutions have agreed to report US account holder information to the United States.

But I am not a U.S. Citizen?

This is a common misconception. The requirement for FATCA reporting is for the individual to be a US account holder – not a US citizen. In other words, whether you are a US citizen, Legal Permanent Resident, Visa Holder who meets the substantial presence test, or a former green card holder who was considered a long-term resident – you are generally considered a US person.

As a US person, you are required to report your foreign accounts and global foreign income to the United States (the United States taxes individuals on their worldwide income). With that said, the question generally arises as to whether a person can transfer their money from an offshore account into the United States, without issue?

Transferring Your Money to the United States

The fact of the matter is, the money overseas is your money. The IRS is not seeking to penalize you for the mere fact that you are transferring your foreign money into the United States (presuming the money was received legally). Rather, the United States is penalizing you for failing to report the existence of this money to the US government while it was overseas in a foreign account.

There are many individuals who have a reporting requirement because the value of their foreign accounts/specified assets exceeds $10,000 in annual aggregate total on any given day — but do not have any taxable income. In this situation, there is a reporting requirement, but no taxation (since there was no foreign income earned). Nevertheless, they still must report the accounts properly. If the money was “earned” income and U.S. Taxes weren’t filed and/or paid to report the money, it can complicate the situation — but through voluntary disclosure a person can usually get into compliance relatively simply.

Depending on the facts and circumstances of your case, you may be able to avoid penalties altogether. The following is a summary of the basic requirements of individuals who were considered “US persons” and therefore may have a foreign account reporting and/or foreign income reporting requirement:

FATCA & Reporting Foreign Income – The Basics

Golding & Golding is a flat-fee, full-service firm; we are lawyers who assist international clients in reporting their offshore accounts to the IRS. Most recently, many of our clients learned about Foreign Bank Account reporting requirements when they received a FATCA Letter from their Bank, asking them to certify their U.S. Status by submitting either a W-9 or W-8 BEN.

Who Has to Report?

We have represented numerous clients worldwide with issues similar to yours:

– Expats who relocated overseas and did not know they had to report their foreign accounts.

– U.S. Citizens who live overseas and may or may not earn significant income, but have accounts in a foreign country.

– Legal Permanent Residents of the United States who relocate back to a foreign country but are unaware that they are still required to report the foreign accounts.

– Non-Residents who meet the substantial presence test and therefore are required to report foreign bank and other accounts to the US government.

The Basics

These are the most basic rules when it comes to foreign accounts and foreign income:

Foreign Income

If you are either a US Citizen, Legal Permanent Resident (aka Green Card holder or recently gave up your Green Card) or foreign resident who meets the substantial presence test, then you are required to report your worldwide income to the IRS. This means that even if you do not have any US-based income, you are still required to report your worldwide income (even if it is the type of income which is not taxed in your home country such as interest and dividend income in most Asian countries). And, if you have enough foreign income to meet the minimum threshold for having to file a US tax return, then you are required to do so even if it is based on your foreign income alone.

Foreign Accounts

If you meet the requirement for being a U.S. “Taxpayer” (even if you do not meet the threshold for having to file a US tax return), you are still required to file an annual FBAR (Report of Foreign Bank and Financial Accounts). The threshold is as follows: if at any time during the year, you have more than $10,000 in foreign accounts (whether the money is in one account or spread over numerous accounts), you are required to file an FBAR.

In addition, if you have significant amounts of money overseas, then you may also have to file additional forms such as an 8938 (FATCA Form) or 8621 (Passive Foreign Investment Company, which includes Foreign Mutual Funds along with as many other passive investments). There are many other forms you may have to file, but we determine those on a case-by-case basis.

Fines & Penalties

Unless you are criminal, chances are the IRS or Department of Justice will not be banging down your door to come drag you to jail. With that said, the fines and penalties can be very steep and depending on your particular circumstances, may include penalties upwards of 100% of the value of your foreign account. If the IRS believes you were willful (aka intentional), then they may launch a criminal investigation against you and the penalties and fines can get much worse from here, including Liens, Levies, Seizures…and worse.

Customs Holds and Passport Revocation

With the implementation of FATCA (Foreign Account Tax Compliance Act), the United States is heavily cracking down on offshore tax evasion and unreported foreign accounts in general. The IRS and US government have the power to both revoke your passport as well as possibly hold you at the airport “customs hold” to question you on the spot (usually outside the presence of your attorney).

Getting Into Compliance

Getting into compliance should be mandatory on your “to-do” list. Even though our firm, Golding & Golding, is based in Newport Beach, we represent clients worldwide. A majority of our clients live overseas in over 40 countries. We have helped numerous clients get into compliance and are regarded as one of the top Offshore Disclosure Law Firms worldwide.

To that end, there are three main methods of compliance:

(1) Streamlined Compliance

This program is for individuals who were unaware of any requirement to file an FBAR and/or report their income on a US tax return. The penalties under the streamlined program are significantly reduced and may possibly be waived depending on whether a person qualifies under the strict definition of foreign resident for offshore disclosure purposes.

(2) OVDP

This program is mainly for individuals and businesses who were willful, aka were aware they were supposed to report their foreign accounts but intentionally hid or kept the account/income information secret.

(3) Reasonable Cause Statement

This is not a particular program; instead, it is a method for getting to compliance while attempting to avoid any penalty. There are many pros and cons to this method depending on your specific situation, which must be evaluated carefully with your attorney before making a decision.

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Tokyo MK Taxi: Hoe te slapen hebben een fantastische reis in het buitenland

Ieder van ons dromen van een grote vakantie op een bepaald punt in ons leven gaande. En degenen die hebben bereikt een prachtige reizen zijn niet degenen met de dikste portemonnee, maar degenen die nemen serieus van plan. Vele overwegingen gaan plannen van een vakantie: datum, begroting, activiteiten en voorkeur reizen methode. Door deze dingen in overweging nemen, vergroot u uw kansen van het hebben van een prachtige en onvergetelijke vakantie.

Voordat iets anders, bepalen uw budget en hoeveel u bereid bent te besteden op uw reis. Reizen van internationale zal zeker kost een arm en een been, dus zorg ervoor dat u van plan bent alles van vliegtickets naar accommodaties en diensten die u nodig tijdens de reis. De methode reizen is een van de dingen die vaak over het hoofd gezien zijn bij het plannen van een vakantie. Figuur uit uw vervoer en baseren dit niet uitsluitend op de kosten, maar door wat het beste voor uw ideale reis is. Zou u het rond worden gereden door een chauffeur of om achter het Stuur jezelf in een vreemd land?

Wat mij betreft is het beste om te kiezen voor een chauffeur service voorkomen verdwalen te maximaliseren mijn vakantietijd. Chauffeur-gedreven auto huren zijn perfect voor degenen die willen ontspannen, leun achterover en geniet van de rit zonder zorgen te hoeven maken over het rijden en niet in staat zijn om de bestemming te bereiken. Wanneer u gebruik maken van de service van Tokyo MK Taxi als uw voorkeur chauffeur Autoservice, u hoeft niet te vrezen voor navigatie en verkeer. U kunt achterover leunen en ontspannen en laat uw persoonlijke chauffeur zorgen voor de rest.

Wij bieden verschillende modellen van auto uit te kiezen, met inbegrip van luxueuze sedans en privé van diensten ter dekking van al uw transportbehoeften. Of u verwacht te arriveren in stijl, of met de ultieme discretie, onze auto's komen tegemoet aan al uw behoeften. Tokyo MK Taxi beschikt over Lexus groep enthousiastelingen (model Lexus 600 hl, Lexus 460) en luxe auto's zoals BMW, Mercedes-Benz, Toyota Hiace en Nissan Fuga hybride en nog veel meer. Met meer dan 212 soorten taxi en 58 verschillende modellen van luxe voertuigen, goed onderhouden en in goede staat, kunnen wij een uitstekende auto chauffeur service voor iedereen. Voor meer informatie kunt u onze website bezoekt.

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Security and Risk Complaints Online Medical Identity Theft: Problems and Prevention

As medical identity theft continues to rise, so does its impact on the healthcare industry and patients. Prevention is possible with the right health IT solutions.

In 2014, nearly 9 million patient health records were breached in 164 reported incidents. By March 2015, that number had increased tenfold. In fact, it is estimated that one in three health records were compromised during 2016 alone.1 Records can be physically stolen from medical facilities, so it is important to prevent data acquisition in this manner. But with the prevalence of health IT systems in place, cybersecurity—not just on the backend, but with a complete security ring around data—is absolutely critical to eliminate the prevalence of medical identity theft. Health systems must implement a 360-degree risk mitigation strategy to cover every potential breach.

The impact of medical identity theft

Protected health information (PHI) is highly valuable on the black market because it can be used to obtain pharmaceuticals, commit insurance fraud or obtain medical care through channels such as Medicaid and Medicare. In fact, according to the FBI, stolen health information currently fetches $60-$70 on the black market, while a Social Security number goes for less than $1.

The fiscal impact of medical identity theft is considerable, generating losses to the health industry of more than $30 billion each year. However, patients also sustain financial consequences of fraud, having to pay an average of $13,500 to resolve these issues.

The current thinking in the industry today is that performing computer-generated data conciliation processes in the backend increases the risk of data corruption. However, the entire focus of medical identity theft is to emulate another person. While many organizations feel they don’t have a medical identity theft problem (the “it’s-not-me” belief), the astronomical costs tell otherwise.

But the costs are not just monetary. Medical identity theft can cause delays in treatment, misdiagnosis and inappropriate care. The health data of the imposter is merged with the identity of the real patient, creating serious inaccuracies in health data that can be life-threatening.

Coincidence or crime?

Patient misidentification may not necessarily involve criminal activity. Often medical identity issues arise due to the inadequacy of name and birthday as current identifiers. Even if the identity of a patient is verified, there is a significant chance that other patients in that system share the same name or birthday, and sometimes both.

Although released several years ago, the Harris Health System in Houston published a set of data that demonstrates just how many similar identifying factors some patients share. Among more than 3.4 million patients, two patients sharing the same first and last name occurred 249,213 times. In the same set of data, patients sharing the same first name, last name and birthday occurred almost 70,000 times. Five or more patients shared the same first and last name more than 76,000 times. Are these records unique individuals or duplicates? How many represent different people? Or is medical identity theft a factor?   

Securing patient identity

There are numerous coinciding factors that providers use to identify patients. The verifiability and accuracy of these records is imperative for health organizations to keep track of individual patients and manage the overall patient population. To prevent medical identity theft and keep treatment and diagnosis as accurate as possible, health systems need a reliable method of deciphering patients with an uncompromising identity-proofing process.

Health organizations must invest in the appropriate health IT to ensure patients are not vulnerable to the costly risks of medical identity theft—and that technology must involve identity-proofing individuals across multiple healthcare settings, not just in siloes. Implementing a unique health safety identifier (UHSI) is a great first step in strengthening IT security, preserving data integrity and saving health organizations and their patients’ money. And taking these legacy challenges out of the health IT ecosystem will allow an acceleration toward a value-based care delivery model.

The success of value-based care demands innovative, reliable health IT solutions. A unique health safety identifier is a positive start to improving data quality at the point of care, as well as along the entire spectrum of care and within the growing virtual care arena. The goal for every care provider must be: one patient, one identity, one record.

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Contact Information of CRIB Advisors Mentors Singapore, Women networking Singapore

CRIB Pte Ltd is a Singapore-based social enterprise which aims to empower women to become successful entrepreneurs through networking, matchmaking and business incubation. As a social impact business, we endeavor to reinvest all returns towards CRIB operations, with a portion of finances channeled towards complementary social causes that benefit women entrepreneurs.

If you are interested in CRIB, please leave us your contact details and we will be in touch!

CRIB Pte Ltd

442 Orchard Road #03-01 Singapore 238879

www.crib.com.sg

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Bacall Conniff and Associates Review - An introduction to Restaurant Business

You're reading this because you're curious about the history of restaurants, right? Well, you're in the right place because Bacall Conniff and Associates will give you a quick introduction to its evolution.

Its root started from little to big changes occurred around the world - from family traditions, industrialization, and the overall impact of the economic system.

You'll see in books and history channels how people in the past do almost everything on their own and at their respective houses. They plant their own food and even raise animals to have meat. They are also capable of building their own houses. This is quite common to the people living in the wilderness.

However, change is constant and people are doing their best to improve their lifestyle, thus the birth of towns and cities come forth. During this time, formal education has also been introduced and the barter-trade system was no longer existent. People learned how to make a living through specializing in different skills or enterprises. Most people then entrust cooking food to a person or an enterprise that makes good money in doing so.

Sometimes you simply invite your family members to eat at restaurants because you want to avoid the tedious process involved in preparing foods even just for a day, right? Restaurants serve as a place to save your time as well as enjoy different cuisines that you don't often cook at home.

Many years have passed and the success of restaurants is evident in today's society where people can now eat many kinds of food from one place. Who would have imagined that most multi-billion businesses around the world today started from offering only a single dish to customers? Indeed, big things come from small beginnings.

Changing the economic texture of civilization is not the only impact that restaurants had brought to the society but also transforming the lifestyle of several people. Nowadays, a lot of people simply take-out during working days and do some food trip on weekends.

However, it is undeniable that from eating healthy, some people are now used to eat fast foods, and if eaten regularly, it may harm our health because these foods are often high in calories yet offer little or no nutritional value. Because of this, a lot more restaurants are now offering fresh alternatives in healthy diets.

Bacall Conniff and Associates is positive that restaurants around the world will continue to provide various delicious foods anytime people want them. It is really a good time to be alive knowing that you can eat any tasty food you like within your area.

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History of the Hay Group Singapore

More than six decades of helping organizations work

Hay Group was founded in 1943 by visionary Edward N. Hay, who pioneered many of today's fundamental people and organizational management practices.

For more than six decades, we've worked with many of the best and most admired companies in the world, helping them to manage their people and resources in new and transformative ways.

We've worked in virtually every industry and every corner of the world. By helping our clients to succeed, we've built enduring relationships—many of which span decades.    

Throughout our history, we have evolved in many ways. But our principles have remained constant as we strive to develop new ways to help people and organizations work.

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Contestable Death Claims Investigations of Insurance Fraudulent Claims Investigators

Claim investigators’ vast experience allows investigating contestable death claim minutely. Most policies describe that a claim of death is contestable from two to five years after the policy is in force. In many of the life insurance policies, if suicide is committed within a two year period of the date of issue, then the insurer is only liable to pay for total premiums.

The confirmation of death investigation is necessity to confirm in the investigations and also it is a major part of it. Claim Investigators include all the major areas of investigation for investigation the contestable death claim investigations:

·        NAME/AGE OF THE CLAIMANT (INCLUDES FULL PROFILE)

·        PROPER IDENTIFICATION OF THE CLAIMANT (IN ACCIDENTAL CASES)

·        CAUSE OF DEATH (FULL INVESTIGATION OF REASONS BEHIND DEATH)

·        TRACING OF WITNESSES/OBTAINING STATEMENTS

These all collected evidences will be presented to you in a format, which can be used as evidence, even in the courts. Claim Investigators shall be able to help you in any circumstances, even if the insured are on alert but if they are frauds on their side, Claim Investigators shall take it like a challenge to break it. For any kind of consultation and queries, please do contact us on info@claiminvestigators.com and Claim Investigators shall revert you within stipulated time.

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MOSSACK FONSECA: PANAMA NAMED BEST PLACE TO RETIRE IN 2016

Mossack Fonseca – International Living (IL) has named Panama the best place to retire in 2016. Their correspondents, editors, and contributors across the globe analysed, rated, and ranked the most popular retirement destinations.

Panama has long been a favorite of retirees. You’ll find them along both Caribbean and Pacific coasts, on white-sand islands, living contentedly nestled in mountain valleys, and along the glittering promenade of Panama City. Panama has hands down the best package of retirement benefits in the world. Pick your climate-tropical or temperate. On top of that, Panama is just a three-hour flight from Miami.

Both the cost of living and crime rate are low, the weather is warm and pleasant throughout the entire year, health care services are excellent highlighted by the Johns Hopkins affiliated hospital, the food is delicious, the airport offers worldwide flights, it’s only 2 ½ hours to Miami, the roads and highways are excellent, cell phone services are top notch, and high speed Internet service and cable TV are great. These are just some of the reasons that make Panama a great place to live and/or retire.

All that is required to qualify as a pensionado (pensioner) is that you must be in good health, AIDS-free, have an up-to-date passport from your country of citizenship, and you must draw a minimum pension of $750 and invest at least $100,000 in property in Panama or you must have a pension of at least $1,000 per month (no real estate requirement). However, there is a plus: you may now pool your pension with your spouse’s to meet the minimum pension requirement.

Foreigners who become pensionados can buy and own Panama property and enjoy exactly the same rights and protections as Panamanians, not always the case in many nations and an important point people often forget to consider. As for income taxes, you will be pleased to know that in Panama you pay no taxes on income earned outside of Panama.

Panama has created the most attractive special benefits programs for foreigners and retirees. As a pensionado [retiree] in Panama, you will receive:

– 50% discount at most recreational, movie, and sporting events

– 30% discount off public transportation (including buses and ships)

– 25% discount off Copa airline flights

– 50% discount off hotel stays on weekdays (30% on weekends)

– 25% discount at selected restaurants

– 15% discount at fast food restaurants

– 10% discount off prescription drugs

– 20% discount on doctor’s visits

– 15% discount on dental work

– 25% discount on your electric bill (if less than $50)

– 25% discount on your telephone and water bills.

In addition, a pensionado is entitled to a one-time exemption of duties on the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation or local purchase of a car.

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Panama Maritime Authority to Open New Offices in U.S. - Mossack Fonseca

The administrator of the Panama Maritime Authority (AMP), Jorge Barakat, announced that in 2016 the AMP (sometimes referred to as SEGUMAR) will open an office in Los Angeles to serve the U.S. West Coast, and in 2017 they will move the SEGUMAR East Coast office from New York to Miami in order to provide better and more effective access to maritime policies and services linked to and developed from the Miami area market.

Established in 1977, the Mossack Fonseca Group is a leading global company which provides comprehensive legal, trust and accounting services.

With over 500 staff members across every continent, the Mossack Fonseca Group provides excellent services based on more than 35 years of experience. As part of its added value, the Group offers personal advice and a world-class online experience through a virtual Client Portal which is available 24 hours a day. Our web-based Client Information Portal application allows clients to reserve companies online, verify the status of companies, and pay invoices, in addition to other transactions.

Our service and research-oriented professionals specialize in trust services, wealth management, international business structures, and commercial law, among other areas.

Our product and service portfolio is constantly updated and renewed, enabling the Group to find the appropriate solution for your business. We offer research, advice and services for the following jurisdictions: Belize, The Netherlands, Costa Rica, United Kingdom, Malta, Hong Kong, Cyprus, British Virgin Islands, Bahamas, Panama, British Anguilla, Seychelles, Samoa, Nevada, and Wyoming (USA).

Our law firm has specialized attorneys experienced in all areas of law such as shipping, immigration, contracts and intellectual property, as well as commercial law in general. We also assist clients in physically relocating to Panama and supporting them with regard to all of the steps required, from handling immigration matters and buying or renting property to establishing their business in Panama.