The Panama Primeview December Edition

Welcome to "The Panama PrimeView," your go-to source for the most valuable content on Panama taxation, business, immigration, accounting, real estate, and much more. In this newsletter, we are excited to bring you a curated "digest" of the latest insights, trends, and expert perspectives on taxation, legal matters, business strategies, immigration updates, real estate developments, and beyond.

⛴ Amador Cruise Terminal to Operate in Full by Early January.

According to the AMP (Panama Maritime Authority), the Cruise Terminal in Amador is the first cruise port built in the Pacific sector, at the entrance of the Panama Canal, specifically on Isla Perico located on the Amador Causeway. It emphasized that this is a project that will create a new route with Panama as a Home Port, providing the opportunity to cross the Canal and follow a route towards the Atlantic, promoting the country as a new tourist destination for passenger ships. The terminal boasts two docks where two cruise ships with a capacity to accommodate 5,000 passengers each can dock simultaneously.

🎄🎉 Our Prime Solutions family had an amazing time celebrating the joyous season together! Here's a glimpse of our wonderful Xmas celebration filled with laughter, good food, and the warmth of togetherness.

Panama Pensionado Visa: Your Gateway to a Blissful Retirement

Introduction to Panama Pensionado Visa

The idea of retiring in a tropical paradise is not just a dream, thanks to the Panama Pensionado Visa. This program, specifically designed for retirees, has placed Panama at the forefront of retirement destinations globally. Not only does it offer a comfortable and affordable lifestyle, but it also extends a variety of incentives to make living in Panama attractive and feasible for retirees from around the world.

Eligibility Criteria for Panama Pensionado Visa

To qualify for the Panama Pensionado Visa, applicants must demonstrate a steady income or pension of at least US$1000 monthly, ensuring they can comfortably sustain their life in Panama.

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Tax season is here: Annual Income Tax Returns In Panama

Individuals have an exemption from income tax on the first USD $ 11,000.00 of the net taxable income and must submit the annual return of income that expires on March 15th of each year. It is possible to request an extension until April 15 before the expiration of the aforementioned period before the General Directorate of Revenue through the E-Tax system.

Legal entities that generate local income have the obligation to submit an income tax return where they must make in detail of all their income and deductible expenses for their fiscal period. The fixed rate for legal entities is of 25% of the net taxable income. The deadline for the annual tax return for legal entities, expires on March 31st of each year.

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More than 6,000 tourists arrive at Panama ports

The Panama Amador Cruise Port received more than 6 thousand tourists on December 6, after the arrival of two cruise ships. They are the Viking Mars and the Norwegian Joy, cruise lines that chose the Amador Cruise Port for their operations of home port (home port).

Incae Business School will establish its permanent headquarters in Panama.

The Ministry of Foreign Affairs issued an executive resolution in which it recognizes the higher education center to begin operations in the country as an international organization.

Panama micro, small and medium-sized businesses (MSMEs) predict that 2024 will be a “positive and optimistic” year.

Panama micro, small and medium-sized businesses (MSMEs) predict that 2024 will be a “positive and optimistic” year for their businesses, even though 2023 left them with a “fragile” economy due to the closure of streets, which overshadowed the arrival of their high season.

For 2024, Panama projects economic growth of 4.7%, after closing 2023 with a performance of 6.5%.

Although the figures represent a significant drop, the country will continue to lead the region's projections by surpassing its peers such as the Dominican Republic (4.4%), Costa Rica (4.3%) and El Salvador (2.0%), according to the forecasts given by Citi, through its economists, during a virtual meeting held with the media, this Tuesday.

🏆 Honored to announce that Prime Solutions has been named the 'Growing Firm of the Year' by the Accountants and Auditors Association (LACA)!

🌟 Huge thanks to Carlos Urbina for his exceptional leadership and dedication. This recognition fuels our commitment to delivering top-notch solutions to our clients! 🎉

Panama ranked as the best business destination in Latin America and eighth in the world.

With a score of 81.8, Panama ranked as the best business destination in Latin America and eighth in the world, according to the "Best Countries for Business" ranking published by US News.The country was part of a list of 24 analyzed nations, among which the most prominent were Switzerland, Luxembourg, Finland, Sweden, Norway, Denmark, and Singapore.

Panama under the best places to go in Central and South America in 2024

Once a mere stopover destination, Panama City is giving us new reasons to stay awhile. Go beyond the eponymous canal—arguably the most significant trade route of all time—to a city punctuated with mind-bending skyscrapers (like the F&F Tower), uniquely steeped in both American influence and Central American culture, and wrapped around its own rainforest (the 573-acre Metropolitan Natural Park).In the old quarter, UNESCO-designated Casco Viejo, the Sofitel Legend Casco Viejo, Panama opened last year in a former social club founded in 1917. Breeze through its immaculate French-colonial-inspired lobby with fringed palms and tiled floors to Arcano, a speakeasy with tarot card readings and aged Panamanian rum. Read more here: https://lnkd.in/dARYyCUw

In order to obtain the discount on Municipality Taxes for 2024 the annual tax return for municipality need to be submitted as well before the end of the month. Please contact us if you need assistance at contact@primesls.com

We hope you found value in this edition of our newsletter, and we invite you to reach out with your questions, feedback, or specific topics you'd like us to cover in future issues. Your input is invaluable, and we are here to serve you better. Stay tuned for exciting updates and insights in the upcoming editions of "The Panama PrimeView."

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