When expats think about relocating to a place like Panama, the first thing that comes to mind is “what can I do in Panama?”. For many expats who are retired, and have a lifetime pension income or other sources of income to support their lifestyle, life in Panama may be just an extended vacation in the tropics, fishing, golfing, diving, or just enjoying all the new exciting places to visit around the country while meeting new people.
For others, relocating to Panama may also require figuring out how to earn a living, or supplement their incomes to afford the nicer things in life. If you are one of those people, then this article may be of value to you, coming from someone who has lived here for 45 years and has helped hundreds of expats to set up their business in Panama, in just about every industry from hotels & restaurants, to import/export companies in Panama, to online businesses, you name it we have done it all.
While some business executives have very good salaries in Panama, getting a job here can be highly competitive, and you need to be fluent in Spanish to be able to even be considered. Salaries in Panama are quite low for lower level managers, or technical jobs, so it is not advisable to even bother looking for jobs here if you are used to earning high salaries in the US, Canada or Europe. Most of our clients who relocate to Panama start their own businesses, or they work online for companies from other countries.
If the Corona Virus pandemic has taught us anything, it is that online businesses are the future, and with the technological advancements in high speed internet services throughout the globe, just about every job and business on the planet can be done online – meaning you can work from home in Panama. Working from the comfort of your home is the ideal scenario for just about everyone, unless you just want to get away from your spouse, of course.
Setting up a business in Panama is relatively simple, and only takes a few days to setup the company and get a business license to operate in Panama. However, before setting up the company, you first need to have a clear understanding of what business you are going to get into, because to complete the business license process, the business activity needs to be defined.
On a side note, Panama has a territorial tax system, meaning that the government of Panama only taxes income that is earned from Panamanian sources (products or services sold to Panamanian citizens or residents of Panama located inside of the territory of Panama), so any income earned through your Panamanian company is tax free in Panama, as long as the income is derived from foreign sources. So if you have an online business, and your clients are not Panamanian, then your income is tax free in Panama. Plus, if you keep your money in Panamanian banks, the interest earned on those accounts is also tax free in Panama, and by the way, bank interest rates in Panama are around 2% for savings accounts and up to 5% for longer term time deposits.
The sky is the limit when it comes to selecting a business or money making activity online, but here are just a few proven online businesses that I have personal experience with, helping my clients to get started:
Open your own online store on Amazon.com
A few years ago, my wife (@briannameighan) decided she was going to open her own product line and sell it on Amazon.com through what they refer to as “Fulfillment By Amazon” or “Amazon FBA”. Basically you research products on Amazon.com that have high volume sales, and relatively low competition, and then buy the products from a manufacturer that offers the option of placing your private label on their product, send it to Amazon’s fulfillment center, and begin selling your product on Amazon.com, who handles everything A-Z, from customer service, to shipping your product, etc. Brianna has never done this in her life, but she knew friends that had done it successfully using an online course called “Amazing Selling Machine” (ASM).
Brianna took the online course as her friends had recommended, and a few months later she was in business with just a small initial investment of US$5,000. Today Brianna is amazingly selling hundreds of thousands of dollars per month of her private label products through Amazon FBA, earning a fantastic seven figure income, working from home in Panama.
Check out her youtube video where she explains how she did it:
Please take note, ASM is offering a free live 2 hour webinar THIS WEEK on the 11th and 12th of June, to a limited number of subscribers, that teaches you how to private label your product and sell it on Amazon FBA. So sign up for FREE and learn about an amazing opportunity to earn money online working from the comfort of your home anywhere in the world.
Online Stock Trading
The stock market is extremely volatile, and most people who actively trade lose money because most people are gambling, picking stocks at a whim and rolling the dice. However, I have a friend named Joel from the US, who is a genius in stock trading, and his passion is teaching others how to Wealth Build through proven strategies using options in the stock market with 100% capital protection. Joel has hundreds of students that take his Wealth Building course every year, and many of them have applied his strategies to build their fortunes from the comfort of their homes. Joel’s strategies are by far the best I have seen, particularly for those who are not professional traders, and do not want to spend their days glued to a computer screen watching their stocks go up and down.
Joel teaches his students a course on “Wealth Building”, which is basically buying stock in blue chip US companies on major US stock markets, and then using put and call options, he teaches you how to create an “anchor” to protect your capital from down turns in the market, so that if the market goes down, you still earn money, and if the market goes up, you also earn money. You can open your trading account through any online discount brokerage firm, and then just follow Joel’s trade alerts. Joel does not guarantee returns, but his students are averaging 40% returns per year, just following his weekly trade alerts. You can start Wealth Building with as little as $5000.
The basic Wealth Building course costs just $3000, and the trade alert service is only $1000 per year. Once you take the Wealth Building course, it only takes a few minutes a week to adjust your positions online, from your mobile phone or from your laptop at home or while on the road. The great thing about this is it is super easy and inexpensive to get started, and the investment is 100% liquid at any time you want out, you simply sell your position and in a matter of seconds you are out. Joel works on a referral basis only – For an introduction to Joel, contact us at info@pols.com.pa or whatsapp +(507)6605-0867.
If you need assistance with starting a business online, in Panama or elsewhere, please contact us at info@pols.com.pa
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