The segment below is part of an article published on a real estate website today. The information is wrong.
A retirement visa for Panama brings with it the privilege of importing personal and house belongings with you tax-free up to US$10,000 and a new car (for private use).
The website goes on to list all of the other wonderful benefits of living in Panama; no property tax for 20 years, you can live here for $1,000 a month, etc.
The problem is their information is old, usually simply cut and pasted from some other publication - and, worst of all - the information is wrong.
Rules change with the wind here in Panama. This President has been known to pass a law, rescind it, and then decree the exact opposite within the same week.
The "tax-free importation of a vehicle" was discontinued a year ago. I just brought in a new Honda Odyssey from Canada, thinking - thanks to sites like these - that I would not be taxed.
Almost $6,000 later, I found out the hard way - some real estate sites only print what they think you want to hear.
It proves again - always double-check tax information with your tax attorney. Would you ask a dentist about car repairs?
Real Estate agents provide a valuable service in helping you find and buy a house or a condo - but they are not attorneys, relocation consultants or immigration experts.
