Business Panama, Investments and Real Estate, Panama Trade and Tourism

Probably you don't know this, but the latest Tax Reform introduced by Law 8 of 2010 which just started this July 1^st, deleted the tax free importation of 1 car every 2 years enjoyed by pensionados and other immigrant programs up to now and instead created a new so-called luxury tax that goes up to 25% on the importation of cars.

 

Most pensionados came to Panama lured by incentives like a 20 year real estate tax exemption, the 18% car import tax exemption and others which now have either disappeared or replaced the exemption by a higher tax.

 

We already have taken action by sending a formal inquiry since June 15 to the Panama Income Revenue Office asking if they are planning to extend an exemption of this luxury tax to pensionados, but up to date, they have not responded.

 

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