Which is the best residency solution instead of the Panama Friendly Nations Visa?
Published at: 08/06/2021 09:58 am
Panama's attractive Friendly Nations Visa is changing; it's time to consider other options.
Residency and citizenship by investment programs are constantly changing. It looks like following the coronavirus, some countries upgrade the security and tighten the application rules and significantly increase the cost to obtain their residency permits or citizenships.
In 2020, the two traditional European citizenship programs (Cyprus and Malta) were suspended or upgraded. Moreover, if you want to get European citizenship (soon EU citizenship), it's better to hurry. Montenegro ceases its citizenship by investment program from 2022.
The residency by investment options are also constantly changing to satisfy the issuing country's actual needs. Usually, it means price increase, but sovereign states sometimes suspend or relaunch their schemes for investor immigrants; it depends on various factors.
In Latin America, the most advantageous permanent residency program is the Panama Friendly Nations Visa. The applicant had to register a cheap company, deposit US$ 5,000 for three days. They had to visit the country for only one week each year and obtain Panamanian citizenship hassle-free after five years. And the passport of Panama is a most valuable travel document.
However, because of the continuously increasing demand for the program, the government changed the Panama Friendly Nations Visa. From 17 August 2021, instead of the US$ 5,000 deposit, the applicants must invest US$ 200,000 in property in Panama or become employed by a local company (it means local taxation, instead of the usual 0% offshore tax).
Naturally, the investors are looking for more attractive solutions now.
Which jurisdiction should you choose instead of Panama? Of course, the UAE!
The United Arab Emirates offers a tax-neutral residency by investment solution, which became the market-leading structure for international business people who wish to plan their global tax compliance and do it through a transparent and red-tape free system. The first step for applicants is to register a company in the UAE and obtain a business license. This structure guarantees the UAE's tax-free advantages for the residents; there are no state burdens on residents and businesses. You don't have to stay in the Emirates but can buy real estate or open bank accounts.
Discus Holdings Ltd has decades of experience with the immigration and tax rules of the United Arab Emirates. Our representative office is waiting for your enquiries in Dubai.
Also, you can find here all the relevant details of this affordable and fast solution!
Don't hesitate to become a resident of the UAE and enjoy its benefits! In the post-coronavirus era, the rules of international taxation and residency will change faster than you believe. Contact us for a consultation!