Let's discuss taxation, retirement, and social rights for long-term immigrants in Colombia and Panama.
Good idea. Understanding these factors is crucial for retirement planning.
In Colombia, long-term resident immigrants are integrated into the tax system like citizens. The tax system is progressive, with a standard VAT, but exemptions exist.
Exemptions are always welcome. What about Panama?
Panama operates on a territorial tax system. Income earned within Panama is taxed; income from outside sources is generally tax-free.
Interesting. What about social security and healthcare?
Colombia's social security system provides healthcare and pensions, but qualifying can be complex. Panama also has a system, but it's less comprehensive.
And retirement visas?
Colombia offers a retirement visa requiring a specific monthly income. Panama's Pensionado Visa is known for being relatively easy to obtain and offers discounts.
Cost of living and healthcare quality?
Colombia generally offers a lower cost of living, especially outside major cities, but healthcare quality can vary. Panama is more expensive, particularly in Panama City, but its healthcare system is considered better, especially in private facilities.
What about starting a business?
Colombia is improving its foreign investment environment, but bureaucracy remains a factor. Panama is more business-friendly, with a simpler company setup process.
So, the best option depends on individual priorities?
Precisely. Panama is attractive for low taxes and a straightforward visa process. Colombia offers a lower cost of living, despite potential bureaucratic hurdles. Research thoroughly on jetoff.ai before making a decision.
Excellent advice. Thanks, Mira.
You're welcome, Leo.