Recently you might have read news about EU removing Panama, Philippines and UAE from its blacklist since FATF has already done the same.
As Singabiz has the three mentioned countries in its service portfolio, in this article we would like to analyze how you can benefit from the improved situation around them.
Panama
As we mentioned in previous articles, Panama is one of the best developed countries in Latin America hosting regional headquarters of many different international organizations and corporations, steadily growing its GDP and having one of the most stable economies in the region.
Panama applies a territorial taxation regime which means that your revenues from outside of Panama are not taxed if you have your permanent residence in Panama and in no other countries. Panama has very favorable immigration options for permanent residency, reliable legislation for investments into real estate, quite few crypto-friendly banks as well as one of the best foundation laws (when introducing foundations, Panama analyzed the legislation in regards of foundations in Liechtenstein and Luxemburg and took the best out of them, improving certain points).
Surely, the topic of Panamanian foundations might be beneficial in different ways depending on your home country (for example, Germany does not accept foundations created outside of Europe which results in the fact that foundations in Liechtenstein and Luxemburg are being mainly used by most of Germans instead of foundations in Panama, while Switzerland has no issues accepting foundations from Panama under certain conditions).
Independently from all the benefits of foundations, you can also benefit from the immigration law welcoming foreign investors as well as retirees (jubilado, pensionado). The latter can receive a permanent residency proving a stable passive income of min. 1000 USD per month. The age does not play a big role here; you can be recognized as pensionado even if you are just as young as 35 years old (as an example) if you can prove your regular pension income.
In view of more and more hostile events in the world in the recent years, a plan B with a permanent residency in Panama (and eventually an own housing there) can be a good opportunity to hold in one’s pocket.
Philippines
If you prefer Asia rather than Latin America, Philippines offer an incomparable opportunity for one of the fastest and cheapest permanent residencies by investment in the world. For just 75.000 USD of investment, you can receive your permanent residency within 5 working days after the prescreening and the preapproval of your documents. Once you get a confirmation after the preapproval, you have 3 months to arrange your trip to Philippines and to get your permanent residency with VIP assistance in the country.
The above-mentioned permanent residency in Philippines counts from the day one (!) as well for your second citizenship which you can obtain in Philippines in two ways:
- After holding the permanent residency for 10 years and living in the country for at least 5 years during this period or
- After only 5 years of permanent residency and living in the country for 2,5 years during this period, if you contribute to the Philippines’ economy (it can be as simple as giving language lessons).
Keep in mind that the territorial taxation in Philippines applies only to permanent residents. If you become a citizen of Philippines and get your tax residency there, you’ll be taxed on your worldwide income.
It’s each one’s individual decision what is more important for him: being a permanent resident and enjoying the territorial taxation or getting a second citizenship.
If you get your citizenship, you can request the full pay-out of your investment.
Apart from the territorial taxation, Philippines has further interesting and positive points, like it does not participate in the CRS and therefore does not report your local bank accounts to countries of your other residencies, maintaining a certain level of privacy and intimacy of your wealth. Though, it is not wise to hide your accounts from the country of your tax residency (if it is another country), but this diversification can protect your wealth from an easy access by “money-hungry” governments of other countries.
Philippines has a very good level of English (it is one of the official country languages along with Tagalog), has a well-developed medical system, international schools and universities. If someone likes Asian style of life, Philippines could be a very good option for a fast, easy and safe permanent residency with a direct path to a second citizenship (unique in Asia!).
UAE
Last but not least: UAE. United Arab Emirates are currently THE country for residency and investment for most millionaires and tycoons of the world. Possessing real estate property in UAE belongs already to an unwritten rule of wealth diversification.
According to UBS real estate bubble index, the property in Dubai is yet far away from the property price developments in other comparable locations, like Monaco, Singapore, New York etc. At the same time, Dubai plans to nearly double its population by 2040. This trend is already happening and increasing the demand of the real estate property. The combination of the above facts creates a strong financial flow into the property market in Dubai.
Owning a property in Dubai can provide you the possibility of obtaining a long-term investor visa, which – contrary to visas received via incorporating a company in Dubai – does not require regular visits to UAE (at least once every 6 months). At the same time, you can become a resident with the right to come to Dubai anytime you wish and stay as long as you wish there.
Singabiz works with a real estate agent within official TOP-5 agents in Dubai (among over 30.000 agents in the market). This allows our customers to learn about upcoming projects yet before their official announcement and our partner has the possibility to reserve desired apartments or houses (up to complete stories in the skyscrapers) in the best locations ensuring the best possible value development and ROI over years. Many world-known artists, investors, bankers rely on the services of our partner around the real estate in Dubai. You can be welcomed in this exclusive club. Just ask us.
Surely, you can also incorporate a company in Dubai. Especially, companies in Free Zones are still enjoying a high demand, despite the fact that you need to maintain a proper bookkeeping and submit your local accounting and tax declarations every year. Even though you still have a lot of opportunities to run your business in Dubai actually without taxes, this additional layer of obligations regarding accounting and tax declarations increases the running costs of your business there.
Even though your business has to pay taxes from a certain level of revenues, individual salary in Dubai is still tax-free.
The most recent development: since end of 2024 smart contracts for real estate properties are allowed in Dubai. It means that even smaller investors who would like to start with as low as 130 Euro and first test the water before putting more money in a new market, are able to invest into Dubai’s property and benefit from the value growth in both – off-plan and key-ready rented-out projects. You then become a coproprietor of a selected property according to your paid share with all the benefits it brings along. More about real estate smart contracts in Dubai in a separate article which will come soon.
If you feel that one or another country from the above list or any other country from Singabiz’ portfolio could be of interest for you in regards of
- incorporations,
- permanent residency or second citizenship,
- investments and wealth protection,
do not hesitate to contact Singabiz and one of our representatives will be glad to assist you further.
You can also book one of our consultation packages depending on your needs (one of them is free of charge).
