Unlocking the Import Adventure

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Welcome to the beginning of an exciting import journey to Panama! If you're a retired or pensioned foreign tourist or a retired rentier, this guide is here to help you navigate the process with ease. By following the requirements and steps outlined below, you'll be well-prepared to bring your cherished belongings and enjoy the rewards of retirement in Panama.

Requirements and Process:

To ensure a seamless import experience, let's delve into the key requirements and steps you need to follow:

• Valid Identification: Make sure you have a valid identification card that will serve as your official identification throughout the import process.
• Bill of Lading: Obtain a properly filled out bill of lading in your name as the recipient of the goods. Remember, as the importer, you're responsible for any legal consequences and taxes associated with the imported items.
• Original Commercial Invoice: This essential document should include the company's letterhead with a complete address and phone number. It must be sworn or certified by the exporter and provide a comprehensive description of the goods, including quantity, weight, and total unit value.
• Delivery Order: If you're importing a vehicle, secure an order of delivery for the warehouse to ensure a smooth arrival and handling process.
• Customs Settlement and Declaration: Prepare all the necessary customs settlement and declaration documents to successfully complete your import journey.
• Certificate of Retirement: Obtain a certificate of retirement that states the amount you receive from your retirement plan. This document is crucial for establishing your eligibility for certain exemptions.
• National Tax Clearance ("Paz y Salvo"): Obtain the national tax clearance issued by the Ministry of Economy and Finance to confirm your compliance with income tax obligations in Panama.
• Exemption Request from Immigration and Naturalization Service: If you're importing a vehicle, submit an exemption request to the Immigration and Naturalization Service to enjoy additional benefits.
• Certificate of Residency: Panamanian applicants must provide a certificate of residency, demonstrating that they have resided abroad for two years or more.
• Copy of Retiree or Pensioner Card: Foreign applicants should have a copy of their retiree or pensioner card. If it's not available yet, you can submit an official letter from the National Customs Directorate, stating that the card is being processed or will be processed.
• Passport: Don't forget to bring your passport – the key to exploring new horizons.
• Bank Certification: Obtain a bank certification stating the account balance generating interest to demonstrate your financial standing as a rentier.
• Property Title: If applicable, provide the property title from your country of origin to show ownership rights.

Important Considerations for Importing Vehicles:

When importing vehicles, keep the following points in mind:

• Tax Exemptions: Household items and vehicles are exempt from Customs duty, but the Transfer of Material Goods and Services Tax (ITBM) will still apply.
• Inspection of Goods: Be prepared for an inspection of your goods upon arrival, either at the port of entry or even at your doorstep. Additional fees may apply for home inspections.
• Time Limit for Import: Ensure your goods arrive in Panama within six months from the moment they set sail.
• Customs Brokerage and Storage Fees: Be aware that you'll need to pay customs brokerage fees and any applicable storage fees during the customs clearance process.
• Vehicle Transfer: When selling your imported vehicle, settle the exemption tax before transferring ownership, unless the buyer is also eligible for the exemption.

Now that you're equipped with an extensive overview of the requirements and process, you're ready to embark on your import journey to Panama. Enjoy the adventure of bringing your beloved belongings and experiencing the benefits that come with being a retired or pensioned foreign tourist or a retired rentier. Bon voyage!

For assistance with real estate transactions or any other legal services, trust LEGAL@work, the leading Panama law firm specializing in immigration and relocation. Our team of dedicated experts will ensure your journey is smooth and hassle-free. Contact us today to start your import adventure!