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    Work In Panama

    This is the land of opportunity! There are many opportunities to work in Panama, as well as starting your own business in Panama.

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        What To Expect If You Want To Work In Panama

        Kathleen

        Reviewed By Kathleen Peddicord

        Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.

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          Table Of Contents

          Working In Panama As A Foreigner

          As a foreign resident looking to work in Panama, your options for local employment are limited. Foreign residents are restricted from participating in certain industries.

          You can’t become a licensed real estate agent, until you have been a legal resident for five years and have passed the Spanish real estate broker’s exam.

          As an expat, you are also unable to practice medicine or law. Also, retail is another sector which foreigners are not allowed to work in  Panama.

          You wont be able to act as an official translator, however some expats have found side jobs doing the translating for offices and receive cash payments.

          To begin working in Panama you will need to find an employer willing to sponsor you and arrange for your work visa. As competition is high for many positions, there are restrictions on the percentage of foreigners a Panamanian company may hire (generally 10%).

          Exceptions do exist for technical positions and temporary situations. According to Panamanian law, only 10% of employees in a company can be foreign. However, there are exceptions.

          For example, if a company requires specialized staff that is not readily available in the labor force in Panama, it is permitted to hire technical or specialized staff.

          In this case, foreign employees still can’t exceed 15% of all the company’s employees.

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            Foreigners Can Find Work In Panama

            You can find a job in Panama through a variety of industries, including:

            • banking
            • construction
            • embassies and other foreign goverment agencies
            • hospitality
            • non-profit
            • sales
            • sciences
            • technology

            Above all, if you have a particular skill, especially one that is in high demand or is difficult to find in Panama, you will have better luck finding a job. In Panama there is a shortage of skilled labor, but an oversupply of unskilled labor.

            As with many things here, finding a job in Panama can be easier once you have developed connections. This is very much a “who you know” country when it comes to getting a foot in the door.

            Over the past decade, in large part due to technological improvement, jobs have become much easier to find without having established a presence in country. Websites such as Konzerta and Encuentra24 have regularly posted positions.

            Work In Panama: Minimum Wage

            When you consider that the minimum wage here is less than US$500 a month, it’s not surprising that Panamanians are hired first.

            As of January 2024, the minimum wage in Panama starts at US$340 per month for domestic workers in Region 1 and US$315 for Region 2.

            Retirees  generally will find they can live like a king in Panama on their pension, without the need to find supplemental employment.

            Truth be told, you probably won’t need to work if you are considering retiring in Panama. A modest income is more than enough money in this country.

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              Obtaining A Work Permit

              There are a few ways to obtain a work permit in Panama, however the easiest for foreigners is through the “Specific Countries” visa program. This program allows you to get a visa and  residency in Panama, along with a work permit.

              Most importantly, the program statutes state that you simply need to prove that you are from one of the approved countries and that you have US$5,000 in the bank, any Panamanian bank, and an additional US$2000 in the account per dependent. Also, you must also demonstrate an offer of employment and contract from a Panamanian business.

              Plus, there are a few other minor requirements, however through this process you will obtain a Panamanian work permit.

              The work permit application can be initiated only after permanent residency has been granted, which, depending on your lawyer and connections can take 3 to 8 months. And, if your immediate goal is a work permit, this can be problematic, but this is an indefinite work permit, something only obtainable in Panama…a true Holy Grail.

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                Bringing Your Work To Panama

                An online business. work in panama
                iStock/Ridofranz

                One of the best options for work in Panama is simply to move your current job there. If you are a mobile professional, it’s worth considering making your base in Panama.

                You’ll be earning North American or European wages and enjoying a  Panamanian cost of living.

                In addition, high-speed Internet, inexpensive phone rates (less than 7 cent per minute to the U.S.), inexpensive English-speaking workforce, and a U.S.-dollar economy all contribute to a great workplace.

                Many web-based and creative businesses have already found a home here alongside other large and established businesses.

                For example, if you move your business to Panama, your best bet is to base yourself in the  City of Knowledge, a technology and education park with a state-of-the-art communications infrastructure and bustling business population. So, you’ll be in good company: the United Nations’ Regional Headquarters are here.

                Plus, other locations to consider are the Colon Free Zone and Panama Pacifico Industrial Zone, both offering certain tax exemptions and advantages.

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                  Starting A Business In Panama

                  Small business owner smiling. work in panama
                  iStock/Ridofranz

                  Panama, much like the United States, values entrepreneurship and works hard to attract future business development. With a less matured marketing and business environment, you will quickly find opportunities to start working in Panama for yourself, if only to materialize a business or service you are missing from back home.

                  Adventurous entrepreneurs with foresight and a little business acumen stand to make substantial gains. There are a few restrictions are placed on foreigners interested in owning and operating businesses, but not as many as in the general employment sector.

                  Panama boasts over 400,000 registered corporations. It is second only to Hong Kong as a home to corporations and corporate subsidiaries. And, if you are looking to  invest in Panama, starting a corporation can be a good way to begin.

                  So, here are a few ideas of businesses to start in Panama:

                  • consulting group
                  • import/export operation
                  • language school
                  • tourism business
                  • web-based business

                  Related reading: Why Starting A Business in Panama Made Perfect Sense

                  In short, you can find work in Panama, with a little effort, and if not, there is always an abundance of opportunity to make your own.

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                    Kathleen

                    Reviewed By Kathleen Peddicord

                    Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.

                    Escape The World In The

                    Caribbean's #1
                    Retirement Haven

                    Belize Conference

                    Feb. 19-21, 2025

                    LEARN MORE!

                    Start Your New Overseas Life Today

                    A world full of fun, adventure, and profit awaits! Sign up for our free daily e-letter, Overseas Opportunity Letter, and we’ll send you a FREE report on the 10 Best Places To Retire In Style Overseas Today 2024






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                      Table Of Contents

                      Work In Panama- FAQs

                      Submit Your Own Questions

                      Be The First To Ask About Work In Panama

                      Panama reserves for its national citizen professions like engineering, law, accounting, and psychology. A foreign national can’t work in one of these occupations, regardless of whether they have a work permit.

                      Firstly, to start working in Panama you need to find an employer willing to sponsor you and arrange for your work visa. As competition is high for many positions, there are restrictions on the percentage of foreigners a Panamanian company may hire (generally 10%).

                      In Panama all overtime hours in excess of 48 hours a week are to be paid at an overtime compensation rate. The rate depends on the hours in which the overtime happens. Hours between 6 p.m. and 6 a.m. or on a rest day or holiday are paid at a rate of 150% of the employee’s regular income.

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