5 Reasons to apply for the Permanent Resident ID that comes with the Panama Permanent Residency Card and additional benefits of having one for each family member
1. Can be used to get a Work Permit. The benefit of the work permit is permanent residents can receive income as independent contractors for Locally established foreign individuals and companies
2. Makes property ownership simpler and quicker. Most people don’t pay attention to the letter “E” that stands for “Extranjero” (Foreigner). When prices are not posted, buying like a local can save money especially for those who can communicate in Spanish
3. Makes Banking and financial transactions easier. The Permanent Resident ID card is called “Cédula” and as far as the Financial institutions are concerned a Cédula is a Cédula regardless of the inconspicuous “E” designation for foreigners.
4. Can reduce Taxation in the home country when used to file a Tax Return with the Ministry of Economy and Finance in Panama. If ever they are faced with a Tax Audit in their home country, Panama Residents will understand how very beneficial it will be to show an approved Tax return that is filed in Panama.
5. There is no need to carry around a passport in case that it may be needed to talk to Police and other government authorities. The obvious benefit is that it becomes a nuisance having to carrying a passport while fishing on a yacht or splashing around on the beach
Most Residents recognize that the ID Card is for individuals who settle down in Panama for a while.
