Relocating to Boquete and bringing my small business

Hello gandalfwz,

Welcome to Expat.com 😀

I have slightly changed the title of your thread to make it easier for other members to understand what your post is about.

If you have any specific questions, feel free to ask them directly on the Panama forum. Our members will be happy to share their advice and experiences with you.

I also suggest having a look at our guide: Living in Panama: the ultimate expat guide, which may be useful for your plans.

All the best!

Cheryl

Expat.com team

Thanks you Cheryl. My wife (Donna) and I are working on plans for a trip to Panama most likely in 6 - 8 weeks to look at  one or two areas we might want to relocate to. We may have another couple with us who are also interested in Expat living. I operate a shoe and boot repair business in Oklahoma City and I am considering bringing the business with me for a 'semi-retirement' after 61 years in the business. My wife and I would like to look for areas with moderately prices homes to buy and are particular interested in Boquete and similar areas. We look forward to meeting other people in the area... especially locals as well as expats and getting to know the community. It looks like a wonderful place to escape the fast-paced life here in the US. Hope to see all of you soon.

Al Want

@gandalfwz

We’ve been in Alto Boquete for 8 months now, expats for just over 6 years (mostly in DR). I’m happy to answer any questions you might have about living in this area.

As far as bringing your business, you need to research the legal aspects. If you gain residency as a retiree (Pensionado), you are not allowed to work in Panama. If you start a business, there are requirements to have a certain number of Panamanian employees. Also understand that you would be competing with Panamanians who provide the same services as very low rates compared to the U.S.

I’d definitely use the first trip as more of a test run than a vacation. Spend some time in Boquete, but also check out one or two nearby areas and do normal things like grocery shopping, driving around, checking the internet, etc.

@ddmcghee

Thanks for the heads-up on business restrictions. I intend to talk to legal, tax and immigration experts in Panama before making any move to ensure that it will be practical. As for competition, I'm considering bringing the business so I have a good reason to get out of the house two or three days a week in semi-retirement. I have owned and operated a shoe repair shop in Oklahoma City for the last 45 years (61 years in the business) and did not see any other shops in Boquete so I think I could provide a useful part-time service to my fellow residents. Making a living from the business is not particularly necessary for us. i'm too active to fully retire and too old to continue working 45 hours a week and I'd welcome the opportunity to pass along my trade knowledge to a trainee. I do appreciate your warning about the tax system as I would want to make sure I can work within the system and still keep my retirement benefits (Social Security and retirement funds) without unreasonably high taxation. In short, I'll soak up all the info folks like you can throw my way and visit the area several times with eyes wide open to see if it's going to be a workable idea. Thanks again for your reply. Al

@gandalfwz there is not modest cost in any place of Panama at all!. As soon as you get any health issue you will face it…

@gandalfwz

There is at least one shoe repair shop in Bajo Boquete (downtown). I've not been, but when I mentioned fixing a pair of Keens with Shoe Goo, a friend suggested checking it out.