Must I file a tax return in Panama if I hold a pensionado visa but only spend a few months a year in Panama and earn no local income?
Panama territorial taxation establishes that any income sourced in Panama is taxed. By sourced it is understood to be obtained while goods or services were created and sold in the country. Income tax filing is a mandatory obligation for anyone with locally sourced income only.
No need to file taxes in Panama, and foreign pensions are exempt.
Permanent residents must file income tax returns if and when they are generating local income, this is income sourced in Panama. Pensionado visa holders won’t have to file a tax return, especially since their pension is sourced abroad.
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