Important TAX Information for US Expats in Panama! 

Do you have a bank account in Panama? Did you open a corporation for your residency or property ownership? You could be facing $10,000+ a year PENALTIES if you don't file your taxes correctly!! If you are a United States citizen living in Panama (or any country), you still have tax filing requirements to the US Government! The issues are more complicated and complex, and you need a CPA who is an EXPERT in handling expat taxes! My personal expat CPA is Allen Pfeister, who has years of experience handling the unique issues that expats face. And I'm thrilled that he agreed to talk with me about some of the major things expats need to be aware of! Foreign Tax Credit, Foreign Earned Income Exclusion, FBAR, FACTA, Corporation Form 5471, property ownership, and more will be discussed! This interview is PACKED with solid information and advice that will apply to pretty much every US citizen. I paid multiple consultants before I moved and didn't get information this concise and detailed! And you get it here for FREE! 🙂 If you have questions about this video, please post them on the I Go Panama Facebook group at : facebook.com/groups/igopanama/posts/1378766772690280/ We will be doing a follow up interview in the next few weeks to get your questions answered. If you are ready for a paid consultation with Allen, please contact him at Allen@allenp.cpa DISCLAIMER: I receive nothing in exchange for this interview.

Thank you guys for the important information given to us in this video.

AWESOME and highly informative. THANK YOU !!!

VERY GREAT VIDEO FROM PANAMA... WE WISH YOU ALL THE BEST FROM LIVING HERE IN PANAMA

Another great answer to that question about pension what about social security guess I'll have to file thanks again

amazing information!

Great video full of priceless information. I’ve been living in Panama now for a year and I’m looking to buy some property in Bocas soon. I’m really glad I found your channel. Do you have any recommendations for real estate agents in Boca with experience in working with foreigners? Thank you 🙏

the 1099-K rule on payments as low as $600 has been delayed past 2022. IRS wasn't ready for the increased paperwork.

What if you have bought property, still owe on the Panamanian mortgage but haven’t moved yet, have started the pensionado visa process to get visas by July 24 plan to move by end of this year permanently.

Thank you very much for asking my question..

Tonnes of time had been spent on discussing buying property with corporation while one of the benefits of retiring or settlement in Panama is THAT THERE'S NO NEED FOR CORPORATION when buying a property in Panama. That part had never been even touched. Is there another Panama out there or I'm missing something in discussion? Also on the margin of it.. - Since internet e.i. in Altos del Maria ( or in Panama in general) is extremely expensive do "pensionado discount" apply to internet? In general they say "utilities discount" but no one determines those "utilities".

Reporting interest earned in Panama accounts is there a limit? Is there a reporting limit example if you earn only $4.00 in interest is that still to be reported?

Can I avoid FATCA requirments if I am a dual US/Canada citizen and open account in Panama with my Canadian passport?

Wow guys great information about leaving democrats California sell everything have nothing in California start fresh need to have a big garage sale thanks guys

What is Allen's email?

The US collects taxes based on citizenship, whereas most other countries tax you based on residency. Don't live in Spain? You don't pay taxes in Spain. Don't live in the US? It doesn't matter, you have to file and pay taxes to the IRS. This is why many ultra-rich people renounce their US citizenship. Depending on who you are, the US residency is overrated.

Sorry this guy is in Panama