so how does this work? As an american do we just go to Panama and open up a bank account? Basically what they used to do with swiss bank accounts?
Not sure how the thing with swiss bank accounts worked. I know for some places it requires citizenship of six months for the taxes. Like in Puerto Rico you need to live there for six months out of the year. Think that applies anywhere. I know people were opening accounts down in Panama back during the crack era to launder drug money. But I don't think that applies to capital gains or taxes. They do use the USD down there so its easier to maneuver with. Lot of expats and digital nomads out there and other countries like Costa Rica, Colombia, and Mexico. I know here I believe its 0% up to 41k so only if you making much more than that would it be worth it. Tho COL is much cheaper than here so has its pros and cons.
