The Country of Panama is Attracting and Expecting up to 300 New Millionaires by the End of 2025

In Central America, Panama shares this important attraction with neighboring Costa Rica.  The report warns that by the end of the year, Panama could welcome around 300 new millionaires, while Costa Ricans could welcome 350.  According to Andrew Amoils, head of research at New World Wealth, quoted by Bloomberg, Panama and Costa Rica are among the 10 fastest-growing millionaire markets in the world.  Where do these millionaires come from? These wealthy individuals don’t come from Latin America, but from wealthy economies around the world, like Canada and the United States.  New businesses arriving in the country can provide a clue as to the origins of these individuals, given that there is no record of the arrival of the wealthy.

This report also indicates that in the case of millionaire migrants arriving in Panama, their assets are estimated at approximately $2.4 billion.  In Panama, according to Henley & Partners, there are about 7,500 millionaires (1 million and more), 35 centimillionaires ($100 million or more) and three multimillionaires ($1 billion or more).  When investigating the reasons behind this appeal, experts point to Panama’s lack of inheritance or succession taxes, low income tax rates, established luxury residential areas, security, and idyllic landscapes.  Last year, Panama received $3.24 billion in foreign direct investment.