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|Wakeup Call, Nassau|
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|Posted by:||Jul 18th 2007, 10:25:34 am|
|csh||I have lived in both countries and will say I totally agree with you, Panama is a very savvy up and coming city. They are very friendly to foreign investment and business and I have found the Bahamas to be most backward plus very difficult to deal with. When Panama got control of the canal people speculated that they could not handle it but instead they have come into their own. Not so in the Bahamas...good thing they have such nice beaches.|
|Posted by:||Jul 9th 2007, 02:59:54 pm|
|Richard P||This is a recent note from the founder of a popular U.S. social networking community, who I encouraged to relocate offshore to the Bahamas a few years back.
I thought that the resident Briland.com community would appreciate his comments as to what he found to be the business environment in Nassau ... and why he lasted just two years before relocating to another offshore location:
It's great to hear from you!! I hope you are doing well!
I really enjoyed my time in the Bahamas. But I kept hearing lots of good things about Panama, and how they were making it easy for retirees to gain residency and how it was very affordable etc.
I was getting to the point where I wanted to have people working in an office with me, and if I was going to do that in Bahamas, it seemed I'd need to get a $10K/year work permit for myself just to create 1-2 jobs there for locals, e.g. executive assistant and a programmer. I had friends who'd been waiting for ages to get residency and business approval, who would have been excellent for the Bahamas (guess what country they're now moving to, bringing their capital and expertise!).
Plus if I was going to set up an office I wanted to have the option to recruit the best people from around the world and not worry about having to replace foreigners with locals within 5 years plus pay expensive permitting fees etc. And I found out Panama has a program for high-tech startups with no limits on # of foreigners, accelerated permit approval, waivers on various taxes, etc. So the immigration policies and the local sentiment towards immigration ('the foreigners are stealing jobs from Bahamians') in the Bahamas didn't seem workable. Plus I was feeling that I'd like to be somewhere with a bit larger population and more activities going on.
I'm positive on the move, it's been 2 years now that I've been here in Panama, and don't have any plans to move.
Thanks for the offer of help and for your encouragement on my Bahamas experiment way back when! I did enjoy my time there.
Our capitol really needs an attitude adjustment, and fast!
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