How to get paid in dollars in Panama

In Panama the US dollar circulates as currency, so your pay arrives without conversion: an international transfer (SWIFT) is credited in dollars at Banco General, Banistmo or BAC. Payoneer and Wise work too, and Wise gives you US account details. PayPal can receive.

  • Account at Banco General, Banistmo or BAC: receives SWIFT in dollars.
  • Payoneer: receives payments from companies, Deel and marketplaces.
  • Wise: account with US details to get paid by ACH.
  • Deel, Ontop and similar: pay to Payoneer, Wise or your bank.

Taxes in Panama

Taxes are run by DGI. Panama only taxes Panamanian-source income (territorial system), but work done from the country may count as Panamanian-source and some services owe ITBMS: check with an accountant.

Tips

  • GMT-5 all year: in winter you match US Eastern time exactly.
  • Earning dollars in a country that uses the dollar avoids currency risk.

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Frequently asked questions

Yes: there are 56 open remote jobs for Panamanians from 6 companies on RemoteJobs.lat, with new ones every month.

Directly: a SWIFT transfer lands in dollars at your bank, or you use Payoneer or Wise and withdraw to your account.

Panama only taxes Panamanian-source income, but work done from the country may count as such. Confirm with an accountant.

Panama is on GMT-5 all year: in winter it matches US Eastern time and in summer it's one hour behind.
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