Productivity Potential in Turkey

A city that’s borne witness to some of the greatest armies and civilizations the world has ever known, Istanbul is a thriving modern metropolis with plenty of historic charm. As the capital of Turkiye, the country’s newly rebranded name, Istanbul is perfectly situated between the East and West, inviting tourists and remote workers from Europe, Asia, and beyond.

The city of two continents, as it’s commonly known, straddles Europe and Asia and is home to more than 15 million people. The city is home to most of the country’s riches, and this is clear to see from the opulent architecture left behind by past rulers.

It would be easy to overlook the natural beauty of the area given how architectural highlights such as the Hagia Sophia steal the limelight, but the pristine beaches, verdant jungles, and arid deserts characterize the surroundings of the Turkish capital. What’s more, travel opportunities are abundant, as you’ll find yourself within a stone’s throw from both European and Asian countries such as Greece, Bulgaria, Iran, and Armenia.

Istanbul, which once went by the names Constantinople and Byzantium, also houses an important port for Turkiye which ships and receives all kinds of goods on an international scale.

Remote workers are usually enamored with the inviting atmosphere of the capital, low cost of living, and plethora of non-work related activities, which make it easier to strike the perfect work-life balance.

How to Use This Guide

This guide is for those looking to create the work life of their dreams, and maybe someday call Istanbul home.

There isn’t a great deal of insightful information out there from remote workers who have dealt with the issues that you often face while working away from home. As such, it’s hard to know how to find suitable accommodation while you’re abroad.

We get it, some cities aren’t designed for the digital nomad or global citizen lifestyle, but that doesn’t mean that there aren’t plenty of worthy places out there to live your most productive life. 

With this guide, we want to show you that you can meet work deadlines, manage your business, and network when you travel. Istanbul is an excellent city to visit, but it can also be a fantastic place to set up shop and work from.

Here at StrataSix, we’ve made it our mission to seek out the most worker-friendly destinations around the world so that you can live your best work life wherever you are. We are only interested in locations that can help you hit your business and career goals, so rest assured anywhere you find a StrataSix residence you can maintain your usual levels of productivity.

If you’re on board, read on to discover our standards for accommodation and what we do to ensure you can thrive in Istanbul and other StrataSix selected locations. 

Only the Best Remote Work Residences

At StrataSix, we don’t settle for second best.

We know just how important it is for you to find accommodation that makes your life easy, and allows you to work without worrying about slow Wi-Fi, uncomfortable seating, or a lack of healthy food options.

There’s nothing worse than arriving at your destination and dropping your bags off only to realize that the place you’re staying is ill-suited to remote work. Sure, you can make concessions and go without a desk or comfortable chair, but why should you have to sacrifice your comfort and productivity when you go abroad?

It’s this question that inspired us to create remote worker-friendly residences around the world so that those for whom productivity is a priority can enjoy working wherever they are.

StrataSix Standards for Traveling in Istanbul

When you join StrataSix in Istanbul, you can expect residences that are built for success and productivity. To give you an idea of what to expect, here are our standards for all of our accommodation options in Istanbul and beyond:

• Residences: comfortable accommodation with smart technology and security systems
• Community: coworking spaces and opportunities to network
• Work: ergonomic workstations and quick, reliable WiFi 
• Convenience and safety: contactless check-in, regular cleaning, and security features
• Health: enjoy healthy prepared meals, comfortable bedding, and access to fitness centers 

We’re firm believers that a remote-work ready residence is a necessity for anyone hoping to get work done while abroad.

We know just how important it is to feel like your environment supports your goals rather than detracts from them. Nobody wants to work in a dimly-lit room with unreliable Wi-Fi, just like nobody wants to live somewhere with uncomfortable bedding and nothing but fast food to eat.

We understand what it takes to produce quality work and we’re here to support you to that end. We’ve gone the extra mile to take care of everything so that you can start being productive the moment you walk into your cozy new abode.

Now that you’re up to speed with our standards, let’s take a look at what Istanbul has to offer for the traveling worker and who it might be well-suited to.

Who Istanbul is Good For

Istanbul is a StrataSix selected location for productive remote living for:

• Entrepreneurs
• Solopreneurs
• Remote workers
• Freelancers
• Investors 

Many remote workers have chosen to call Istanbul home, and not just for its historic appeal and strategic location. The affordable prices, rich gastronomy, and vibrant markets make Istanbul an excellent place to be productive without missing out on any of the fun.

You’ll also find that there are plenty of facilities tailor made for remote workers such as coworking spaces, charming cafes with reliable WiFi, and more.

Istanbul’s Remote Work Opportunities

If you’re currently in the process of growing your business, you’ll be pleased to know that there are many opportunities to expand your network in Istanbul.

More and more the vibrant capital is becoming known as a hotbed of remote work activity, and as such, digital nomads and global entrepreneurs are flocking to the city in their droves.

If you find yourself in the Turkish capital, head to the Eastern district for some of the best coworking spots around. You’ll also find that Istanbul is peppered with coffee shops with the classic European work-friendly atmosphere that’s conducive to productivity. Plus, as we mentioned earlier, you’ll have transport links to countries in both Asia and Europe so you can hop across the border to make connections too.

Looking to take your business to the next level and brush shoulders with top entrepreneurs and investors?

The StrataSix Community is an established network comprising like minded individuals with business acumen and funds to finance up and coming startups. You’ll have access to this community the moment you arrive in Istanbul, so you can strike up business conversations with people who could help you climb up the ladder.

Turkiye Visas

Let’s start out with the bad news, most nationalities are required to obtain a visa to get into the country. 

The good news?

The e-visa, which can be applied for online, is easy enough to obtain and can make the process straightforward.

More than 100 nationalities are eligible to apply for the online e-visa, and within 24 hours, it could be yours. As such, travel to Istanbul shouldn’t be too challenging, as you’re free to fill out the application a few days before you head out. With the visa, you’ll have 30 or 60 days to explore the country, depending on your nationality. There’s also a small fee for this e-visa in the region of $30-60.

Bear in mind that not all nationalities can apply for this digital visa, and if this is the case the individual will need to obtain a physical visa.

You can find more information about countries eligible for e-visas on the Visas Turkey website.

For long term options read on as we explore the various visas that will allow you to stay in the country for more than 60 days.

Staying in Istanbul Long Term

Residence Permit

If you don’t have an employment contract, your best bet for securing long-term residency in Istanbul is to pursue the residence permit. 

So who is the residence permit for?

Anyone who wishes to stay in the country who doesn’t currently have an employment contract, so that could be anyone from students to retirees. The first time you apply for a residence permit, the maximum amount of time it will allow you in the country is a year. Beyond that, you’ll have to go through the process again if you want to extend your stay.

The country’s immigration services website is where you’ll submit your application for a residence permit. Once you’ve filled out all the relevant information, you’ll be given an appointment which you’ll have to attend at the immigration office.

Before your appointment, you’ll want to get all the necessary paperwork in order, which can include the following:

•  Rental contract or invitation from a Turkish resident
•  Health insurance coverage 
•  A bank statement which proves you can sustain yourself financially
•  A receipt of registration fees
•  Biometric photos

Turkish Work Permit

If you’re looking to stay in the country for work, and you have an employment contract, then your fastest route to residency is the work permit.

To initiate the process of applying for a work permit, you’ll need your employer to submit a request on your behalf. Once they have put the application forward, you’ll go through a similar process as those seeking the residence permit. Once you have an appointment at the immigration office, you’ll need to collect the following documents for approval:

•  Rental contract or invitation from a Turkish resident
•  Health insurance coverage 
•  A bank statement which proves you can sustain yourself financially
•  A receipt of registration fees
•  Biometric photos
•  Employment contract
•  Certified translation of diplomas
•  Work visa or residence permit 

If you enter the country on a tourist or student visa, you’ll first have to get your hands on a residence permit and then convert it into a work permit afterwards.

To renew either a resident permit or work permit, you’ll have to do so a month before your current permit expires. With the same paperwork as before, you can apply for an extension, and fortunately you can do so without having to attend an in-person appointment.

Once you’ve been in the country for eight years on either permit, you’ll become eligible to apply for permanent residency.

Citizenship by Investment

There’s also the option of securing citizenship via investment, if you have the funds to put into the country. 

To qualify for citizenship, the most common method is to invest a sum of $250,000 or more in real estate, which will open up the doors to both Asia and Europe as you’ll be granted visa-free or visa-on-arrival access to more than 110 countries across the continents.

What’s more, with this investment you won’t just become a resident of the country, but a citizen and all the perks that it carries. Your family members will automatically qualify for citizenship too through this investment.

To give you a clear idea of what to expect, here are all the ways you can secure citizenship via investment:

•  Invest $250,000 or more in real estate
•  Invest at least $500,000 as a fixed capital contribution 
•  Deposit $500,000 or more into a Turkish bank account
•  Put $500,000 or more into Turkish government bonds
•  Invest $500,000 into a real estate or venture capital investment fund share
•  Create jobs for more than 50 people, which must be confirmed by the Ministry of Family, Labour, and Social Services

Turkiye Tax

As a business owner, one of the main reasons to consider Istanbul as a new place to call home is the low corporate taxes.

While the country has relatively low tax rates, you’ll still pay more than you would in other countries such as Panama with its progressive taxation system.

Who is Subject to Tax in Turkiye?

As is common in many countries, it’s only the residents who will file taxes for all their worldwide income earned.

For non-residents, the only tax that they’ll need to pay is for any income they have earned from a company based in Turkiye.

Is Foreign Income Taxed in Turkiye?

No, unless you’re a resident of the country, you won’t have to pay taxes on foreign income you earn in Istanbul. If you’re a resident, you’ll be subject to the same taxation as citizens, which will include both domestic and foreign income.

US Taxes When Living In Istanbul

As a US citizen you’ll have to file your US taxes once a year while you’re in Istanbul. This is common in many countries, however you’ll be pleased to know that there’s a double taxation treaty between Turkiye and the United States which means you won’t have to pay more in taxes than you need to.

Essentially you’ll be exempt from paying taxes in the US if you qualify for the Foreign-Earned income exemption.

General Tax Thresholds For Istanbul Residents

As far as individual income tax goes, Turkiye uses a progressive taxation system that maxes out at 35%.

• Fiscal residents making less than less than 13,000 Turkish lira are subject to pay up to 15% in taxes.
• Fiscal residents making between 13,001 and 30,000 TL will be subject to a 20% tax rate
• Fiscal residents making between 30,001 and 110,000 TL will be subject to a 27% tax rate
• Fiscal residents making more than 110,000 TLK will be subject to a 35% tax rate

Money, Banking & Cryptocurrency

Currency

The Turkish Lira (TL).

Bank Accounts

In Turkiye, you’re free to open a bank account whether you’re a foreigner or a resident.

For both residents and non-residents it’s straightforward to create a bank account as it can be done either in-person or online.

If you’re a resident of the country, here’s what you’ll need to open a bank account:

•  Residence or work permit
•  Proof of address

If you’re yet to secure residency in Turkiye, here’s what you’ll need to open a bank account:

•  Tax number 
•  Valid passport 
•  Official translation showing proof of address

If you have your own company and you want to set up a business bank account, here’s what you’ll need:

•  Tax ID number 
•  Articles of Association for your company
•  Application form 
•  Proof of your company’s registered address

Debit Cards

In Turkiye, debit cards are widely used and commonly issued by local banks.

Credit Cards

All Turkish banks offer credit cards to their customers, so if you’re looking to get your hands on a credit card to use locally any bank will do.

Best Bank For Expats

When moving finances over to Turkiye, you’ll want to be sure that you find the best bank for your needs. Ziraat Bank is widely considered to be one of the best options for expats and global citizens, offering a range of financial products and headquartered in nearby Ankara.

Another popular bank for expats is Garanti Bank, which is headquartered locally in Istanbul, so if you have any issues at all you’ll be able to resolve them swiftly.

Making Purchases

In Turkiye, credit cards and debit cards are widely accepted, and there are ATMs in every city.

Visa and MasterCard are the best options as they’ll be accepted almost everywhere, yet you should be able to use an American Express card in some hotels and restaurants.

Cash Withdrawals

One thing to be aware of when withdrawing cash in Turkiye is Dynamic Currency Conversion (DCC). Whenever you make a transaction with a card, you’ll be prompted to pay either in the local currency or your native currency. Always pay in the local currency, otherwise you’ll be subject to currency conversion fees which are avoidable.

The Best Way To Pay In Istanbul

Cash First

It’s always a good idea to stock up on the local currency wherever you are, and Turkiye is no different.

Even though Istanbul is a major city, you’ll find that many cafes and smaller eateries only accept cash. As such, you should always have Turkish lira on hand so you’re not caught out.

While it’s not necessarily a cash economy, it is still a favored way of paying for many of the locals. For some experiences, like heading to the Grand Bazaar, you’ll be limited to paying with what local currency you have.

Card Payments

Istanbul is like any modern city in that it widely accepts the major credit cards such as Visa, MasterCard and in some places, American Express.

Cryptocurrency

While Turkish citizens showed curiosity towards the rise of cryptocurrency, things came to a head in April 2021 when the Central Bank of Turkiye implemented a ban on the use of crypto assets and virtual currency for purchases.

The ban came about as many locals were looking to the virtual form of currency as a way to avoid using the Turkish lira which has plummeted in value in recent years.

The Central Bank warned that accepting cryptocurrency payments could bring transaction risks, which is why they took decisive action last year.

Buying and Trading Cryptocurrency in Istanbul

While you might not be able to use your virtual currencies to pay for your groceries or the occasional kebab, what you can do is trade online using online brokers.

From Turkiye, you’ll be able to access many big online cryptocurrency brokers, including Coinmama, CEX, and Bitpanda. Coinmama operates in many countries, and offers a range of products, though there are fees of 4.9-5.9% per transaction. CEX supports many countries too, and Bitpanda is a reliable broker with low fees.

Healthcare & Access To Medical Care 

Turkiye has both public and private healthcare services, and has had universal healthcare in effect since 2003.

Dental care isn’t included in universal healthcare though, so it’s something you’ll need to go private for.

The country has a reputation for affordable healthcare, even if the quality isn’t quite as high as it is in other European countries.

There are many English-speaking doctors and nurses working in the Turkish healthcare system, so getting the care you need should be straightforward enough.

You can’t secure a residence or work permit in Turkiye without first enrolling in a health insurance plan. Universal public healthcare is only available to those who have been living in the country for at least a year, so for most foreigners and expats private care is the best — and perhaps only — option in the beginning. 

Investing in Istanbul

Real Estate

There are many compelling reasons to invest in real estate in Istanbul, and not least because it acts as a gateway to both Europe and Asia. Securing citizenship in the country through real estate investment will help you travel through both continents with ease, and with a purchase worth more than $250,000 your family will be guaranteed citizenship too.

This may seem like a substantial sum of money, which it is, but when you think that the figure used to be $1 million years ago it doesn’t seem all that expensive.

Istanbul is also an affordable city to buy property in, which means there are many great bargains ready to be snapped up.

So what are the steps you need to take to get your investment portfolio in Turkiye up and running?

• The first thing you’ll need to do is find a real estate agent to help you find the perfect real estate
• The agent will help you secure a title deed for the property you choose, which carries a fee of 4%
• Before you agree to the purchase, make sure you examine the property and have the agent do so too so you can spot any potential issues before it’s too late. 
• An attorney may be necessary to speed up the process of buying a property, and we recommend that you hire one if it’s your first time investing in real estate abroad.

Stocks 

The stock market in Turkiye is known as the Borsa Istanbul, and it tracks the performance of more than 100 companies picked by the National Market, including real estate investment trusts and venture capital investment trusts.

Here are some of the online brokers and trading platforms you can rely on to buy and sell stocks in Turkiye:

•  Saxo Bank
•  Interactive Brokers 
•  Capital.com

With these online stock brokers you’ll have access to research tools and varied product portfolios. There are fees associated with these brokers though including stock fees, Forex fees, and bond fees. There may also be non-trading fees too which can include account inactivity and depositing or withdrawing money.

Istanbul

Overview 

The rich heritage of Istanbul is clear to see throughout the city, and it’s one of the main draws for those passing through. It’s a city in which you can appreciate the historic charm through the lens of the dynamic modern center which features bustling bazaar markets, windy streets, and rich aromas emanating from the many Michelin star restaurants.

No trip to the city is complete without a visit to the imposing Hagia Sophia, a large mosque that was designed by the Greeks and was once an important religious, cultural, and political hub. It’s just one of many historical sites you can explore at your leisure if you choose Istanbul as your next work destination.

Beyond the history you’ll find a modern metropolis with glass skyscrapers and cutting edge innovation wherever you look. The city is a paradise for budding entrepreneurs looking for a cosmopolitan environment to live out their ideal work life.

Istanbul is a StrataSix destination primarily for its remote work infrastructure, which includes fast Wi-Fi speeds and plenty of coworking spaces and cafes to work from. We know just how important it is for you to have a variety of work spaces outside of your primary place of work, which is why Istanbul made the cut with our high standards.

There should be no shortage of expats and fellow entrepreneurs in the city, especially when you make the most of the StrataSix Community during your stay.

Getting to/from Istanbul

Istanbul has a large airport in the Arnavutkoy district, which resides close to the Black Sea coast. From there, it’s just 45km into the city center, so it’ll take roughly an hour to get there by car. Aside from the main airport, there’s also a small airport called Sabiha Gokcen airport which serves the Asian side of the city.

Best Istanbul Neighborhoods

Beyoğlu

If you want to feel first-hand the authentic historic charm of the city center, Beyoğlu is a fantastic neighborhood to consider. Such is the beauty of the neighborhood that it attracts all kinds of expats and tourists, so you’ll be in good company if you’re looking to find friends who speak your native language. In Beyoğlu you’ll find a blend of ancient architecture and swirling narrow streets, so you can set your work day up with several smaller breaks to stroll through the storied district.

Eminönü

Eminönü is another neighborhood steeped in the rich history and culture that Istanbul boasts. Here is where you’ll find real architectural gems such as the Blue Mosque and the Grand Bazar, as well as the Halic metro bridge that takes you across to the other side of the river. However, the best-kept secret is how affordable it is to live in the central district. 

Kadiköy

Kadiköy resides in the Eastern quarter of the city, closer to Asia than Europe. It’s a neighborhood with plenty of youthful exuberance which can be seen in the lively nightlife and student-led atmosphere. This is another excellent neighborhood to pick if you’re seeking the company of fellow remote workers and expats, since it’s both affordable and well situated.

Istanbul Accommodation

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Istanbul Temperature

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Transport

•  Bus – If you don’t have a car, and you want a cheap way to get around the city, the bus is your best option. Traveling by bus in Istanbul is affordable and you can easily find timetables online to schedule your route ahead of time.
•  Metro – The metro is another easy way to navigate around the city, albeit more expensive than the bus. However, if you buy a card that’s valid for multiple trips you can save money on your commute.
•  Isbike – Like many major cities, Istanbul has its own bike-for-hire system called ‘Isbike’. As is typical with bike-sharing services, the first 30 minutes of your ride will be free, so you can comfortably get where you need to go for next to nothing.

Safety

Mostly safe.

English Proficiency

Low.

Phones & Connectivity

•  Best Local Sim Cards: Turkcell and Vodafone.
•  Best Option for U.S. Residents: Turkcell is widely considered to be one of the best Sim card options for U.S. residents. As the leading mobile service provider in the country, coverage is wide-reaching and the Sim cards on offer from Turkcell are relatively affordable too.
•  Local Internet Speeds: 25.67mbps download/5.50mbps upload

Coworking

•  DAİRE Coworking
•  Kolektif House
•  Workhaus

Health & Fitness 

• Snap Fitness Nişantaşı
• Flex Health Club Fitness
• Weider Harbiye Fitness Center

Popular Tourist Locations

• Hagia Sophia – When Istanbul was known as Constantinople, the Hagia Sophia was a Byzantine church of great significance.
• The Blue Mosque – Built in the Ottoman era, the Blue Mosque gets its name from the many blue tiles that adorn its inner walls.
• Topkapi palace – An Imperial palace in the Ottoman era, the Topkapi palace was once home to the Ottoman sultans.
• Galata tower – Once an important defensive structure, these days this watchtower serves as an impressive landmark in the city.
• Grand Bazaar – Home to all kinds of produce and goods, the Grand Bazaar is one of the largest covered markets in the world.
• Dolmabahçe Palace – This 19th century palace was an Ottoman sultan residence, and is as ostentatious on the inside as it looks from the outside.

Stratasix + Istanbul

The rich culture and history combined with the low cost of living and remote work infrastructure make Istanbul an excellent choice for global citizens.

There are so many networking opportunities and places tailor made for productivity including cafes and coworking spaces, so you should be able to scale your business as easily as you would be able to at home.

If you desperately want to set up your work life abroad, and enjoy everything Istanbul has to offer without letting your productivity levels take a hit, let us help you make it happen.

With work-ready residences and our StrataSix Community network, you’ll have everything you need to get up and running in your new home.

Are you up to the challenge of living your best work life abroad?

Play and Productivity in Panama City

A cosmopolitan city that combines the rural with the urban, Panama City has everything you could want from a productive city escape.

Conveniently located at the Panama Canal entrance, the capital city is a thriving commerce hub that invites freelancers and entrepreneurs to mingle over a coffee while checking out the sites. The tropical climate adds an air of the exotic to the city, so you can bathe in year-round sunshine as you go about your business.

The city has a prominent skyline that is best admired from the nearby Ancon hill, after a leisurely hike. While the city’s economic activities largely revolve around shipping and trade, there are also lively banking and tourism scenes, which opens up a lot of job opportunities. Panama City is so well off, in fact, that it makes up around 55% of the entire country’s GDP.

The main reason many entrepreneurs and freelancers flock to Panama City – aside from the favorable tax situation – is the high level of walkability in the city and abundance of places to work from. Panama City embraces digital nomads with open arms, creating a warm atmosphere for anyone who sets foot in the urban metropolis.

How to Use This Guide

If you’re reading this guide, the chances are you’re tired of trawling through endless Panama City search results and drawing up next to no useful nuggets of information. 

Trust us, we understand.

It can be difficult to know where to look when planning out your next trip, and even more so if you plan on being productive in your destination. Not all cities and countries welcome digital nomads and global citizens, and even if they do, it’s tough to find the right work setup in many accommodation options.

We’re here to relieve you of the heavy burden of searching so you can focus on what really matters to you. Panama City is an incredible destination, and we know exactly where to stay if you want to maintain your momentum with work.

At StrataSix, we know that the tools you need for success are hard to come by while abroad. That’s why we’ve scoured the globe and sourced the very best locations to build our residences. We looked for cities that align with your goals as a digital nomad or remote worker, so you can pour your energy into work and find new connections.

Does that sound interesting?

Great, here are some of the standards we uphold at StrataSix…

Only the Best Residences Made for Remote Work.

Here at StrataSix, we have a policy: only the best will do.

We’ve all stayed in hotels or in apartments that just don’t cater to the working professional. That’s fine if you’re on vacation, but if you can’t afford to take days off and you’re desperate to get some work done, then it can be a real source of frustration. You don’t want to have to rely on loud coffee shops with unreliable WiFi to make a living. You also don’t want to have to make do with an awkward kitchen work setup in your apartment.

The good news is: it doesn’t have to be this way.

StrataSix believes that working while abroad should feel like you’re at home. We handpick our residences and destinations, putting your needs, as a digital nomad,  remote worker, or global citizen, first.

We don’t compromise, and neither should you.

StrataSix Standards for Traveling in Panama City

When you join StrataSix in Panama City, you can expect the very best remote-work-ready residences. Wherever you end up staying in the city, you can expect the following in our residences:

• Residences: comfortable accommodation fitted with smart technology and security systems
• Community: networking opportunities and coworking spaces
• Work: access to ergonomic workstations and fast, reliable WiFi
• Convenience and Safety: contactless check-in, regular cleaning, and security features
• Health: enjoy healthy prepared meals, comfortable bedding, and access to fitness centers

Why do we uphold such high standards?

Because we know what’s necessary for a productive life. We know how even the smallest of distractions can harm a day’s work.

When you stay at one of our residences, you won’t have to worry about setting up your workspace just how you like it. We’ve taken care of everything for you. You’ll have everything you need to work comfortably, and more.

Now that you’re up to speed with our standards here at StrataSix, let’s take a closer look at what Panama City has to offer the remote worker…

Who Panama City is Good For

Panama City is a StrataSix selected location for productive remote living for:

• Entrepreneurs
• Solopreneurs
• Remote workers
• Freelancers
• Investors 

The capital of Panama is a hotspot for global citizens as it’s full of coworking spaces, cool cafes, and lively nightlife for winding down after a busy work week. The tropical climate can make you feel like you’re living the true nomad dream, and the tax situation doesn’t hurt either.

There’s a lively expat community in the area, too, so you shouldn’t find it hard to get stuck into the laidback Panama lifestyle.

Panama City’s Remote Work Opportunities

Are you interested in expanding your network and making new connections during your stay in Panama City?

If so, you’ve come to the right place!

Panama City is known to be very hospitable to foreigners, and there’s a growing community of remote workers, digital nomads and global citizens living in the urban metropolis. 

One of the best ways to reach out and find new people in Panama City is to set up shop in one of the many coworking shared office spaces in the city. Between the coffee shops and coworking spots, you shouldn’t have any trouble meeting locals and expats alike. You’re also well-connected to many other top destinations in the Americas from Panama City, so weekends away and long business trips are definitely on the cards.

If you’re especially interested in creating high-quality network opportunities with entrepreneurs and investors, then we’ve got you covered on that front.

The StrataSix Community grants you access to an established network the moment you arrive in Panama City, or wherever else you find yourself on your travels. With this network you can mingle with motivated entrepreneurs and shrewd investors, taking your business ventures to new heights or securing the funding you need to expand your operations.

Panama Visas

If you’re just visiting Panama, you can do so without a visa for up to 180 days if you’re from one of the following regions or countries:

•  European Union 
•  United Kingdom
•  United States

For more information, you take a look at a list of the 118 countries that don’t require a visa to visit Panama.

If you’re not from one of the countries above, you’ll need to apply for a visa.

There is an exception to this rule, though, and that is if you’re from a country that would normally need a visa to visit Panama but you have a multiple-entry visa valid for a minimum of six months before time of entry. 

You also won’t need a visa to enter Panama if you can prove with documents that you’re a permanent resident of one of the following places:

•  Australia 
•  Canada 
•  The European Union 
•  Japan 
•  Singapore 
•  South Korea
•  United Kingdom 
•  United States

For long term stays, there are nine different visa options you can pursue to secure residency in Panama.

Staying in Panama Long Term

Business Investor Visa

If you have $160,000 spare, and you’re desperate for permanent residency in Panama, then you can qualify for the business investor visa by making a capital stock investment of that amount in a Panamanian corporation.

Friendly Nations Visa

The government first introduced the Friendly Nations Visa in 2012. If your country has a positive diplomatic or economic relationship with Panama, then you can visit without a visa provided you can show professional or economic ties to Panama. If you can prove ties, then you’ll be made eligible for permanent residency and a work permit, and after three to five years, you can even apply for citizenship in Panama.

Pensioner Visa

Despite what it might sound like, the pensioner visa isn’t reserved for those who’ve retired. If you are over the age of 18, and you have a lifetime pension or annuity which pays out at least $1,000 a month, then you can qualify for this visa. There are also various discounts associated with this type of visa.

Professional Employment Visa

The professional employment visa requires you to work for a Panama-based company, and pay social security taxes. After two years as a temporary resident, you’ll be able to become a permanent resident. 

Qualified Investor Program

If you want to expedite the permanent resident process, and you have the funds, there are three ways you can live in Panama under the Qualified Investor Program.

1.  Invest a sum of $300,000 or more in a property in Panama without a mortgage.
2.  Invest in securities in the Panama Stock Market through a licensed brokerage firm for a term of at least five years.
3. Invest $750,000 as a time deposit in a Panamanian bank for a term of five years.

Reforestation Investor Visa 

If you want to help the country’s reforestation efforts, and secure permanent residency, then the reforestation investor visa is tailor made for you. There are three ways to gain residency while helping replant trees in the country. Depending on how much you invest, you’ll qualify for temporary or permanent residency:

1.  Invest at least $80,000 in a government-certified reforestation project for five years of temporary residency.
2.  Invest at least $100,000 in a government-certified reforestation project for two years of temporary residency, which can then lead to an application for permanent residency.
3. Invest at least $350,000 in a government-certified reforestation project for permanent residency within 30 days.

Self Economic Solvency Visa

If you have the resources and looking to call Panama your new home, then there’s the self economic solvency visa to consider which you can qualify for in three ways:

1.  Invest at least $300,000 in Panama real estate equity.
2.  Invest at least $300,000 in a Panama bank CD for a three year term.
3.  Split a $300,000 investment between real estate equity and a Panama bank CD.

Marriage or Parentage

If you’re married to a Panama citizen, then you can apply for permanent residency. Likewise, if you’re a parent of a child who was born in Panama and older than five, then you can apply for permanent residency.

Panama Tax

It’s common knowledge that Panama isn’t just a tax haven that offers favorable taxes for both individuals and businesses.

No, Panama is in fact a pure tax haven, which means there are no income, corporate, capital gains, or estate taxes to think about for offshore business.

Taxes are an inevitability wherever you work, so we know how stressful they can be for global citizens.

Having said that, Panama’s status as a pure tax haven means that taxes are actually one of the main reasons many people want to go and work there.

There are also very strict laws in place for banks based in Panama, that means funds are well hidden and the identity of the bankholders well protected. Of course, this has led to some nefarious activities over the years such as money-laundering and tax evasion, which is a stigma often associated with Panama.

Who is Subject to Tax in Panama?

The only people subject to tax in Panama are those who earn money from sources based in the country. That means exactly what you think it does: if your business or work generates all their income outside of Panama, then you can work in Panama without paying taxes to their government.

Of course, if you generate income in Panama, then you’ll have to pay taxes even if you’re a non-resident.

Is Foreign Income Taxed in Panama?

No, as we’ve mentioned, one of the biggest financial perks of living in Panama is that you’re exempt from paying taxes on any foreign income you earn.

US Taxes When Living In Panama

Unfortunately, while you may not have to pay taxes to Panama during your stay, you’ll still have to file your US taxes every year.

You’ll have to include worldwide income for your US tax return, so that means anything you make inside and outside of Panama is included.

You can avoid being taxed twice on the same income in various ways, though.

For example, the Bona Fide Residence test allows you to exclude $108,700 of your 2021 foreign earnings, and the Foreign Housing Exclusion also lets you enjoy some deductions to your tax bill.

General Tax Thresholds For Panama Residents

In Panama, there are just two tax thresholds for residents.

•  Fiscal residents making less than $11,000 are exempt from taxes
•  Fiscal residents earning between $11,000-50,000 are subject to a tax rate of 15%
•  Fiscal residents earning over $50,000 are subject to a tax rate of 25%

Money, Banking & Cryptocurrency

Currency

The US Dollar (USD) and the Panamanian Balboa (PAB).

Bank Accounts 

You can open a bank account in Panama even as a foreigner, but there is a lot of documentation required to start the process. As you can imagine, given how popular Panama banks are for non-residents, it won’t be easy to set up an account unless you have your paperwork and finances in order.

If you can provide the following, then you can open a bank account in Panama:

•  Passport photo 
•  Copy of passport information page with a Panama immigration stamp
•  A second ID such as a driving license
•  One or more bank reference letters
•  Proof of income
•  A professional reference letter 
•  Proof of address

All of the documents must be recent, which means they need to be dated within the past three months. They must also be officially translated into Spanish, which is an expense to factor into the process.

It’s also entirely possible that you may be asked to supply more information, too, such as an immigration visa or income tax returns.

Debit Cards

Most, if not all, bank accounts in Panama will offer you a debit card when you first sign up.

Credit Cards

The same goes for credit cards: many Panama banks will supply you with a credit card upon request. However, some credit cards will require a sizable initial deposit.

Best Bank For Expats

As an expat living in Panama, you’ll want to make sure you find the right bank. There are plenty of options in the country, but not all of them cater to a global or nomad lifestyle. Many expats would recommend Banco General, as it has relatively low wire fees and an abundance of bank branches. 

Another frequently mentioned option is Banistmo which has an easy-to-use online system, so even if you can’t make it to a branch you can manage your finances easily enough.

Making Purchases

When you’re in Panama, you’ll find that the most popular method of payment is credit and debit cards, specifically those that are MasterCard or VISA.

Credit cards are widely accepted, and American Express is another commonly used type of card. However, be aware, smaller businesses may only accept one type of card, so you might want to have several types of cards on hand for transactions.

Cash Withdrawals

In Panama, you can withdraw up to $500 from an ATM per day. There is typically a $5.25 fee for cash withdrawals.

Fortunately, ATMs in Panama dispense cash as USD, since it’s one of the official currencies of the country so you don’t have to worry about currency conversion fees.

The Best Way To Pay In Panama

Cash is Best

While you can pay using debit and credit cards in Panama, like many countries in the Americas, it’s best to carry cash around with you.

Why?

Well, because though you may be able to pay for most things with a card in the large cities and big businesses, many smaller businesses and towns still only accept cash.

As such, most people pay for almost everything in cash. There are few restaurants that take cards outside the city, and still many taxis won’t accept card payments either. ‘Fondas’ which are small Panamanian restaurants encompassing everything from food stands to cafeterias notoriously only accept cash, as do corner stores and street vendors. 

While this may be changing in recent years due to the global trend towards contactless payment – in no small part accelerated by the COVID-19 pandemic – it’s still advisable to use cash when possible in Panama.

Card Payments

In the urban areas of the country, such as the capital Panama City, you’ll find that card payments are widely accepted. MasterCard, VISA, and American Express are the most commonly used types of cards.

Cryptocurrency

The use of cryptocurrency in Panama is legal, and a local congressman recently presented a bill to regulate the virtual currency in the country.

What Gabriel Silva, the congressman who proposed the bill, is suggesting, is that the Panamanian government oversee the use of cryptocurrency in both civil and commercial transactions. The bill aims to bring Panama up to speed with the digital economy, which includes blockchain and crypto assets.

Under this bill, should it go ahead, residents would be able to buy products and services, and even pay taxes, using cryptocurrency.

The idea is that there would be a contract between the interested parties, which would make it viable to use virtual currency at every level including in-store transactions. If this bill were to be introduced into legislation, then Panama would reaffirm its title as a favorable destination for managing finances.

Buying and Trading Cryptocurrency in Panama

Since cryptocurrency is becoming commonplace in Panama, and could potentially be accepted as a new official currency soon, it’s no surprise that buying and trading virtual currency is relatively straightforward.

You have plenty of options for buying and trading cryptocurrency in Panama, with Coinmama and PTYCoin both being very popular options. Coinmama is a trading platform that works in every country, but charges fees of between 4.9-5.9% per transaction. PTYcoin has a series of bitcoin brokers in Panama, charging a flat 1% fee.

Healthcare & Access To Medical Care

In Panama, there are both government-funded and private healthcare options.

There are several large public hospitals in the bigger cities in Panama, but just four large private hospitals. If you’re outside of Panama City, you’ll have a hard time finding a major hospital nearby.

Generally speaking, healthcare in Panama is considerably cheaper than it is in the United States and other developed countries.

In 2018, Panama’s healthcare system experienced a significant boon with an improvement of infrastructure and efficiency.

In Panama, everyone from citizens to expats can access free healthcare in emergency situations. Private health care plans are recommended for those visiting the country, though universal health care is available to residents.

There are many bilingual doctors in the Panamanian healthcare system, and many claim that the service continues to improve as more and more international remote workers start to call the country home.

Investing in Panama

Real Estate

Since property is relatively inexpensive in Panama, it’s much easier to enter the real estate market than it would be in the United States.

Plus, when you buy property in the country, you’ll enjoy the same rights as the locals.

There are several laws in place, in fact, that are designed to attract foreign investment so you know your money is welcome in Panama. It’s not all penthouse suites and luxurious apartments, either, as there are all kinds of property available in the country.

To buy property in Panama, here are some of the steps you’ll need to take:

•  Consult with a local attorney to take care of the title search for the property, and so you can gather all of the necessary documents. 
•  Have your attorney draw up a contract for the purchase of the property with terms that both you and the seller agree to. At this point, you may have to pay a deposit to the seller.
•  Once the title has been cleared up, you’ll go through a closing process which involves you and the seller signing one last contract.
•  You’ll then make payment, and pay 2% in tax to the Panamanian government as a fee for the transfer of property title. 
•  The seller will typically pay the property transfer tax, and each party pays their own closing fees.

Stocks

The stock market in Panama is known locally as the ‘Bolsa de Valores de Panama’ and the exchange trades stocks, corporate debt, and government securities.

There are several online brokers and trading platforms you can use to buy and sell stocks in Panama, though not all are available to foreign customers.

•  TradeStation
•  Saxo Bank
•  Interactive Brokers

These online brokers offer quality research tools, and broad product portfolios. However, there are fees to factor in such as stock fees, Forex fees, and bond fees. You may also be hit with non-trading fees for anything from account inactivity to depositing or withdrawing money.

Panama City

Overview 

Panama City’s principal attraction is the entrance to the Panama Canal, which is one of the main sources of income for the city that produces most of the country’s GDP.

One of the main draws for entrepreneurs and remote workers is just how inexpensive it is to set up base in Panama City. Given that it has a booming economy and acts as a financial hub in Central America, it’s surprising how affordable it is to live in the Panamanian capital, and that’s not even considering its status as a pure tax haven!

There are hundreds of banks and global businesses with branches in Panama City, so you can handle all of your affairs without needing to hop on a plane or rely on doing everything online. When you do want to travel, though, you can get to a wide variety of exotic American destinations easily enough as the city is very well-connected.

Panama City is a StrataSix destination not just for its wonderful climate and affordable cost of living, but because of the fast WiFi and internet speeds. As someone who works remotely, we know you need reliable internet to be as productive as possible without interruption. That’s one of the reasons we picked Panama City as a destination for our residences.

You should have no trouble making new connections while you’re in the city, either, though if you do then the StrataSix community is a great resource for tapping into the local networking opportunities.

Getting to/from Panama City

There are non-stop flights to Panama City from most cities in North and South America, and it’s also possible to fly into the city from some destinations in Europe and the UK. You can of course arrive by boat, too, if you want to show up in style.

Best Panama City Neighborhoods 

Casco Viejo

If you want to live in the heart of the city and have your finger on the pulse of this thriving metropolis, then the ‘Casco Viejo’ is your best bet. The historic district of Panama City has been granted the title of UNESCO World Heritage Site, which tells you everything you need to know about its charm. There are all kinds of vibrant cafes, restaurants, and craft markets here to keep you busy at all hours.

El Cangrejo 

‘El Cangrejo’ is a curiously-named neighborhood in the city – it translates to ‘crab’ – that features very few skyscrapers which is great for those who prefer their views to remain intact. This is a family-friendly area that has some of the best restaurants in the city, and all the peace and quiet you need to get your work done on tight deadlines.

Punta Pacifica

If you like your neighborhoods to have views over the Pacific Ocean, then ‘Punta Pacifica’ should suit you well. This is where some of the prime real estate in the city resides, home to the rich and famous. There’s a large mall nearby and it’s one of the most sought-after areas to live – or own real estate – in the city.

Panama Accommodation

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Panama Temperature

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Transport 

•  Public Bus – In Panama City, there’s nowhere you can’t get to using the extensive public bus system. While the roads may not always be paved, you’re guaranteed a path to your destination when you hop on a bus in Panama City.
•  Panama Canal Railway – The Panama Canal Railway is a railway line that not only transports goods, but passengers, too. If you want to get around the city or country quickly, then it’s a good option. The line is 76km and runs from the Atlantic Coast to the Pacific Coast.
•  Panama Metro – The metro provides another fast way to get around the city. It currently has two operational lines, though there are plans to add more.

Safety

Very safe.

English Proficiency

Very low

Phones & Connectivity

•  Best Local Sim Cards: +Móvil and Digistar.
•  Best Option for U.S. Residents: +Móvil is widely considered to be the top mobile operator in the whole country, though Digistar isn’t far behind and is considered the fastest mobile network.
•  Local Internet Speeds: 21.57mbps download/7.96mbps upload

Coworking

•  Panama Coworking Center
•  Workings Punta Pacifica 
•  Be Productive Workspaces 

Health & Fitness 

•  The Lab Crossfit 
•  Power Club 
•  Planet Fitness

Popular Tourist Locations

Panama Viejo

Biomuseo

Metropolitan Natural Park 

Ancon Hill

Miraflores 

Calzada de Amador Islands

Stratasix + Panama 

The low cost of living and vibrant community for global citizens make Panama city an excellent location to live your most productive life.

There are excellent investment opportunities and plenty of work connections to be made, given the entrepreneurial spirit of the financial hub. There’s affordable housing, tax incentives, and much more on offer in Panama City to quench your thirst for something new.

If your main goal in life is to carve out a convenient remote work lifestyle, then let us help you get started.

From work-ready residences to top-tier networking opportunities, StrataSix’s global network will ensure you brush shoulders with like-minded entrepreneurs as you travel.

So there’s only one thing left to decide – are you ready to embark on the adventure of a lifetime while crushing your work-related goals with StrataSix?

Living The Productive Life In Thailand

Thailand has long been known as a tourist destination with pristine beaches, tropical islands, buddhist temples and vibrant nightlife. But in more recent times, its identity has transformed into an epicentre for entrepreneurs, solopreneurs and remote workers.

Thailand is a sought-after destination in Southeast Asia because it’s affordable, high standard of living. Few other places in the world can match Thailand’s cost-to-quality-of-life ratio.

Strategically located between four other countries, Thailand is also the second largest economy in Southeast Asia. The nation has a fast-rising startup scene and offers investment opportunities for inclined foreign investors.

As more entrepreneurs and remote workers have made Thailand a temporary or recurring base, it’s reputation as a place to grow your business and network has increased. But, for all it promises, doing productive work and finding network opportunities aren’t assured when touching down. 

In this guide, we’ll show you how to be most productive, find the best networking opportunities and grow your business in Thailand. From residences built for remote work, to connecting with high-value networking communities, we’ll cover it all.

A Different Way to Do Thailand: How To Use This Guide

Type “Thailand guide” into Google and you will be hit with one of two things. 

First a holiday guide that tells you about the tourist attractions to see. Or, second, a digital nomad guide to living in Thailand. 

This guide is different.

You see, here at StrataSix, we’re not just about travelling. Sure, seeing the world as at our core. But there’s more to it than that.

We’re building a world where productivity is a default feature wherever you travel in the world. It’s a world for global citizens. Where from Day One in any of our locations you are plugged in and have everything you need to do great work.

There are thousands of amazing cities to travel to in the world, no doubt. We’ve handpicked only the best to build our residences. These are the locations built for productive work, building your business and growing your network.

If this lines up with your goals, then read on…

You’ve Got High Standards, And So Do We

You will hear us use the word standards a lot. There’s a good reason for this.

Typically, traveling and working comes with no guarantees about the experience you will get in any location.

There’s no assurance that the Airbnb or rental you book will come with fast internet, an ergonomic workstation and environment you need to be productive. And we know from personal experience there’s nothing worse than discovering patchy internet on the first day of a month-long booking.

Zooming out even further, not all locations themselves have the standards required to be productive, build your business, and network. Some cities, while great for tourist attractions, lack community and high-value networking opportunities.

StrataSix introduces standards to remote life where they have never before existed. 

The destinations we select for our residences and the residences themselves come with vetted standards that we won’t compromise on. Standards that you can expect anywhere you travel with StrataSix.

StrataSix Standards For Travelling Thailand

When you work and travel Thailand with StrataSix, you are assured of elevated standards. Whichever Thai locations you stay in, you will enjoy the following standards:

• Residences: Secure properties, optimized for sleep & smart technology
• Community: Coworking & networking opportunities
• Work: Connectivity, workstations & technology
• Convenience & Safety: Flexible touchless check-in, cleaning & security
• Health: Fitness center access, pillow & mattress, healthy food prep.

Why do we go to so much effort to create these standards? Because we know, personally, they can be the difference between productivity and distraction or growth and stagnation.

Simply, when you arrive in a location that is ready-made for productive work, it means you can get more done from day one and not spend weeks getting “setup”, losing valuable time that should be spent growing your business or portfolio.

So, now you know the standards to expect, let’s look at what life’s like in Thailand with StrataSix.

Who Thailand Is Good For

Thailand is a StrataSix selected location for productive remote living for:

• Entrepreneurs
• Solopreneurs
• Remote workers
• Freelancers
• Investors

The main reasons Thailand makes the cut on our list is that it provides an exceptional lifestyle, offers modern visa options, and allows for 180-day stays without onerous tax requirements.

Thailand is also a hotbed of entrepreneurs and remote workers. Which, if you know the right circles, means there is abundant opportunity to grow your network.

Growing Your Network In Thailand

Looking to expand your network in Thailand? Search Facebook and you will find countless networking groups. You will also find a huge range in the types of groups, from just landed digital nomads to fully entrenched expats living like locals.

Your second option for networking is spending time in coworking spaces across Thailand. Here, you will be plugged in alongside many other entrepreneurs, solopreneurs and remote workers. Though, building meaningful connections can sometimes be a challenge in coworking spaces as they depend on sitting next to the right person at the right time.

Looking for more substantial high-value networking opportunities with entrepreneurs and investors? That’s exactly what the StrataSix Founders Circle/Community gives you. 

The StrataSix Founders Circle/Community taps you into an established network the moment you land in Thailand — and anywhere else in the world. Shoulder to shoulder with other entrepreneurs and investors, it gives you opportunities to grow your business, unlock new ventures and access funding.

Thailand Visas

Being a popular tourist destination, Thailand visa requirements, on the whole, are straightforward and accessible.

Stays of up to 90 days are permitted to most of the world’s passport holders, with varying levels of processing involved. Below is a breakdown of the Thailand tourist visa requirements that come with 90-day durations.

• Visa required: 58 countries, such as Syria, Kazakhstan and Afghanistan
• e-Visa: 31 countries, such as Philippines, Ethiopia and Australia
• Visa Free: 74 countries, such as Tuvalu, United Kingdom and Romania
• Visa on arrival: 27 countries, such as Jamaica, Armenia and Madagascar
• Travel restricted: 2 countries, such as Georgia, North Korea
• Extended visas: Education, Self-defense, Business (6 months-3 years duration)

Staying In Thailand Longer Term: Visas, Residency & Citizenship

Arrived in Thailand and decided you want to stay awhile? 

Or like the idea of making Thailand a second base for part of the year?

Then you are likely wondering how to get Thailand visa that gives you the right stay beyond the standard 90 day period.

Then, you’ve got options for longer term visas, residency and citizenship options.

Thailand might not offer the same type of tax or citizenry benefits of some other locations, but the lifestyle it provides makes it an ideal location for longer-term living. 

When planning where you will “plant your flag”, favorable visa options make it relatively simple, flexible and affordable to make Thailand part of your strategy. 

It is also possible to apply for Thai citizenship after holding permanent residence status in Thailand for 10 consecutive years.

Thailand Elite Visa

If you want to stay long term in Thailand, the Thailand Elite Visa is the answer.

The Thailand Elite Visa is designed for business owners, digital nomads, investors and high network individuals who want to move to Thailand. The Thailand Elite Visa is a great option for StrataSix members. Frankly, it’s almost as if it’s been created specifically for our needs.

The Thailand Elite Visa is offered on a 5, 10 or 20 year basis. The benefits the visa include:

• Allows you to stay in Thailand for up to 20 years
• Uninterrupted stays with no requirement to leave the country
• Expedited immigration procedures 
• Special discounts at hospitals, hotels, spas, restaurants, department stores, and golf courses.
• Privileged personal immigration services and assistance

Thailand Elite Visa Costs

• 5-year visa: 600,000 THB (appx. USD$18,000) with no annual fee
• 10-year visa: 1,000,000 THB (appx. USD$30,000) with no annual fee
• 20-year visa: 2,000,000 THB (appx. USD$60,000) with a $650 annual fee.

Like other Thailand visa requirements, the Thailand Elite Visa requires you to report to Thailand immigration every 90 days.

The good news is, once you have reported to immigration in person once, your subsequent 90-day notifications can be completed online.

For full information about Thailand visas, visit the Ministry of Foreign Affairs of the Kingdom of Thailand website.

Thailand Smart Visa

The Thai government has recently introduced the Smart Visa, which is, largely, in response to the growing number of digital and remote workers residing on its shores.

The Smart Visa is designed to attract highly-skilled talent, investors, executives and startups entrepreneurs who want to work or invest in targeted industries. 

Smart Visa holders are permitted to stay in Thailand for up to four years. They are also exempt from work permit requirements and benefit from additional privileges. 

Thailand Residence-by-Investment 

Another way to secure residence in Thailand is through investment.

The Thailand Elite Flexible One Program was recently created to make residence-by-investment more accessible.

There is a minimum investment requirement of THB 10 million. This can be invested in one — or a combination of — real estate, a fixed deposit account or government bonds.

The Thailand real estate market provides a direct path into the booming Asian market. The modern Thailand real estate market offers upscale architecture and amenities at affordable prices with strong rental yields.

The Thailand Elite Flexible One Program 

The Thailand Elite Flexible One Program allows foreign investors to purchase real estate in Thailand. It also provides access to a privileged multiple-entry visa. 

Successful applicants in the Thailand Elite Flexible One Program are granted residence status for five years, with the option to upgrade to other Thailand visas after two years.

It’s important to note investment opportunities are pre-vetted from a pool of leading Thai developers who participate in the program. This process ensures only high-quality investment opportunities are presented.

Thailand Elite Flexible One Summary

General Info

• Minimum real estate investment of THB 10 million (approximately USD $320,000) invested in single or multiple properties.
• 5-year multiple-entry visa
• THB 500,000 (appx. USD$15,000) with no annual renewal fees.

Conditions

• Membership can be upgraded to other Thailand Elite Packages.
• Applicants cannot mortgage, sell or transfer their property within these 5-years.
• Applicants must own property not less than Bt10 million from participating developers.
• Non-transferrable

Other Benefits

• Airport Services (On departure and on arrival) 
• VIP Thailand Elite Personal Liaison luxury concierge service
• Hassle free 90-day immigration reporting
• Special discounts at leading hospitals, hotels, spas, restaurants, department stores, and golf courses

Thailand Tax 

But what about taxes? A natural question to ask when eyeing any new destination as part of your digital living strategy.

Thailand isn’t a destination that comes with the same tax benefits as other StrataSix locations, for instance Panama. However, there is still ample opportunity to enjoy the incredible lifestyle that Thailand offers without running up a sizable local tax bill.

Who Is Subject To Tax in Thailand?

If you spend more than 180 days in a calendar year in Thailand, you will be considered a resident and be subject to taxation.

Anything less than 180 days and you are considered a non-resident with no Thai tax obligations, except for income (including from investments) earned in Thailand while in the country. 

This structure means that, if you want to spend extended time in Thailand, it’s important to explore multi-entry visas that allow you to stay under the 180-day tax threshold.

Is Foreign Income Taxed in Thailand?

If you spend 180 days a year in Thailand and become subject to tax. This applies to all income you earn worldwide.

Thailand income tax applies to worldwide income, in the same way the US tax system works. The key difference between the US and Thailand is that only residents are taxed on worldwide income, whereas non-residents are only taxed on income generated in Thailand.

US Taxes When Living In Thailand

Like elsewhere in the world, if you are a US citizen or resident, you are required to file US taxes each year while living in Thailand. That said, the US and Thailand share a tax treaty that has a primary purpose of avoiding double taxation.

The US-Thailand tax treaty only comes into effect if you spend more than 180 days in Thailand and become subject to local tax.

General Tax Thresholds For Thailand Residents

• Expats earning less than 150,000 Baht are exempt from income tax.
• Expats earning more than 150,000 Baht but less than 500,000 Baht will be taxed at 10%.
• Expats earning more than 500,000 Baht up to 1 Million Baht will be taxed at 20%.
• Over 1 Million but less than 4 Million Baht will be taxed at 30%.
• Over 4 Million Baht will be taxed at 37%.

Money, Banking & Cryptocurrency

Currency

The Thai Baht (THB)

Bank Accounts

Non-Thailand residents are permitted to open a bank account in Thailand, but with some limitations.

Provided you are on a Non-immigrant, Long-Stay or business visa, you can generally open a bank account. You will be required to present your passport and visa, as well as other documentation like your proof of residence, lease agreement and Thai driver’s license.

If you are a tourist visa holder, banks won’t permit you to open a bank account.

Thai Debit Cards

If approved for a Thai bank account, you will automatically receive a debit card. The debit card will allow you to deposit and withdraw funds, and avoid international transaction fees. 

Thai Credit Card

Getting a Thai credit card can be a cumbersome process that, ultimately, doesn’t have equivalent upsides in most cases.

But, if you are set on obtaining a Thai credit card, you will need to provide a valid work permit, relevant visa documentation and proof of income. Minimum monthly income requirements also apply

The reward for going to all that effort? No international transaction fees on purchases.

Best Bank For Expats

If you’re planning to live in Thailand for a while, opening a bank account may be a logical option. Especially if you are earning income domestically.

Though, if you aren’t planning to stay long-term, there is no huge upside to opening a local bank account, beyond marginal savings you will make with transaction fees.

Bangkok Bank is widely considered the best option for foreigners. The bank is known for being easier to work with and more accommodating of foreigners. It’s also the largest Thai bank, typically offers the most favorable wire rates, and has a broad global presence.

Making Purchases 

Major credit cards like Visa or MasterCard are accepted in Thailand, though you may run into challenges with smaller vendors. Cash payments are the primary method in Thailand, outside of large retailers, hotels and restaurants.

Transaction fees

Typical charges when using foreign credit or debit cards are about 3% for Visa or MasterCard and up to 5% for American Express. These local fees are on top of what your bank may charge you.

Cash Withdrawals

ATMs are everywhere In Thailand. You will find them in convenience stores, banks, malls and supermarkets.

It’s easy to withdraw Thai Baht using a foreign debit or credit card. Though you will typically be charged a withdrawal fee of around 300 Baht.

The Best Way To Pay In Thailand

Cash Rules Everything

Thailand is still very much a cash economy. So withdrawing large amounts and carrying what you need is your best option. This will minimize withdrawal fees and means you won’t get turned away from the many restaurants and stores that don’t accept credit cards. 

Most ATMs limit withdrawals to 20,000-30,000 Baht. Withdrawing the amount each time is the best approach for having the cash you need while minimizing transaction fees.

Always choose the “Without Conversion” option when withdrawing money in Thailand. This, typically, will give you a better exchange rate. ATMs will usually dispense 1,000 Baht notes which small vendors and taxis often won’t accept. So try and break these in advance at larger restaurants or shops.

Paying By Card

If carrying cash isn’t your thing, you will generally be OK using a credit card, but may be limited to shopping malls, resorts and larger retailers. Also keep in mind that if you are constantly paying with a foreign credit card or debit card, you may be subject to international transaction fees that eventually add up.

If you are set on using a credit card, your other option is to apply for a credit card with no international transaction fees. If you are a US resident, Bank of America and Capital One offer two of the best no transaction fee credit cards.

Cryptocurrency

Thailand was early out of the gate with legislation that specifically addresses cryptocurrency and digital assets. But, don’t mistake that for being overly crypto friendly.

Thai crypto legislation largely focuses on regulating initial coin offerings and business activities involving digital assets. In short, all activity in this space must be registered and approved by Thailand’s Securities and Exchange Commission (SEC).

Despite progressive moves to create some regulatory certainty around digital assets, the central Bank of Thailand has issued strong warnings that cryptocurrencies are not legal tender in Thailand.

The Bank of Thailand and SEC are also working on additional regulations surrounding cryptocurrency capital gains.

Buying & Trading Cryptocurrency In Thailand

Thailand has seen the emergence of several players in the local market, namely crypto exchange Bitkub and Zipmex. These local exchanges come with the standard protocols around KYK and security.

While purchasing or transferring cryptocurrency on local exchanges is relatively straightforward, it’s the fiat off ramp that foreign investors need to be wary of.

The Bank of Thailand imposes strict restrictions on transferring large amounts of funds out of the country. To do so, you will need to seek approval from the bank and may be subject to taxes and duties.

So, before adding any funds to a Thai crypto exchange, be sure to carefully plan your fiat exit route. Or, simply, reserve your crypto activity to offshore exchanges.

Healthcare & Access To Medical Care

Compared with the US and Western Europe, healthcare is cheaper in Thailand. Although foreigners working in Thailand have access to free public care, most expats opt for private treatment, as private facilities offer faster and higher quality treatment.

Private, high-quality medical care in Thailand is affordable and easily accessible. Private clinics will typically charge around USD$30-40 for a full consultation.

Like anywhere you travel, it’s always smart to have travel insurance. However, unless you have zero excess coverage, it’s often cheaper to pay for private medical consultation, rather than make a claim. Private health insurance claims are best kept for more substantial hospital stays or surgeries. 

Investing In Thailand

Real Estate

If you aren’t a Thai resident, you can’t legally own land in the country. Unless you are willing to bring THB 40 million into Thailand. Doing so permits you to own 1,600 square meters of land, but for residential purposes only.

Non-residents can own units in a condominium, but the ownership must not exceed 49%. The other condition for ownership of condominium units is that the money used is not sourced from within Thailand.

Foreign real estate investors don’t have to pay for property tax on their investments.

As mentioned earlier, the best option for investment in real estate in most scenarios is via the residence-by-investment visa program that connects foreign investors with pre-vetted Thai developers

Securities

Foreigners can trade on the Stock Exchange of Thailand (SET).

Much like anywhere else in the world, you will require a brokerage account. Setting up a brokerage account usually requires a long-term visa, rather than a standard tourist visa. 

From a non-institutional trading standpoint, foreigners can make trades via SET member brokers.

SET offers different types of shares for both local and foreign investors which come with various conditions:

• Local Shares:  Both local and foreign investors can trade local shares, but foreign investors are not entitled to dividends and voting rights.
• Foreign shares: (stock symbols with suffix “–F”):  SET has established a foreign trading board where foreign investors can register their investment holdings and be eligible for the same benefits as local investors.  Most SET-listed Thai companies have foreign ownership restrictions.  
• Non-Voting Depository Receipt (NVDR): (stock symbols with suffix “–R”):  SET created Non-Voting Depository Receipts (NVDRs) to stimulate trading activity and to help eliminate barriers of foreign holding limits. NVDRs automatically carry the same prices and financial benefits as their underlying securities; the only difference is that NVDR holders do not have voting rights. 

History shows that Thailand’s economy is subject to geopolitical risks. So, these should be factored into any investing decisions. 

StrataSix Selected Locations For Remote Work

Chiang Mai

Overview

Chiang Mai is situated in the hilly surrounds of northern Thailand, 700 kilometers north of Bangkok.

Chiang Mai is the second-largest city in Thailand. Historically a quiet religious city featuring streets lined with Buddhist, Chiang Mai has transformed into a hotspot for entrepreneurs, solopreneurs and remote workers.

Chiang Mai is a selected StrataSix destination for its advanced digital infrastructure, quality of lifestyle and coworking options. StrataSix’s Chiang Mai apartments also come with all the modern trappings you need to do productive work. 

Chiang Mai is often the first stop for first time digital nomads living on a shoestring, but the StrataSix community connects more experienced entrepreneurs, remote workers and investors.

Getting to/from Chiang Mai

Regular flights arrive in Chiang Mai Airport from Bangkok and other major Asian hubs, in particular.

Making your way to Chiang Mai from the U.S., Europe or Australia typically requires you to go via Bangkok or elsewhere in Asia.

Chiang Mai Airport is located about 15-20 minutes from the center of the city.

Best Chiang Mai Neighborhoods

The Old City

The old city is usually the starting point for visitors to Chiang Mai. Surrounded by ancient stone walls, The Old City is lined with accommodation, restaurants and businesses targeted at tourists. It’s a great jump off point for your early days in Chiang Mai. You will have access to everything you need within walking distance.

Nimmanhaemin

Further north from The Old CIty, Nimmanhaemin is a hip, bustling area that’s teeming with activity and digital expats. Nimman, as it’s affectionately called, is the most upscale part of Chiang Mai and is filled with higher-end accommodation, coffee shops, bars, shopping malls and coworking spaces. 

Nimman offers some of the best apartments in Chiang Mai. So, if you are planning to stay for any extended time in Chiang Mai, Nimman is the spot to be. 

Chiang Mai Accommodation

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Chiang Mai Temperature

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Transport

• Songthaew – The red trucks you will see everywhere can easily be hailed and will take you to your nominated destination.
• Grab Taxi – Similar to other ride-share apps, Grab Taxi can be used to order a taxi via an app on your smartphone.
• Scooter – If you’re staying a while, hiring a scooter can be your best option for getting around Chiang Mai.

Safety 

• Very high, low crime.

English Proficiency

• Low (11/100)

Phones & Connectivity

• Best Local Sim Cards: TrueMove or AIS
• Best option for U.S. Residents: Google Fi, gives you a flexible, unlimited plan for telephone calls, SMS, and mobile broadband in 200+ international locations.
• Local Internet Speeds:
  • Broadband: 93mbps
  • Mobile: 29mbps”

Coworking

• Punspace
• CAMP
• Wake Up
• The Brick

Health & Fitness

• GoGym
• Yoga Mind & Body
• Gold Hillside Gym

Bangkok

Overview

Bangkok, the capital of Thailand, is the quintessential modern South East Asia city. It’s fast-paced, busy and built on a network of modern digital amenities. Bangkok is also the central hub for Thailand’s burgeoning startup scene.

Millions of people visit Bangkok each year. It’s combination of high quality living, business-oriented mindset, convenience and networking opportunities make it a selected StrataSix destination.  

Modern, affordable Bangkok apartments fitted with dedicated remote work amenities are available in the city’s most desirable neighborhoods. And Airbnb Bangkok also offers more tourist-centric accommodation options.

Bangkok is the most vibrant, bustling city in Thailand. Think lines of traffic, the sounds of scooters whizzing by and the sometimes oppressive combination of humid heat and car exhaust fumes. 

With it’s combination of high living standards and convenience, Bangkok is an exceptional location for building a business, investing and connecting with other higher level expat entrepreneurs and investors.

StrataSix apartments in Bangkok are modern, perfectly situated and come with verified standards for remote living.

Getting to/from Bangkok

Regular international flights from most regions in the world fly into Bangkok’s Suvarnabhumi Airport. The airport is around 30 minutes away from Bangkok city center. Wondering: “Is Uber in Bangkok?” and can you catch one from the airport. The answer is no. See below for other transport options.

Best Bangkok Neighborhoods

Silom

Located in the heart of the business district, Silom offers a great central location that features many restaurants and bars. With glistening skyscrapers, Silom is Thailand’s version of Wall Street in many ways. From Silom, it’s easy to access the rest of downtown Bangkok by Skytrain.

Sukhumvit

Sukhumvit is one of the most vibrant parts of Bangkok, due to tons of bars, nightclubs, restaurants and shopping malls. It’s the contemporary, cosmopolitan part of Bangkok where you will find luxurious hotels, modern condos and the amenities of modern city living.

Chiang Mai Accommodation

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Chiang Mai Temperature

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Transport

• Songthaew – The red trucks you will see everywhere can easily be hailed and will take you to your nominated destination.
• Grab Taxi – Similar to other ride-share apps, Grab Taxi can be used to order a taxi via an app on your smartphone. (Note: Uber Bangkok is no longer an option due to the app shutting down in the region)
• Scooter – If you’re staying a while, hiring a scooter can be your best option for getting around Chiang Mai.

Safety 

• Very high, low crime.

English Proficiency

• Low (11/100)

Phones & Connectivity

• Best Local Sim Cards: TrueMove or AIS
• Best option for U.S. Residents: Google Fi, gives you a flexible, unlimited plan for telephone calls, SMS, and mobile broadband in 200+ international locations.
• Local Internet Speeds:
  • Broadband: 93mbps
  • Mobile: 29mbps”

Coworking

• Hubba
• JustCo
• Launch Pad

Health & Fitness

• Base Bangkok
• Jetts Fitness
• Fitness First

StrataSix + Thailand

With it’s high living standards and modern conveniences, Thailand is an exceptional choice for remote living. 

With just a little bit of strategic thinking it’s possible to unlock uninterrupted long-term stays, investment opportunities and favorable tax arrangements. And, in this guide, you have everything you need to build a plan that works for your remote lifestyle.

If your goal is to stay productive, expand your network and grow your business in Thailand, StrataSix helps you do just that.

From work-ready residences to high caliber networking opportunities, StrataSix’s global network ensures you are plugged in and doing great work from day one.

So, just one thing left to ask… ready to make Thailand your next stop?

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