Panama With a population of less than 3,000,000, this tropical paradise has quickly become one of the world’s leading destinations for tourism and direct foreign investment. With an ideal tropical climate year round, two oceans separated by less than 80 kilometers, a majestic cosmopolitan skyline on the sea, and of course, the infamous Panama Canal, it is no surprise that Panama has been placed in the spotlight amongst tourists and investors alike. A stable government, low cost of living, tropical climate, low health care costs, and aggressive tax benefits combine with a setting of premiere, yet affordable, housing and land opportunities to provide what many describe as one of the most beautiful retreats in the world. For the past few years, Panama has risen to the surface as one of the most attractive destinations for foreign investment. Investors are often looking for affordable vertical living in the cosmopolitan center of Panama City, where areas like Punta Paitilla, Punta Pacifica, San Francisco and the Avenida Balboa, offer investors/residents with an iconic lifestyle on the Pacific Ocean with the amenities of a world class ________ at their doorsteps. This area is host to dozens of world class real estate projects, hovering high above the ocean with dramatic views, and access to the finest amenities. This sector of the bustling center is home to the most luxurious residential projects, the most exclusive commercial projects/office towers, as well as the best in world class shopping, international cuisine, hospitals and of course, the banking district. Some of the icons in the area include a new Johns Hopkins hospital, Multiplaza and Multicentro shopping center, high profile night clubs such as the NY/Miami based Nikki Beach as well as hotels such as the Intercontinental, Radission, Marriott, Crown Plaza, Sheraton as well as the new construction of the Superclub in Playa Blanca, Trump Ocean Club, Westin and more contemporary brands such as Le Meridien, Buddha Bar Resort & Spa, . Restaurants and nightlife are likewise abundant in this area with the presence of international chains such as Bennigans, Hard Rock Café, newly announced Buddha Bar, Crepes and Waffles, as well as hundreds of other local and international ambiences that satisfy even the most demanding travelers. The importance of the presence of these restaurants, clubs and newer hotels, in addition to the worldwide recognition, is that whereas Panama has historically been a destination for baby boomers and retirees, these trendy and more contemporary brands will likely attract a new crowd, thus further increasing tourism and investment in the area. The beaches in Panama are receiving just as much attention as the city, as world class resort developments are being built across the coast, and the easy access from the city of Panama and the international airport of Tocumen, make these projects very attractive for both tourists and investors. Currently on the coast, there are dozens of projects of interest, as well as affordable beachfront, land bank opportunities for the savvy investor. As the development in the city expands, and the tourism market in Panama continues to skyrocket as it has in the past few years, these beaches will start to see the same type of appreciation as what occurred in Costa Rica in the late eighties and early nineties. Currently, there are ground level opportunities for short and long term land banks, residential developments or commercial developments such as shopping centers, and hotel development. In addition to the metropolitan feeling of the city of Panama, and the tranquility of the abundant beaches on both coasts, the area of “Casco Viejo” entices visitors with it’s old city charm and architecture reminiscent of Havana, Cuba or Cartagena, Colombia. The Casco Viejo is the historic center of Panama, beginning its life with the arrival of the French who were in Panama to build the canal. Today, the area attracts tourists and investors who are looking for the character and charm of an old city, with narrow streets overlooked by two and three story apartments and cafes. From the extremities of the Casco, one can enjoy magnificent views of the Amador Causeway, and the impressive skyline of Panama City. The Amador Causeway, is a picturesque, palm lined avenue leading from the mainland to 4 small islands just off the coast, which have been converted into a major attraction hosting restaurants, shops, hotels and convention centers, marinas as well as home to the Marine Exhibition Center. Taxes In an effort to attract more direct foreign investors with a focus on potential retirees, the Panamanian government passed a law providing aggressive tax exemptions for foreigners who purchase or build their homes in Panama. The new law stipulates up to a 20 year exemption on real estate taxes, a potential 20 year exemption from import taxes due on materials, furniture, and vehicles, as well as an accelerated depreciation on real estate assets. These benefits, combined with innovative, first class projects, and a low cost of living, have created an ideal environment for foreign investors and retirees looking for their place in the sun. Panama Canal The Panama Canal has long been an icon in this country both for the economic impact that is has on the country, but also as a strong draw for tourists and cruise ships. More recently, the announcement of the massive expansion of the canal, and the approval of a $2.3 Billion finance package which will cover a portion of the $5.25 Billion expansion, have had a tremendous affect on the overall economic outlook for the country. The expansion only solidifies the position that Panama has carved in the international community as a center for world trade, logistics and transportation center. http://www.pancanal.com/eng/pr/press-releases/2008/12/09/pr307.html http://www.pancanal.com/eng/plan/documentos/propuesta/acp-expansion-proposal.pdf 
The Republic of Panama is located in the center of the Western Hemisphere under the following coordinates: 7º12’07" and 9º38’46" North, 77º09’24" and 83º03’07" West. Its Borders are: to the North, the Caribbean Sea; to the East, the Republic of Colombia; to the South with the Pacific Ocean and to the West with the Republic of Costa Rica. Panama is the link between Central America and South America, constituting an isthmus of 80 km. wide in its narrower section. Official Name: Republic of Panama. Capital: Panama City. Nationality: Panamanian. Area, Population and Density: 75,517 square Km; the total population is 2,839,177, 81 persons/square mi. Age Distribution (%): 0-14 years 37.0%, 15-59 years 56.3%, 60+ years 6.7%. Political Division: 9 provinces and 5 indigenous communities. Government: constitutional democracy, centralized Republic. Legal System: based on the civilian legal system, judicial revision of legislative acts in the Supreme Court. Accepting international tribunal jurisdiction, except in some instances. Language: the official language is Spanish. However, many Panamanians speak English. Literacy Rate: 90%. Weather: Panamanian weather is tropical, and uniform throughout the year. The average temperature is 27 degrees C. Religion: there is an absolute freedom of Religion in Panama. Most Panamanians are Roman Catholic. However, due to the diversity in the country, you can find all kinds of temples of worship throughout the country. Time Zone: the time in Panama all year long is the same as the EST (GMT -5). We do not observe Daylight Savings Time. Currency: the U. S. dollar. The Panamanian currencies are equivalent in size and value to those of the U. S. A. Commerce: they are generally open from 9:00 a.m. to 6:00 p.m. from Monday to Saturday. Some open on Sundays. Gratuities: from 10% to 15% of the bill, is the suggested amount. Driving License: the visitors can drive up to 90 days with foreign license. Electricity: 110 volts; 60 cycles. Dress Code: light clothing is recommended. Dress attire for business is formal: we recommend a light suit for men and for women a light skirt or pants outfit. You should consider a straw hat and sunglasses if you are going to the beach. How to get to Panama: the best way to get to Panama is through air travel. Copa Airlines, Continental Airlines, American Airlines, Delta Air Lines and Iberia have daily flights to Panama. If you are driving, you can get here through the Inter-American Highway that runs through Central America. If you are coming by sea, you can disembark in one of our many ports. |