Panama is experiencing growth and prosperity. In 2012, the gross domestic product growth is expected to exceed 8.5 percent, with some forecasts even higher. Foreign investment is surging, increasing 33 percent in one year–it grew 17 percent in the first half of 2011 compared with the first half of 2010.
Panama is still holding strong as far as a country offering a low cost of living. Meanwhile, its cultural diversity, and natural and industrial environment still are in the top five places to retire in the world for the last five years running. Much of the success is owed to the increase in tourism that Panama has experienced in the last three years. There are direct flights offered by many international airline carriers to Panama’s national airport, Tocumen.
Facts & Stats
Panama’s Currency is the US Dollar. The country has no currency exchange controls or currency restrictions, so funds can flow in and out freely.
Panama’s Banking is considered to have the most solid banking and corporate book secrecy laws in the world, which are engraved in its constitution. Panama remains the most secure offshore financial center. Privacy and confidentiality is not only respected, but vigorously protected by constitutional law.
Panama’s Government is considered by government analysts to be the most stable government in all of Central and South America.
Panama’s Economy is one of the most stable, prosperous, and advanced in all of Central and South America. Panama City is home to the second largest international banking center in the world next to Switzerland. It has the most modern and successful international banking in Latin America, with more than 150 banks from 35 different countries.
The Panama Canal adds to the economic foundation for the country, since its revenue funds many public works projects within the country. In the last fiscal year, the canal surpassed over $1 billion in revenue for the first time ever. The 5.25 billion expansion of the canal indicates the positive growth direction. Read this NY Times article here: http://www.nytimes.com/2011/08/17/science/17canal.html?pagewanted=all
Panama’s Duty Free Zone. Panama offers the World’s the second largest duty free zone after Hong Kong. There are 2,500 companies and 28,000 employees, all operating within 1,125 acres bring in $16 billion in annual import and reexports.
Panama city’s Skyline, has 173 sky scrapers, 432 high rises, and 176 buildings presently under construction with 211 more planned. The Trump tower is the tallest structure in Central and South America, at nearly 1,000 ft. high.
Panama City’s New Metro system is a $1.5 billion project under construction in Panama city, expected to be completed in 3.5 years. A further indication that this country of 3.5 million residents is prospering.
Hurricane free, Panama has the privileged position of being in a tropical climate but not having to worry about hurricanes.
Panama’s communications systems and infrastructure are the equivalent of any first world country such as the US, Canada, United Kingdom. Telephone, internet, and cellular communications are all offered in Panama by the worlds largest communications companies.
Panama’s Hospitals offer world class facilities like the John Hopkins Hospital in Punta Pacifica. Our son was born in the private Hospital National. His birth with all the extras like mid-wife/doula etc. cost under $2,000.
Panama’s Safety can be enjoyed traveling or living there. There is a civil guard and the added protection from the US, though it is highly unlikely that Panama would ever be invaded. An agreement solidified under the Carter administration in 1977, which abrogated the 1903 treaty.
Panama’s official language is Spanish, however, English is the second most spoken language. Eight out of ten Panamanians living within the banking sector of Panama City are fluent in English and Spanish.
Panama’s Geographic location, at the apex between North and South America, is a 2.5 hour flight from Miami, Florida. It is located in the same time zone as the US East Coast (five hours behind Greenwich Mean Time). Panama is the ‘cross oceans’ of the World, with Asia to the west and Europe to the east.
Panama is the ideal jurisdiction for international investors and businessmen to operate their offshore corporations, banking, investing, finances, and all other areas of international trade as well as a great place to live and work and invest in real estate!