Destination
About Panama
The Republic of Panama was founded in 1903 and borders Costa Rica is to the north and Colombia to the south. Panama is made up of 29,908 square miles of gorgeous mountains and heavily forested interior. Amazing rolling hills will lead you to both the Pacific and Caribbean Coasts. No matter which coast you are visiting, there is no shortage of beautiful coves and white sand beaches.
The country is only 48 miles wide at its thinnest point and has a year round average temperature of 80 Fahrenheit. The country is fuelled by a strong economy with of 75% in goods and services, 16% industrial and 10% agricultural with numerous exports.
Panama is a democratic society made up of 9 provinces and a population of nearly 3.2 million. The national currency is the US Dollar and Eastern Standard is the time zone.
Beaches
Panama has beautiful coasts on two oceans: the Pacific and the Caribbean Sea. These coasts, although very different, are suited for all sorts of activities from yachting to world-class fishing. Several famous beaches and islands will make your visit unforgettable!
Caribbean Sea
On the Caribbean coast you have beaches on the provinces of Colon, San Blas and Bocas del Toro as well as their neighbouring islands. Most of them are small to mid-sized and have coral reefs very close by. These are some of the best beaches for scuba diving and snorkelling.
Pacific Ocean
On this coast you'll find a series of beaches, which are easily accessible from the Pan-American Highway. There are a variety of water sports including windsurfing, surfing and deep-sea fishing. The most popular beaches are Gorgona, Coronado, San Carlos, El Palmar, Río Mar, Corona, Sea Cliff, Santa Clara, Playa Blanca and Farallón.
The Panama Canal
One of the most fascinating places in the world, the Panama Canal is approximately 80 kilometres in length and connects the Atlantic and Pacific Oceans. Between 13,000 and 14,000 ships use the Canal on an annual basis. Thanks to the efforts of approximately 9,000 workers, working 24 hours a day, 365 days a year, the Canal offers transit service to ships of all nations.
Economy
Panama's economy will continue to grow, say analysts, resisting the global downturn facing major global economies: "The strong economic performance of the last few years continues, despite the deteriorating global environment," said International Monetary Fund (IMF) in a public statement.
"Despite a deteriorating external environment, economic prospects are favourable," concluded IMF board directors, "thanks to the Canal expansion project and associated investment, as well as improvements in competitiveness reflected in expanding export services such as tourism, communications, and transportation."
Panama is emerging as a significant business and tourism destination in the region for travellers from both North and South America, with the Tocumen airport acting as a regional hub between the continent's major cities.
Tourism activity in Panama has experienced a significant increase in the last decade, reaching 84.7% hotel room occupancy, obtaining in the annual report of Global Ranking Index the second highest rate of hotel occupancy in the world in 2007.
Why Invest in Panama?
- A world-class banking system with a high-degree of secrecy. Panama is an international banking and finance center that has no restrictions on the movement of money in or out of the country. It is also legal and very simple to form truly anonymous corporations. The Panamanian currency is the US dollar, which is of tremendous importance in attracting foreign investment.
- Discount of 10-50% on products and services for foreign "retirees"
- Affordable real estate
- Excellent business opportunities with incentives
- A wealth of activities to stay busy and happy
- Warm climate
- Residency perks. The Tourism Master Plan includes incentives to encourage investment in Panama which include no income or capital gains taxes for twenty years and the importation of a wide variety of goods duty free (when they are related to a tourist business)
- First world living. Panama has the highest per-capita income, the largest foreign investment and the most highly developed economic infrastructure in Central America.
- Prior to the opening of the Panama Canal, the island of Bocas del Toro was the center of commerce for Central America and still reflects the colonial influence resulting from worldwide activity in the once booming banana, coconut and cocoa business.
- The Panama Canal and the long-standing involvement of the United States. Panama has the highest per capita US investment in all of Latin America is one reason why Panama's infrastructure is far and away the best in Central America. Highways, airports and shipping centers are extensive and well maintained.
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