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OUR SERVICES |
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It is also a guide to the different areas Panama offers to do business, providing full legal counseling required by persons and international and domestic companies, in general.
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List of Services |
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WHY PANAMA ?
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During the last years, the Republic of Panama has been the favorite place for those looking for a second home, whether for leisure or living. The fiscal advantages, low cost of living, use of the U.S. Dollar as official currency, the international financial center, modern shopping centers, excellent communications and health system are some of the reasons why many pensioners and retired persons have chosen Panama for living and investing.
All of this backed-up by the classification of the AARP Bulletin (American Association of Retired Persons) which has ranked Panama as one of the 4 best places in the world to live, outside the United States. We also have the classification of International Living, asserting that Panama is one of the best places to live outside the United States.
Other benefits we can find in Panama and increasing the value of your investment in housing is that the country has paradisiacal and virgin places such as white sand beaches, forests, flora and fauna, dense woods, mountains, islands, rivers, lakes, exclusive areas for retired persons, the Panama Canal, historic sites such as: Metropolitan Cathedral, National Theater, Presidential Place, Religious Art Museum, "Reyna Torres de Arauz" Museum, Natural Science Museum, Panama Canal Museum, ecotouristic sites such as the International Friendship Park and the Volcan Baru National Park, etc.
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| BACKGROUND |
The Republic of Panama, with an area of approximately 76,900 sq. km, is located between Costa Rica and Colombia, forms the narrowest and lowest portion of the isthmus that links North and South America. Panama is famous for its Canal which joins the Atlantic and Pacific Oceans. With a population of about 2.8 million and due to the importance of the Canal, Panama has excellent telecommunications as well as international airline links. There is a sophisticated banking and financial system together with a major Free Trade Zone. Now firmly established as a democracy, the Country has legal system based on a constitution and is politically stable with a continuously growing economy. POPULATION The population of Panama is approximately 2.4 million, about 52% of which are in urban areas |
| POLITICAL STRUCTURE |
The Isthmus of Panama was discovered in 1501 by Rodrigo de Bastidas and Vasco Nuñez de Balboa, who had a leading part in the establishment of Santa Maria La Antigua del Darien in 1510, the first permanent settlement on the mainland of the Americas. In 1513, Balboa led an expedition, in Panama, which discovered the Pacific Ocean. Pedro Arias Davila founded Panama City on 15th August 1519. Panama was a Spanish colony until 1821 when it became part of the Gran Colombia of Simon Bolivar. In 1903, Panama broke its alliance with Colombia and became an independent republic. The executive branch of the Government is at present composed of a President and two vice-presidents, elected for a five-year term by direct election. |
| INFRASTRUCTURE AND ECONOMY |
Colon Free Zone The Colon Free Zone is located on the Caribbean side of the Isthmus of Panama near the Atlantic entrance to the Panama Canal. This Free Trade Zone is the second largest in the world after Hong Kong. Operations and transactions taking place in the Free Trade Zone (US$11 billion) are subject to a special tax treatment whereby imports from other parts of the world and re-exports to other countries are exempted from any import or export taxes imposed by Panama. Income earned from re-exports is taxed at specially reduced rates.
Panama Canal Areas On December 31, 1999, the U. S. will turnover the Panama Canal to Panama's new Canal Authority. This date marks a new era for Panama and is the last day in which all U. S. Military bases must be reverted to Panamanian control. The canal areas, where these bases are found, comprise 233,000 acres of prime real estate and over 7,000 commercial and residential buildings. As a result of this land transfer, unique investment opportunities exist in the tourism, maritime, real estate, transport and industry sectors.
Ports Nearly 14,000 ships transit the Panama Canal each year with more than 192 million tons of cargo and 700,000 passengers and crew onboard. Because of this traffic and modern port facilities, Panama is expected to become the region's principal multi-modal logistics center in coming years.
Today, Panama has the largest maritime fleet in the world and its four (4) new container ports represent a total investment of over US$4.5 billion. The ports, combined with the trans-isthmian railroad, are projected to move one (1) million cargo containers in 1999 and two (2) million by 2002. Major opportunities for development of new business include: additional ports, shipyards and maritime services such as the storage, distribution and transport of cargo; financial and administrative services, insurance coverage, ship supplies and maintenance, as well as tourism enterprises.
Financial industries Panama has the most modern and successful international banking center in Latin America, with more that 120 banks from 35 countries. Panama's new banking law meets the standards of leading financial centers around the world for transparency and regulation.
The Panama Stock Exchange is the fastest-growing in the region with a total volume of US$848,172,713 in 1998- a 19.25% increase over 1997. In addition, Panama is one of the most secure offshore centers in the world. In the financial industry, diverse investment opportunities exist in banking, investment capital financing, insurance and reinsurance |
| LANGUAGE |
Spanish is the official and spoken language. English is also spoken widely in urban areas and is used daily in commerce and international trade. |
| CURRENCY |
Balboa which goes at par with the United States Dollar. |
| TYPE OF LAW |
Based on Spanish Civil Law with many Common Law influences, particularly |
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