General Information

• Official Name: Republic of Panama Capital: Panama City

• Official Language: The official language of the Republic of Panama is spanish, nevertheless, many panamanians are bilingual (English/Spanish).

• Climate: The climate of Panama is tropical and the temperature is usually uniform throughout all the year. The nights are generally fresh. The average temperature is 27°C (80 F). The country has two seasons: rainy and dry. The first one goes from May to December with rains that allow receiving the warm sun rays during great part of the day. During the dry station, called "summer", from mid December until the month of April, the pleasant trade winds blow permanently.

• Taxes: All purchases in Panama are taxed with a 5% of Personal Properties Transference Tax (ITBM), excluding this measurement are medicines, foods and scholastic equipments.

• Currency: The Balboa (Balboas -- plural); 1 balboa = 100 cents. The American dollar circulates freely being the rate of change 1 Balboa = 1 American Dollar.

• Gratuity: The gratuities are not included in the restaurants prices. It is custom to give between a 10% and a 15% of the total consumed.

• License to lead: The visitors can drive up to 90 days with a foreign license. They will have to present their passport if they are request.

• Schedules:

  • Commerce: 9:30a.m. to 19:00 hours in continuously. The commerce is open also Sundays in schedule from 9:30 to 19:00 hours.

  • Banks: 8:30 a.m. To 14:30 hours. The automatic tellers are in disposition of the users day and night. To see more Information

  • Public offices: 8:30 a.m. to 16:30 hours.

• Limits: At the North with the Caribbean Sea, to the South with the Pacific Ocean, to the East with the Republic of Colombia and to the West with the Republic of Costa Rica. Earth area : 75.990 square km (29,340 square miles) Territorial Sea : 200 nm

• Ethnic Groups: 70% are racially mixed, 10% whites, 12% mulattos and 8% natives. Population: (Census 2000): 2,839,177) 

• Religions: more than 93% Roman Catholics, 6% Protestants. The National Constitution establishes "is free the profession of all the religions as well as the exercise of all the cults, without another limitation than the respect to the Christian moral and the public order".

• Political division: 9 provinces and 1 Comarca; Chiriquí, Bocas del Toro, Coclé, Colón, Darién, Herrera, Los Santos, PanamaVeraguas, , Kuna Yala, Total Area: 78.200 square km (30,193 square miles).

VISITORS INFORMATION

Why visit panama in your next vacation:

• Panama has a great variety of world-class attractions all in close proximity.
• Panama is safe.
• Panama has a First World infrastructure .
• Panama is tourist friendly.
• Panama has the US dollar as its currency.
• Panama has world-class medical care and a healthy environment.
• Panama is the best place for nature travel, eco-tourism and eco-adventure today.
• Panama has a wide selection of beaches and island venues and activities.
• Panama is the affordable exotic destination.
• Panama has world class fishing, diving, snorkeling and sailing.
• Panama City is a smart choice for convention and incentive travel.
• Panama Has no Hurricanes nor major destructive earthquakes.
• Panama is Survivor Country.

ADVANTAGES OF LIVING IN PANAMA

In Panama, you will never feel too far from home. COPA has direct flights from Los Angeles, New York and Miami, Continental Airline from Houston and Delta Airlines from Atlanta.

American-Style Infrastructure, by-product of an Historical Relationship.

• The Panamanian People-“Globalize”, Peaceful, Friendly and Fun-Loving
• Dependable Travel in Panama-Roads, Highways and Public Transportation
• Banking Conveniences and a Strong Financial Services Sector
• Variety of Venues to Choose From
• Quality Construction
• The Best Retiree Benefit Program in the World
• Your investment will increase in value.

A foreign investor and retiree - friendly giverment

• Panama has a stable democracy and Latin America 's most stable economy.
• If you or your friends and family are beach lovers, Panama is the place.
• If you are an investor or businessman, you will find Panama 's entrepreneurial class great to work with.
• Medical care is on a par with the United States Medical facilities compare favorably to US facilities and it is easy to find a Panamanian doctor or dentist that is US trained and speaks English.
• Panama has one of the best road infrastructures in Latin America .
• You will love the Panamanian people.
• A Retiree Visa is easily and readily attained.
• Foreigners can own property in Panama and have all the same legal rights as Panamanians.

INCENTIVES FOR INVESTORS

Best areas for condos and house investments

• Ocean Front Neighborhoods: Punta Pacifica, Punta Paitilla, Costa del Este  
• Established Neighborhoods: San Francisco y el Cangrejo
• Like an upscale Miami development: Costa del Este
• VISAS
• Casco Viejo incentives law

RETIREES ADVANTAGES

The Best Retiree Benefit Program in the World

The Panamanian government actually encourages retirees to retire here. Retirees receive many benefits and discounts.

To qualify for a retiree visa the only requirement are a proven monthly income of $500, a health certificate, and a police report.

Some of the Benefits for Retirees:

• 50% off entertainment including movies, concerts, theather, etc. (a regular movie ticket costs $4.00 - the retiree price is $2.00)
• 25% off restaurants
• 50% off hotel accommodations Monday- Thursday
• 30% off bus, boat and train fares
• 25% off domestic airline tickets
• 10% off prescription medicines (much cheaper than US prices to begin with)
• 15% off dental and eye exams
• 50% off closing costs for home loans

Unlike other countries, in Panama foreigners who buy property enjoy all the same rights and protections as Panamanians.


Why Retire or Buy a Second Home in Panama

There are many good reasons why it's a smart choice to retire or buy a second home in Panama .

In no special order, here are some of the most important:

1. Panama is a beautiful country with a wide variety of world-class attractions- all close by.

Panama has a wide variety of destinations, activities and world class attractions - and since it is such a small country ( the size of South Carolina) they are all in close proximity. You will never have a reason to be bored- Panama has it all - beach, mountains, nature, a sophisticated capital city, fine dining, golf, sport fishing, Indian culture, history...

2. Your investment will increase in value.

Panama today reminds real estate professionals of the Florida market twenty years ago- it has many of the same attractions of Florida and property prices are a bargain. It is not uncommon for Americans coming to Panama today to buy a condo in Panama City, a beach home and mountain home- all for less than the price of the home they just sold in the States. And because the Panama property boom has just begun, your investment is sure to increase substantially as more and more people discover what a great place Panama is to live and invest.

3. Panama has a stable democracy and Latin America's most stable economy.

Panama has a democratically elected president and historically the most stable economy in Latin America. The present administration of Martin Torrijos has excellent relations with the United States, is pro-business and working hard to create transparency and good governance.

4. Your family and friends will be impressed with your smart decision.

We hear this story all the time…”my kids and family thought we were crazy when we told them we were going to buy a home and live in Panama ...they thought we were having some severe mid-life crisis etc…then they came down and were blown away by the place...”

5. If you or your friends and family are beach lovers, Panama is the place.

There's a beach close by everywhere in Panama. The narrow isthmus is only 50 or so miles wide- this means a beach is never more than an hour away. With  both a Pacific and a Caribbean coastline, Panama has thousands of miles of beaches and in addition over one thousand islands. This also means great water sport activities- in fact, fishing, diving surfing, sailing, sea kayaking is world-class.

6. Panama has a carefree climate.

In Panama City, the beaches and lowlands there's a year-round warm climate. Some places like Panama City are humid but that is easily remedied with  air conditioning… and you go from an air-conditioned home, to an air-conditioned supermarket, to an aircondioned mall etc. and never are bothered by it. Evenings and early morning temperatures are perfect for walking or running. In the mountains and highlands weather year-round is spring-like temperatures-- no air-conditioning needed.

7. If you are an investor or businessman, you will find Panama's entrepreneurial class great to work with.

People starting small companies or major investments find it a pleasure to do business in Panama with the because so many business people are American-educated or worked for Americans in the former Canal Zone; is they understand Americans and know how to work with them.

8. Medical care is on a par with the United States Medical facilities compare favorably to US facilities and it is easy to find a Panamanian doctor or dentist that is US trained and speaks English.

Prices run about 50% less than the US.

9. Panama has one of the best road infrastructures in Latin America.

It is not perfect, mind you- this is the "third world"- but pretty darn good.

10. You will love the Panamanian people

One of the most common things you will hear from retirees is how friendly and helpful they find the Panamanian people - that means the man-on-the-street, neighbors, maids, taxi drivers, the mall security guards…etc. They feel safe and welcome- many are well traveled and say there is no place in the world they would rather be.

11. A Retiree Visa is easily and readily attained.

You can get a retiree visa in a short time for a reasonable price.

12. Foreigners can own property in Panama and have all the same legal rights as Panamanians.

Unlike some other Latin American countries, foreigners in Panama have all the same property rights as its' citizens.