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ABOUT PANAMA

PANAMA: THE HUB OF THE AMERICAS SPIRALING AND GROWING DEVELOPMENT

LOCATION

Panama is located in Central America, bordering both the Caribbean Sea and the Pacific Ocean, between Colombia and Costa Rica. Its location on the Isthmus of Panama is strategic. Panama joins North and South America.

Despite its small size (75,900 sq. km. to be exact) Panama is home to more than 10,000 varieties of plants and more than 1,000 species of birds. Panama City is the only major Latin American city with a rainforest that is only minutes from downtown.

THE CANAL

The Panama Canal is an artificial 48-mile (77 km) waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean. The canal cuts across the Isthmus of Panama and is a key conduit for international maritime trade. There are locks at each end to lift ships up to Gatun Lake, an artificial lake created to reduce the amount of excavation work required for the canal, 26 metres (85 ft) above sea level, and then lower the ships at the other end. The original locks are 33.5 metres (110 ft) wide.

A third, wider lane of locks was constructed between September 2007 and May 2016. The expanded canal began commercial operation on June 26, 2016. The new locks allow transit of larger, Post-Panamax ships, capable of handling more cargo.

Panama is one of the most important logistics centers in the Western Hemisphere, for the transfer, storage and distribution of the global burden, a bridge for the mobilization of goods and people throughout the Americas.

TOURISM

Tourism is a growth market for investors in Panama. However eco tourism is one the hottest areas of the market right now. Tourists are targeting Panama specifically for its biodiversity, natural setting, and outdoor activities during colder months in the Northern Hemisphere.

Investors are now creating companies that fill this need.  This includes rainforest tours, eco lodges, rural transportation services, and even equipment rental services for diving, surfing, hiking, boating, and even motocross.

Panama is Top for Retirement Living
Panama was selected by both Forbes and Business Week as one of the top places in the world to retire.

DEVELOPMENT

Panama continues to grow, in 2015 the economy grew by 6.5% and has become a hub of all kinds for the Americas and the world, which promises to continue expanding and getting multinational and immigrants from around the world, which undoubtedly will result in welfare and development for the country and its inhabitants.

During 2017 there will be a growth in the economy due to the execution of government infrastructure works, projects of private companies in the field of mining and electricity generation, according to the projections of the Economic Studies Center

FACT SHEET

  • Official name: Republic of Panama.
  • Capital: Panama City.
  • Nationality: Panamanian.
  • Area, Population and Density: 75,517 km2. squares; 2,839,177, 81 people per square mile.
  • Political Division: 10 provinces and five counties.
  • Government: constitutional democracy, centralized Republic.
  • Legal system: based on civil law system, judicial review of legislative acts in the Supreme Court; accepts jurisdiction of international courts, with certain reservations.
  • Language: The official language is Spanish, but many Panamanians speak English.
  • Literacy rate: 90%.
  • Climate: Panama is tropical and the temperature is usually uniform throughout the year. The average temperature is 30 ° C.
  • Religion: There is absolute freedom of Religion in Panama. Most Panamanians are Roman Catholics. However, due to the great diversity of the country, there are numerous churches, temples and synagogues.
  • Time: the time in Panama all year long is the same as Eastern Standard Time in the United States (GMT-5).
  • Currency: Dollar E.U.A. Panama’s own currencies are equivalent in size and value to those of E.U.A.
  • Shops: generally open from 9:00 am. until 6 pm Monday through Saturday. Some open on Sundays.
  • Gratuities: from 10% to 15% of the bill would be recommended.
  • Drivers License: Visitors can drive up to 90 days with foreign license.
  • Electricity: 110 volts; 60 cycles.
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