The Panama Canal Authority has announced the winner of the $3.4 billion contract that will double the capacity of he waterfront.
Voters approved the Panama Canal expansion, which includes a new set of locks to accommodate larger ships, in 2006. Construction began in 2007 and is due for completion in 2014, 100 years after the Canal’s inaugural construction. The new expansion will allow large cargo ships to transition between the Pacific and Caribbean Oceans in under a 10-hour timeframe. The Canal’s current capacity allows ships carrying up to 5,000 containers. After the development and expansion, the Canal will be able to accommodate ships as large as 12,000 containers.
The project was awarded to Spain’s Sacyr Vallehermoso, which partnered with Italian company, Impregilo SpA, for bidding purposes. SV beat out competitors including: Bechtel, a Mitsubishi group; Actividades de Construccion y Servicios; Acciona; Fomento de Construcciones y Contratos; and Hochtief.
According to Canal spokeswoman, Teresa Arosemena, Sacyr Vallehermoso won the project after placing a bid of $3.12 billion, far lower than competing bids. The contract was approved by the ACP, which is owned by the country. The total Canal expansion project is valued at $5.25 billion. Sacyr Vallehermoso stock rallied almost 13% after being awarded the Panama Canal contract……
Panama has maintained a consistent position for growth and development. Interested in investing in Panama? Visit Panama-land-for-sale.com to see properties, land, and residences for sale in Panama. Click here for more information.
Showing posts with label growth in panama. Show all posts
Showing posts with label growth in panama. Show all posts
Monday, July 6, 2009
Thursday, April 30, 2009
Panama Election to Affect Taxes, Land, Growth
The Wall Street Journal reported this week that Ricardo Martinelli, who is the leading Presidential candidate at this time, has proposed a flat tax system if elected.
Flat tax is a system that uses a single, constant tax rate. Oftentimes, the system
is praised for eventually boosting the overall tax collection for a country. The flat tax rate would be between 12%-17% for individuals and 18%-22% for companies. Current corporate tax in Panama is 30% of profits. Panama would be the first Latin American nation to have a flat tax system, and Martinelli believes that the flat tax would “simplify the tax code because it will reduce the informal sector and tax evasion”, according to Frank De Lima, Martinelli’s head economic advisor.
Martinelli is an entrepreneur that owns supermarkets and other businesses. He served as Canal Minister in the early 2000s. Martinelli wants to run the Canal project like a private company and also wants to reduce the size of the government. Additionally, Martinelli wants to promote tourism within the country, claiming “We think we can make a big tourism hub in Panama where we have the Caribbean without hurricanes”.
Panama’s economy is expected to slow in 2009, but will still likely see growth of about 3%. Panama is also waiting for a Free Trade Agreement with the U.S. to be ratified by Congress. The Panamanian elections will be held on May 3rd, and Martinelli is leading his competitor, Balbina Herrera, by a 12% margin.
The new elections will have an impact on Panama’s growth and development. Interested in a flat tax system and relocating to Panama? Visit Panama-Land-for-Sale.com to view condos, businesses and land for sale in Panama!
Flat tax is a system that uses a single, constant tax rate. Oftentimes, the system
is praised for eventually boosting the overall tax collection for a country. The flat tax rate would be between 12%-17% for individuals and 18%-22% for companies. Current corporate tax in Panama is 30% of profits. Panama would be the first Latin American nation to have a flat tax system, and Martinelli believes that the flat tax would “simplify the tax code because it will reduce the informal sector and tax evasion”, according to Frank De Lima, Martinelli’s head economic advisor.
Martinelli is an entrepreneur that owns supermarkets and other businesses. He served as Canal Minister in the early 2000s. Martinelli wants to run the Canal project like a private company and also wants to reduce the size of the government. Additionally, Martinelli wants to promote tourism within the country, claiming “We think we can make a big tourism hub in Panama where we have the Caribbean without hurricanes”.
Panama’s economy is expected to slow in 2009, but will still likely see growth of about 3%. Panama is also waiting for a Free Trade Agreement with the U.S. to be ratified by Congress. The Panamanian elections will be held on May 3rd, and Martinelli is leading his competitor, Balbina Herrera, by a 12% margin.
The new elections will have an impact on Panama’s growth and development. Interested in a flat tax system and relocating to Panama? Visit Panama-Land-for-Sale.com to view condos, businesses and land for sale in Panama!
Monday, March 16, 2009
Panama Tourism Numbers Encouraging for Overall Growth
The Panama Post reported last week that more than 1.6 million tourists visited Panama in 2008. All-in-all, Panama is well-positioned for an overall increase in tourism, regardless the global economic crisis…..
There were over 1.6 million tourists that entered the country through a variety of entry points to the country. According to the Tourism Authority of Panama (ATP), over 1.02 million visitors flew through Tocumen International Airport in Panama City, over 110,000 people entered Panama through the Costa Rican border, Paso Canoa, and the seaports accounted for over 235,000 visitors. Carl Fredrik Nordstrom, the ATP’s assistant administrator, claims “Tocumen displays exciting numbers. Through this airport we receive the kind of tourist who usually desires hotels, restaurants and tours”. Overall, there has been a 21% growth rate in tourism, based on entry and exit forms processed by the National Directorate of Immigration and Naturalization and the Comptroller General of the Republic (over 175,000 more visitors than in 2007). The tourism numbers have been supported by the Royal Caribbean port in Colon for the Enchantment of the Seas ship, and from the added destinations to Panama City by Copa Airlines.
The President of the Panamanian Association of Hotels (APATEL), Jorge Loaiza, has indicated that hotel growth can be attributed to advertising initiatives, as well as efforts by the government and the business communities. Hotels reported occupancy rates of 80% with rates of 68% in the metro Panama City area.
Panama is strongly positioned in tourism and its current economy. Currently, tourism contributes over $2 million to the economy. Within the past year, the ATP processed over $2.5 billion in new hotel investments and still sees a need for more and better hotels. The organization has stated that even if only half of the projects are completed, the country will still be in a good position. The Latin American market has been consistent and is expected to weather the economic meltdown.
Interested in property in Panama? Check out the incredible land deals at panama-land-for-sale.com. Check out properties in and outside Panama City, Panama. Click here for more information….
There were over 1.6 million tourists that entered the country through a variety of entry points to the country. According to the Tourism Authority of Panama (ATP), over 1.02 million visitors flew through Tocumen International Airport in Panama City, over 110,000 people entered Panama through the Costa Rican border, Paso Canoa, and the seaports accounted for over 235,000 visitors. Carl Fredrik Nordstrom, the ATP’s assistant administrator, claims “Tocumen displays exciting numbers. Through this airport we receive the kind of tourist who usually desires hotels, restaurants and tours”. Overall, there has been a 21% growth rate in tourism, based on entry and exit forms processed by the National Directorate of Immigration and Naturalization and the Comptroller General of the Republic (over 175,000 more visitors than in 2007). The tourism numbers have been supported by the Royal Caribbean port in Colon for the Enchantment of the Seas ship, and from the added destinations to Panama City by Copa Airlines.
The President of the Panamanian Association of Hotels (APATEL), Jorge Loaiza, has indicated that hotel growth can be attributed to advertising initiatives, as well as efforts by the government and the business communities. Hotels reported occupancy rates of 80% with rates of 68% in the metro Panama City area.
Panama is strongly positioned in tourism and its current economy. Currently, tourism contributes over $2 million to the economy. Within the past year, the ATP processed over $2.5 billion in new hotel investments and still sees a need for more and better hotels. The organization has stated that even if only half of the projects are completed, the country will still be in a good position. The Latin American market has been consistent and is expected to weather the economic meltdown.
Interested in property in Panama? Check out the incredible land deals at panama-land-for-sale.com. Check out properties in and outside Panama City, Panama. Click here for more information….
Wednesday, February 11, 2009
Firm Cites Growth in Panama as Reason for New Office
The second-largest lobbying firm in New York is opening a new company in Panama….
Patricia Lynch, a NY-based lobbyist, has partnered with the Sosas, a Panamanian family, to open Lynch Sosa & Associates. Partner Juan Sosa is the former Panamanian ambassador to the U.S. His son will also be joining the business.
Lynch’s office chose Panama due to the strong growth that continues to take place in Panama. Her office claims:
“It’s like a place that’s got the best of the Caribbean and Latin America, while also having a lot of American connections. It’s a great place to do business”, adding that their clientele consists of “a combination of Panamanian folks wanting to explore New York markets, and the second part is New York and American firms wanting to have a Latin American presence”.
This marks founder Patricia Lynch’s first overseas venture. The firm will be located in Panama City. The office has been planned for the last year. Advantages of maintaining a Panamanian office include that it is in the same time zone as New York, uses the dollar as its primary currency, uses English commonly, and has labor costs, real estate prices and taxes that are much lower than in other countries.
Are you interested in Panama from a business or residential perspective? Check out panama-land-for-sale.com to see properties for sale in Panama. Visit panama-land-for-sale.com to see residential, land and business listings for sale in Panama.
Patricia Lynch, a NY-based lobbyist, has partnered with the Sosas, a Panamanian family, to open Lynch Sosa & Associates. Partner Juan Sosa is the former Panamanian ambassador to the U.S. His son will also be joining the business.
Lynch’s office chose Panama due to the strong growth that continues to take place in Panama. Her office claims:
“It’s like a place that’s got the best of the Caribbean and Latin America, while also having a lot of American connections. It’s a great place to do business”, adding that their clientele consists of “a combination of Panamanian folks wanting to explore New York markets, and the second part is New York and American firms wanting to have a Latin American presence”.
This marks founder Patricia Lynch’s first overseas venture. The firm will be located in Panama City. The office has been planned for the last year. Advantages of maintaining a Panamanian office include that it is in the same time zone as New York, uses the dollar as its primary currency, uses English commonly, and has labor costs, real estate prices and taxes that are much lower than in other countries.
Are you interested in Panama from a business or residential perspective? Check out panama-land-for-sale.com to see properties for sale in Panama. Visit panama-land-for-sale.com to see residential, land and business listings for sale in Panama.
Wednesday, February 4, 2009
Development to Continue in Panama City
Hotelsmag.com has just profiled Panama City in an article called “Panama: Hotel Hot Spot” and claims that Panama City is “the new business hub of the Americas” due to its positioning between North and South Americas.
Many are claiming that Panama will compete with Costa Rica in terms of development as local developers have stated that they are not slowing down on development projects. There are currently 19 different hotel projects in development for over 4000 rooms, including Nikki Beach, Renaissance, Westin and Le Meridien projects.
In Panama, banking and hospitality industries have remained solid and there are also tax incentives to encourage hotel and tourism development. It was recently announced that the port of Colon will also now be a home port for Royal Caribbean cruise line.
The tourism council of Panama is looking to attract the European market in the next few years, as over 200,000 visited the country in 2008. For full details on Panama’s growth, click here to read the entire Hotelsmag.com article.
Are you looking to invest in Panama? Visit our site as a resource. Panama-land-for-sale.com features many properties for sale near Panama City and Colon!
Many are claiming that Panama will compete with Costa Rica in terms of development as local developers have stated that they are not slowing down on development projects. There are currently 19 different hotel projects in development for over 4000 rooms, including Nikki Beach, Renaissance, Westin and Le Meridien projects.
In Panama, banking and hospitality industries have remained solid and there are also tax incentives to encourage hotel and tourism development. It was recently announced that the port of Colon will also now be a home port for Royal Caribbean cruise line.
The tourism council of Panama is looking to attract the European market in the next few years, as over 200,000 visited the country in 2008. For full details on Panama’s growth, click here to read the entire Hotelsmag.com article.
Are you looking to invest in Panama? Visit our site as a resource. Panama-land-for-sale.com features many properties for sale near Panama City and Colon!
Wednesday, January 28, 2009
More Development in Panama
A new, $1.5 billion Panamanian development is underway, according to a representative of the project.
La Estrella reports that the Isla Saboga Project is moving aggressively ahead, despite the current beleagured economy. According to Armel Gonzalez Mauhs, the representative of the project, the company is investing roughly $20 million and taking necessary measures to set up a proper infrastructure that includes water, road and sewer systems. By doing so, the company believes it will attract established property developers.
The new development will be environmentally-friendly and is described as “an island paradise that will have hotels, restaurants, houses, condominiums, spas, a marina, a yacht club, a country club and a beach club”.
The development in Panama has stretched to the beaches, mountains and jungles. New projects are indicative that the growth is still to be had in Panama!! Check out our ocean view and mountain view properties for sale at panama-land-for-sale.com! Learn about moving or retiring to Panama!
La Estrella reports that the Isla Saboga Project is moving aggressively ahead, despite the current beleagured economy. According to Armel Gonzalez Mauhs, the representative of the project, the company is investing roughly $20 million and taking necessary measures to set up a proper infrastructure that includes water, road and sewer systems. By doing so, the company believes it will attract established property developers.
The new development will be environmentally-friendly and is described as “an island paradise that will have hotels, restaurants, houses, condominiums, spas, a marina, a yacht club, a country club and a beach club”.
The development in Panama has stretched to the beaches, mountains and jungles. New projects are indicative that the growth is still to be had in Panama!! Check out our ocean view and mountain view properties for sale at panama-land-for-sale.com! Learn about moving or retiring to Panama!
Monday, January 26, 2009
Loan to Benefit Panamanian Growth
It was announced last week that the Panamanian government has created a $1.1 billion fund that it expects to eased the credit crisis and to boost investment as the world faces a global economic crisis.
Panama President Martin Torrijos stated that the fund will “grant Panamanians low-cost loans to buy homes and expand businesses”.
Financing of the new fund, which will come in the form of a loan, is being handled by the Inter-American Development Bank, Andean Development Corp, and National Bank of Panama. The National Bank – one of two state banks – will oversee the project. Torrijos called the loan a “preventive measure”.
The fund is a result of a three-month investigation of how the U.S. economic slowdown will affect Panama’s economy. The Panama Canal is currently the key route for trade between Asia and the eastern U.S.
Panama is still expecting significant growth in the next few years! Visit panama-land-for-sale.com to see properties and land for sale in Panama!!
Tuesday, January 13, 2009
Panamanian Banks Contribute to Growth in Panama
The UK’s First Post ran an article recently about the advantages of Panamanian banking in a Post-Madoff age.
Panama is one of the best international banking solutions because it allows for secure stashing of money in some of the safest banks in the world.
There is a history of drug dealers and crooks using Panama to launder money, but the unsavory activity has since been cleaned up. Lately, due to the growth in Panama, Venezuelans and Colombians are flocking to Panamanian banks rather than U.S. banks due to the Patriot Act putting limitations on foreign citizens.
Panama adopted Swiss banking laws in the 1970s in addition to the corporate laws of Delaware, the “friendliest business” state. There are over 80 registered banks in Panama that have grown from traffic and trade along the Panama Canal. There is little government regulation, but heavy supervision by owners that have applied stringent lending standards.
Are you looking for land in Panama? Check out our land deals in Panama at panama-land-for-sale.com! Buy land in Panama--Our site is a resource for learning about retiring or moving to Panama!
Panama is one of the best international banking solutions because it allows for secure stashing of money in some of the safest banks in the world.
There is a history of drug dealers and crooks using Panama to launder money, but the unsavory activity has since been cleaned up. Lately, due to the growth in Panama, Venezuelans and Colombians are flocking to Panamanian banks rather than U.S. banks due to the Patriot Act putting limitations on foreign citizens.
Panama adopted Swiss banking laws in the 1970s in addition to the corporate laws of Delaware, the “friendliest business” state. There are over 80 registered banks in Panama that have grown from traffic and trade along the Panama Canal. There is little government regulation, but heavy supervision by owners that have applied stringent lending standards.
Are you looking for land in Panama? Check out our land deals in Panama at panama-land-for-sale.com! Buy land in Panama--Our site is a resource for learning about retiring or moving to Panama!
Wednesday, November 19, 2008
New City in Panama to Increase Growth?
It was announced this week that British company, London & Regional Properties, is slated to transform the former U.S. Howard Air Force base in Panama into a new residential and commercial complex.
Howard Air Base closed in 1999 following Panama taking control of their Canal from the U.S.
The new complex is slated to cost $70 million and will be named the Panama Pacific Center. The Center is expected to create 20,000 new homes and 11 million square feet of commercial space. The project will create a new city within Panama City.
The project is slated to take 40 years and is expected to create 40,000 jobs. Financing for the project is slated to be over $750 million and has been put in place by UK Trade & Investment.
Panama is on the move! Panama’s economy is one of the strongest in the world right now. Are you thinking of moving to Panama or retiring in Panama? Check out our website at panama-land-for-sale.com for more information about living in Panama!
Howard Air Base closed in 1999 following Panama taking control of their Canal from the U.S.
The new complex is slated to cost $70 million and will be named the Panama Pacific Center. The Center is expected to create 20,000 new homes and 11 million square feet of commercial space. The project will create a new city within Panama City.
The project is slated to take 40 years and is expected to create 40,000 jobs. Financing for the project is slated to be over $750 million and has been put in place by UK Trade & Investment.
Panama is on the move! Panama’s economy is one of the strongest in the world right now. Are you thinking of moving to Panama or retiring in Panama? Check out our website at panama-land-for-sale.com for more information about living in Panama!
Monday, November 3, 2008
Panama Banking Growth - Good for those Relocating
More reports emerged this week about the positive state of affairs in Panama and how the country has not been affected by the global financial crisis.
Gisela Vergara, who is the Panamanian minister of commerce and industry, spoke this week at a forum in Tokyo. She stated that Panama has experienced fewer losses due to its sufficient liquidity within the country’s banking system.
Panama is one of the largest financial centers of Latin America, but has no central bank. The economy is based on regional financial services, and has had growth of local and foreign savings following U.S. problems. Panamanian banks offer tax-free bank savings and low interest rates on bank loans. There is no sub-prime mortgage market in Panama, but much of the country’s economy is based on the United States.
Panamanian President Martin Torrijos claimed earlier in the year that the country is prepared to face the crisis. The expansion of the Canal has allowed for further economic expansion, and the country offers economic incentives to business and individuals looking to relocate to the country.
Check out our incredible land deals in Panama! Now is the time to move or retire in Panama and experience the international growth! Visit panama-land-for-sale.com to check out our properties and other facts about moving to Panama.
Gisela Vergara, who is the Panamanian minister of commerce and industry, spoke this week at a forum in Tokyo. She stated that Panama has experienced fewer losses due to its sufficient liquidity within the country’s banking system.
Panama is one of the largest financial centers of Latin America, but has no central bank. The economy is based on regional financial services, and has had growth of local and foreign savings following U.S. problems. Panamanian banks offer tax-free bank savings and low interest rates on bank loans. There is no sub-prime mortgage market in Panama, but much of the country’s economy is based on the United States.
Panamanian President Martin Torrijos claimed earlier in the year that the country is prepared to face the crisis. The expansion of the Canal has allowed for further economic expansion, and the country offers economic incentives to business and individuals looking to relocate to the country.
Check out our incredible land deals in Panama! Now is the time to move or retire in Panama and experience the international growth! Visit panama-land-for-sale.com to check out our properties and other facts about moving to Panama.
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