STRI to Highlight Panama Land, Culture, History

The Smithsonian Tropical Research Institute (STRI) has announced a series of programs and educational endeavors through 2010.  Entitled “Panama at the Smithsonian”, the exhibitions will highlight Panamanian culture and its development and history, including its impact on the U.S.

The new exhibitions began in April with a free concert.  From October 5, 2009 through May 31, 2010, STRI will exhibit “Panamanian Passages”, an interactive display featuring live flora and fauna, a tribute to Panama’s natural history, and educational tours that focus on how modern-day Panama came to be. 

Panama’s biodiversity has attracted scientists since 1910, and the Smithsonian Tropical Research Institute was founded in 1923 as a biological reserve that is devoted to ecological studies.  The STRI has been operated by the American Smithsonian Institution since 1946.  The Institute is famous for the use of two cranes that were erected in 1990 and 1997 for three-dimensional access for studies.  The cranes are located at both ends of the Panama Canal.  The STRI contributes to studies for new drugs, the global climate, species, and ecosystems.

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Economical Advantages for Retirees in Panama

Jacksonville.com published an article last week with the title of “Panama: Land of Mountains, Oceans, Scotch and Cheap Beer”.

The article taps into some of the smaller differences that exist in Panama like $3 six-packs of beer, cheap taxis and transportation, inexpensive healthcare, and widely-available high-speed Internet throughout the country. 

Panama has developed a very international tourist industry in recent years.  The area has been highly “Americanized”, with wide use of the U.S. dollar.  Additionally, the country offers cheap drinks, an upbeat nightlife, and a relaxed atmosphere.  Residents and those who have relocated to the area are offered many daily non-stop flights from major U.S. cities, Europe and Canada.  There is also a low crime rate and a strong banking system – with the most stable economy in Latin America. 

• Retiree advantages, if able to obtain a visa by proving $500 income per month, include:
  
• up to 50% off of entertainment expenses
  
• up to 25% off at restaurants
  
• 30% discount on transportation – bus, boat, train
  
• 25% discount on airline tickets
  
• 10% off of prescriptions
  
• 15% off of healthcare visits
  
• 50% off of real estate closing costs
  

Additionally, Panama does not tax offshore income, making the location truly an economical paradise.

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Panamanian Real Estate Boosted by Retirees...

Today, La Estrella ran an article, “Panama, the new Florida”. 

Panama is growing drastically, gaining popularity among retirees that are attracted to the affordable cost of living.  The article cites a couple that had a $3 million budget for a place in Miami now has a 3,000 square ft, oceanfront penthouse in Panama City.  

The Migration Policy Institute, which monitors the world’s population movement, has tracked an influx of retirees and expats to Panama.  Those relocating to the country are drawn to the fact that the dollar goes farther.  There is no taxation on foreign income, no property tax for 20 years, and great weather.  The country has a “pensioner program” that offers severe discounts for retirees and there is quality healthcare at low costs – from economical doctor’s visits to in-home care.

Those considering moving to Panama are forced to recognize that the country operates at a slower pace than most, but the advantages far outweigh the inconveniences…..

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Panama Continues to Develop with Foreign Investment...

UK’s Telegraph published an article this week entitled “Future Looks Bright for Panama”.  The article, written by a British ex-pat, cites the fact that “Panama has a slice of everything and something for everyone”.  Among the benefits of Panama: the climate, the economy, and significant, if not exponential growth. 

Panama has become increasingly popular with expats and retirees.  The country is appealing based on the stability that has been achieved since Manuel Noriega was removed from power in 1989.  The country has been built on a solid infrastructure and stable economy.  Panama has a conservative banking industry, and there is wide use of the US dollar, to which the balboa is pegged. 

Panama lies outside of the paths of hurricanes, and offers flora and fauna for those that appreciate the outdoors.  For those that desire the country’s metropolitan aspects, there are skyscrapers that draw comparisons to the Manhattan skyline.  Panama recently elected a pro-business government, and many international companies are moving to the area. 

There are a growing number of foreign investors attracted to Panama.  Property taxes are waived for 20 years for investors, earnings are not taxed, and many properties have ocean access.  Many celebrities are moving to areas like Casco Viejo, Bocas del Toro and the Azuero Peninsula.  Panama’s international airport has flights to over 40 countries. 

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Panama Canal Contract Granted - Development Continues

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.

Pro-Business President to Bring Jobs, Development to Panama

According to the Associated Press, Panama’s new “pro-business” President is promising the country new jobs….

The new President, Ricardo Martinelli, 57, is a supermarket magnate that has gained wide appeal among Panama’s 3.3 million residents. Martinelli, who was sworn in on Wednesday for a five-year term, has committed to “start the biggest job-creation push ever in the country”.

Outgoing President, Martin Torrijos, was responsible for the $5 billion Panama Canal expansion, which obtained over $2 billion in foreign investment in order to accommodate large cargo ships. Martinelli has been a staunch supporter of the Canal’s expansion, but also wants to expand upon the country’s economic capabilities.

Panama has experienced a real estate boom that the President wants to recreate, amid the worldwide recession. The country is considered to be the best place for business in Latin America. Martinelli has committed to fighting drug trafficking, along with Colombia and Mexico, and also has a billion-dollar proposal for a train system for Panama City’s metro area.

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Retirees Look for Land for Sale in Panama

Ralph Smith of FedSmith.com penned an article this week entitled “Are you Part of the Retirement Tsunami? Where Will You Retire?”.

Smith points out that many U.S. retirees will be unable to afford the lifestyle that they had once envisioned. Many retirees are looking outside of the U.S., particularly to Panama, for a variety of reasons, including:

• Mild weather
• Low taxes (no property taxes for 20 years)
• Affordable cost of living
• Affordable medical costs at world-renown hospitals like Johns Hopkins
• Affordable property
• Discounts on a variety of different goods and services
• English is widely spoken

Many have questioned the standard of living in Panama. The costs of living are lower and the country moves at a slower pace than that of the United States. Foreigners looking to retire or relocate to Panama should spend a few weeks in Panama before committing to living and should employ an attorney prior to property transactions.

Interested in investment opportunities or land in Panama? Visit Panama-Land-for-Sale.com to see property listings and real estate for sale in Panama City and outer-lying areas. Click here for more information.

Panamanian Real Estate to Level Out by Year's End?

According to the Association of Panama Realtors (API), in the first 5 months of the year, the demand for housing in Panama City fell 18%--good for buyers, and a temporary setback for owners……

According to Panamanian real estate analysts, the decline in property prices is a temporary situation. The past few months have resulted in an oversupply of inventory with reduced prices for potential buyers. However, real estate experts predict that recovery will come toward the end of the year as world economies strengthen. Large-scale development projects, while conducting business at a slower pace, are still under construction. Additionally, there ahs been a rise in investors from Central American countries, including Venezuela, Ecuador, Costa Rica and Colombia.

The latest real estate clientele in Panama are looking for economical apartments and hotel rooms, and maintenance and security are of primary concern. Experts claim that priorities and pricing will eventually level out….

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Good Time for Investment in Panama

Panama has gained international attention in the past few years, mostly due to economically-priced properties and a low cost of living…..

According to La Estrella, Panama’s real estate properties have begun to decrease, for the first time since the boom over the past few years. Buyers have become attracted to Panama due to the cost and quality of living.

Potential buyers may look to Panama right now to find significant deals. Although Panama has not felt the same effects as many countries suffering from the worldwide financial crisis, an estimated 99% of people have reduced the prices of their properties. Currently, properties are priced more realistically with the market. Luxury properties have declined within the city, but in the outerlying areas of Panama, prices have increased slightly. It is predicted that prices will level once demand increases, but investors

Now is the time to buy in Panama! Visit Panama-Land-for-Sale.com to view listings in Panama. Click here to view Panama land, businesses, and condos for sale in Panama.

Panama Canal Has Development in Relationship with U.S. Port

According to the Baltimore Sun, the Maryland Port Administration has reached an agreement with the Panama Canal to “promote use of an all-water route between the Pacific Ocean and the Port of Baltimore”.

Announced on Monday, the Panama Canal Authority (ACP) and the Maryland Port Administration (MPA), signed a Memorandum of Understanding (MOU) to increase economic growth and commercial activity between the two ports.

The two ports will share marketing, information and “best practices” that will encourage shippers to visit East Coast ports, including Baltimore, via an “All-Water Route” through the canal. This is expected to increase the amount of shipping from Asia.

The Port of Baltimore is one of only two East Coast ports with a 50-foot channel to accommodate large freight vessels. The Panama Canal is currently doubling its capacity to increase traffic and accommodate large shipping vessels. The Canal’s widening is slated for completion in 2014.

Advantages of relocating to Panama include: a tropical atmosphere and pleasant weather, a lower cost of living, and many discounts for retirees! Interested in Panama real estate or land? Visit Panama-Land-for-Sale.com to see land, residential and commercial properties in Panama. Click here for more information.

Panama Land, Development to be Influenced by Trade Agreement?

According to the Associated Press, Panama has moved to the top of President Obama’s list for a trade agreement….

President Obama is committed to goals announced throughout his campaign of “rewarding strategic allies and confronting economic necessity”. Obama will be making his case before a Senate Finance Committee, and is pushing for a deal by July 1st.

The trade agreement will be viewed as a sign of friendship by many. Obama, who was a critic of NAFTA while campaigning, now sees the importance in a trade agreement with Panama. As a result of the Canal project, there is a growing transportation infrastructure that is seeing a rise in US tourism and trade. A trade agreement is supported by companies like Caterpillar, a company that has increased its presence in Panama and will increase production as a result of the Canal project. A trade agreement would allow U.S. companies to bid on Canal-related projects.

A U.S. trade agreement would be beneficial to the development in Panama. Interested in land in and outside of Panama City? Visit Panama-Land-for-Sale.com to see properties and real estate for sale in Panama.

Foreign Investors Interested in Panama Investment Property...

International investment in Panama has increased greatly and looks as if it will develop further….

According to KnightsbridgeInvest.com, “Panama Key in French Companies Operations”, there are a number of corporations that have moved or planned to move to Panama. Corporations including L’Oreal, Sanofi-Aventis (Pharmaceuticals), and Total (petroleum), GDF Suez (power generation) have all relocated to Panama. French investment already contributes more than $600 million to the Panamanian economy, and that number is estimated to reach $1 billion by 2010.

In addition to the French, a consortium of companies from Dubai have traveled to Panama, looking for investment deals. The company officials visited the country to investigate the development, laws and logistics of relocation.

The Tourism Authority of Panama is promoting Panama to over 178,000 people at one of largest trade fairs in the world in Berlin. The Authority will be promoting Panamanian culture and conservation efforts. The Panama Tourism Sector is estimated to have contributed about 12% to the national Gross Domestic Product. The Authority currently has 13 projects that have been approved by the National Registry of Tourism that will contribute over $400 million to tourism.

The development in Panama is significant to other parts of the world. Looking to relocate or move to Panama? Visit Panama-Land-for-Sale.com to see real estate and land listings for sale in Panama City and outer-lying areas like Portobelo. Click here for more information.

Martinelli Good for Business, Development in Panama

According to La Estrella, new President-elect, Ricardo Martinelli could be good for business in Panama…..

According to an article published in the Tico Times by Leland Baxter-Neal, foreign analysts believe Martinelli will be good for encouraging business in Panama. Martinelli has significant business experience and proven ability as an experienced business manager and negotiator. In addition to owning a chain of highly successful supermarkets, Martinelli has also worked in government. He has held positions as the Chariman of the Board of Directors of the Panama Canal Authority; Panama Canal Minister; and Director of Panama’s Social Security Administration.

While a global recession has slowed down many of the world’s economies, Panama remains somewhat stable. Although it has slowed slightly, Panama’s predicted GDP growth in 2009 is still predicted at 3%, one of few countries to be in positive growth.

Martinelli is expected to be popular among businesses and U.S. retirees and those relocating for business. Martinelli has also claimed that once in office, he will cut corporate taxes, implement a flat tax system, invest in tourism, and plans to fight legislation encouraging further transparency and legislation for the company’s banking industry……

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Panama Maritime to Provide Development in Panama

According to La Estrella, shipping companies are opting for Panamanian ship registry.

According to the Panama Maritime Authority (AMP), ship registration presents an opportunity for development in Panama. Currently, there are over 8,400 registered ships under the Panamanian flag – more than any country in the world.

It has been predicted that shipping companies will continue with Panamanian registry, due to the most favorable legislation worldwide. Advantages to both merchant ships and cruise ships include: A faster process that takes only hours for registration; discounts based on ship’s tonnage and type; flexibility based on the nationality of the crew and ship’s owners; judicial safety to clients; and a consular offices in Panama that work with worldwide shipping offices.
This is good for Panama and its development. Direct annual income from ship registration accounts for over $70 million and the income derived indirectly accounts for over $150 million.

Director of Merchant Shipping, Alfonso Castillero claims that from 2007 to 2008, there was an increase of 11% of registered ships. He expects the registry to grow at least another 9%. In the 1st quarter, there were 347 ships registered – 151 of which were brand new ships.

This allows Panama to become a larger player in the international maritime market….Interested in moving, retiring or relocating to Panama? Visit Panama-Land-for-Sale.com to see real estate listings in Panama and Portobelo. Click here to view land, condos and businesses for sale in Panama!

New Panamian President-Elect to Affect Local Real Estate

Those living and investing in Panama are learning more about the new president-elect, Ricardo Martinelli.

The 57-year old, self-made mulimillionaire is one of Panama’s richest men. The son of Italian immigrants and educated in the U.S., Martinelli owns Panamana’s largest supermarket chain, Super 99 and also has interests in Panamanian banking, real estate, sugar, and hydroelectric energy.

Martinelli formerly served as the former government minister of Panama Canal affairs. He also ran in 2004, capturing only 5.3% of the vote – a far cry from the sweep of this year’s self-financed campaign against Balbina Herrera.

Martinelli’s campaign platform was based on points including:

- foreign investors for tourism projects including cruise ports and airports
- more government spending on public infrastructure
- maintaining a close relationship with the U.S.
- fiscal discipline and anti-corruption

Yesterday, Martinelli announced 14 cabinet ministers. He will take office on July 1st.

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U.S.-Panama Developmental Agreement in the Works

This week, Reuters reported that the new President-elect of Panama, Ricardo Martinelli, is hoping to push a Free-Trade Act (FTA) with the United States as soon as possible.

Calling the FTA “our No. 1 priority”, Martinelli is anxious to put a trade agreement into place. Panama exported $377 million to the U.S. in 2008. Panama only taxes dollars that have been earned within the country, and as a result often faces critics accusing the country of providing an “offshore tax haven for wealthy foreigners”.

Martinelli, a wealthy supermarket tycoon, won the election by a staggering 60% of votes on Sunday. His administration rejects all complaints that U.S. citizens use the country of Panama as a tax haven. Frank De Lima, the head economic advisor to Martinelli’s administration has stated: “The perception that Panama is a tax haven is totally false…new government will be open to sharing information with U.S. authorities and plans to work to pass the agreement as soon as possible”.

A U.S.-Panama trade pact was signed by former Panamanian President, Martin Torrijos, in June 2007, but is currently being held up by U.S. Congress. President Obama’s administration has stated that it is hopeful to develop an agreement with Panama relatively soon.

Currently, Panama is a popular destination with U.S. retirees, particularly in a recession. Visit Panama-land-for-sale.com to view properties, land, and condos for sale in Panama and the outlying areas. Click here for more information.

Panama Land Prices to Grow Rapidly by August

According to a recent press release by Property Abroad, “Panama property prices will be growing rapidly again as early as this August”.

The site claims that because Panama has been less affected by the worldwide recession than other countries, there will be significant opportunity to be had. The Panamanian property market-thus far- has remained fluid due to American retirees.

According to a market analyst with Property Abroad, “Panama property is still selling at a steady rate to American retirees and lifestyle buyers. Prices have been largely unaffected by the global downturn, because there has hardly been a downturn. Around the world people are realizing that property investment opportunities still exist abroad”.

Europeans are attracted to Panama, due to better interest rates and returns. It is suggested that if the pound continues to strengthen, Panama will be even more desirable.

Properties in Panama start at under $100,000 US.

Interested in property in Panama? Visit Panama-Land-for-Sale.com to see land and properties for sale in and near Panama City, Boquete, Colon and Portobelo. Click here for more information.

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!

Investing in Panama - Tips for Entrepreneurs

Matt Landau’s Panama Report published an article last week about the 7 Steps to Panama Entrepreneurship.

Panama is a financially appealing country, as the recession takes its toll globally. Panama offers an increased quality of life and “the timing is still good for new business ideas”. There are payoffs for developing in Panama and there is a significant opportunity to make money. However, one must engage in the local culture to succeed. The Panama Report gives the following 7 tips for the incoming entrepreneur.

1. Find good local contacts.
2. Learn about immigration status and work visas.
3. Work harder than your competition.
4. Execute a unique business plan and keep costs low.
5. Socialize, travel and stay busy.
6. Utilize the unique nature of Panama’s landscape for work and to alleviate stress.
7. Use trial and error to build the perfect staff.

Click here to read the entire article.

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Panama to Support Entrepreneurship, Land Development

The Panama Star reported this week that a new guidebook has been released by Citi Foundation and the National Competitiveness Center CNC (Centro Nacional de Competitividad).

According to Tourism Ministry head, Ruben Blades, the group has worked to create a national framework for development and to build an “entrepreneurial culture”, create jobs and teach entrepreneurs how to operate a business in Panama. “The Guide for the Establishment of Tourist Micro-enterprises in Panama” will give new entrepreneurs an overview of Panama’s tourism and will also identify tourist locations for new businesses and feature the types of businesses in demand in Panama. Additionally, the guide offers technical and financial support suggestions as well as instructions how to develop a business plan.

The free guide will be distributed throughout 39 communities including: Colon, Tole, Portobelo and Ocu. Blades claimed “This guidebook is essential, it contributes to develop a tourism strategy…We need to educate people, remove their shyness to keep them from doubting they can be entrepreneurs”. The CEO of Citi Panama, Marcelo Gorrini stated “The Citi Foundation invests $200 million globally on micro-enterprises, and the guidebook initiative comes from Citi’s awareness of the role that micro-enterprises play in Panama”. As of today, Monday, April 13th, the guidebook is available online at http://www.cncpanama.org

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