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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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.

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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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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.

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 Changes w/ Election: Land, Real Estate for Sale Will be Affected

La Estrella reported this week about the many changes that are going on in Panama….

Panama real estate prices have recently been in free fall. Buyers, many from the U.S., are now seeking security to make Panama a first home, not a second home like in the past. Local Panamanian realtors claim that now is the time to buy in the Panama condo market.

Past markets in the last five years have been in the $200,000 and $400,000 range, due to the ability of buyers to get credit. The new market consists of wealthy individuals looking for a safe haven, and by result, making a second home the primary home. Condo prices are falling to half the price compared to a year ago, and Realtors are encouraging buyers to negotiate, as deals can be found anywhere.

The new government will also have impact on Panama’s future. As the new election will take place in May, Politicians are making promises for safer streets, better transportation, and will be attempting “zero corruption”.

Women are also beginning to challenge the “macho image” of Panama. Like many relocating from the US to Panama, Alberta Yan, a 21-year old former intern for Barack Obama, is leading the Global Business Brigade to team up with the women’s cooperative, Esperanza. The ultimate goal is to break the male-dominated hierarchy that exists in Panama. The groups hope to bring business skills to women and provide them the opportunity to work in Panama society.

There are many, many changes going on in Panama. Looking for real estate for sale in Panama? Our firm has condos, land plots, businesses and other real estate for sale in Panama City and outlying areas. Visit Panama-Land-for-Sale.com for more information.

Commercial Property Next Investment in Panama?

Panama’s real estate market has seen many ups in recent years. The country has braced for real estate to be affected by the U.S. recession and has instead begun to court foreign investors.

Currently, the Panama Canal expansion represents a quarter of the country’s GDP. The $5.2 billion project, which is widening the Canal to accommodate larger cargo ships through the waterway, is expected to increase overall global trade. Along with the 7,000 jobs that the expansion has created, have been high-priced condominiums and an upward trend in the economy.

Because of the privatization of telecommunications and electricity privatization in recent years, there has been significant growth in business sectors over the past five years.

An April 7th article by Real Estate News & Information, stated that there is “A New Option for Real Estate in Panama”, claiming that “commercial office space in Panama is now passing its premium time”. It is expected that foreign investment will increase over the next five years, and with incentives to relocating companies, commercial real estate prices will go up. The source predicts that properties for warehouses and call centers will provide long-term value. Click here to read about Panama real estate futures.

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Panama Real Estate Listed in Top 3 Profit Plays

Today’s Financial News posted an article entitled “Three Top Real Estate Profit Plays for 2009….Among the picks? Panama, of course!

Ronan McMahon, a self-proclaimed active real estate investor that contributes to the International Living newsletter, looks for international real estate opportunities around the globe.

According to McMahon, amid the worldwide global recession, there are still real estate deals to be had. McMahon lists Fortaleza, Brazil at the #1 post, Panama City, Panama at #2 and Costa Rica’s Southern Zone as #3 for making money off of your real estate investment. The Make Money Pick #2, Panama, has been on the radar for the past few years, but as the housing market has fallen, Panama remains fairly solid.

Demand for apartment rentals in Panama is up with some rentals going for up to $500 per night. McMahon claims that “well-managed and presented rentals are running at higher than 80% occupancy” and that “rental rates and occupancy have continued to skyrocket”. New condos and land have had prices slashed, now presenting a fantastic market for real estate investors.

Click here to read the article.

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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.

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