Why Invest in Panama?

Panama offers a highly affordable cost of living In Latin America, Panama ranks as one of the best places to live, according to a business survey of 192 cities worldwide by the Corporate Resources Group. Panama ranked among the top three cities in which to live in Latin America next to Buenos Aires and Montevideo. The survey takes into account transportation, crime rate, arts and entertainment. In executive living expenses, recreation and entertainment costs and prices of basic goods, Panama ranks well below Buenos Aires, São Paulo, Santiago and Caracas (EIU, Worldwide Cost of Living Survey).

Panama’s Minister of Tourism (2004 - 2009) explains all the benefits of living and investing in Panama to TV Show hostess, Estelle Reyna.

Panama´s economy is strong and growing rapidly

Investor confidence is based on a unique economic and free-trade platform. Unlike any other Latin nation, service industries account for approximately 75% of Panama’s GNP and Panama has the exclusive right to use the U.S. dollar as its par-value currency. This combination produced an economy registering an inflation rate of merely 2.3% in 2005..

The Investment Stability Law (Law No. 54 of July 22, 1998), guarantees all foreign and national investors equal rights in terms of investments and business practices, continuing Panama’s quote s long-standing policy of providing a foreign-investment environment that requires no special authorizations, permits or prior registration.

The US dollar has been Panama’s currency since 1904, although it is called the Balboa for nationalistic reasons.

Panama uses the U.S. dollar as its legal tender, virtually eliminating any currency exchange risks to foreign companies operating here. The country has maintained an annual inflation rate of under two percent for the last 40 years, and just 2.3 percent in 2005 – one of the lowest in years. Panama’s economy has become one of the healthiest in Latin America, in spite of the Latin American economic crises. Panama has no restrictions on the outflow of capital or outward direct investment.

Panamanian Currency: Balboa (B/.)

Exchange Rate: US$1.00 = B/.1.00 (fixed exchange since 1904)

Panama Timezone: Panama’s time is five hours behind Greenwich Mean Time (GMT). Thus, Panama is on Eastern Standard Time (EST); it does not have daylight saving time.

Panama offers world-class banking

Panama cannot strictly be called an emerging market. Panama has the most modern and successful international banking centers in Latin America, with more than 85 banks from 35 countries represented. Panama’s new comprehensive banking law (Decree No. 9) meets the standards of leading financial centers around the world for transparency and regulation, and conforms to the statutes of the Basel Commission..

Some of the banks present in the center are: Citibank, HSBC, Dresdner, Bank of Boston, International Commercial Bank of China, Banque Sudameris and more.

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