Panama Living
Population:
2,845,647 (July 2001 Estimate)
Location:
Middle America, bordering both the Caribbean Sea and the North Pacific Ocean, between Colombia and Costa Rica (slightly smaller than South Carolina )
Ethnic Groups:
Mestizo (mixed Amerindian and white) 70%, Amerindian and mixed (West Indian) 14%, white 10%, Amerindian 6%
Language:
Although the official language in Panama is Spanish, English is widely spoken and understood in the major cities.
Religion:
Most Panamanians are Roman Catholic. However, due to the great diversity in the country, there are numerous churches, temples and synagogues all over the country. There is freedom of religion in Panama.
Currency:
Since 1904, the United States dollar has been the legal currency in Panama . The Balboa, the Panamanian monetary unit, is par valued with the dollar. Prices can be expressed in Balboas (B/.) or in Dollars ($). Traveler checks and credit cards are widely accepted. The International departure duty is US$20.00, payable in the airport. The hotel tax is 10%. The added tax value to products and services, with the exception of food and medicines is 5%.
Passport & Visa Requirements:
Depending on your nationality, you may be required to have a valid passport and a visa or a $5.00 tourist card. Tourist cards may be bought at the airline counter at the time of departure or on your arrival in Panama . A tourist card gives you an automatic 30-day stay, and is extendable for another 60 days.
Country Description:
Panama has a developing economy. The capital is Panama City . Outside the Panama City area, which has many first-class hotels and restaurants, tourist facilities vary in quality. U.S. currency is valid in Panama and is exchangeable on a one-to-one basis with the Panamanian balboa. On December 31, 1999, all former U.S. military facilities in Panama were transferred to Panamanian control.
Climate - World Weather:
The country enjoys an agreeable tropical climate and an average daytime temperature of 80 degrees Fahrenheit, with cooling in the evenings. The average humidity is 70%. The rainy season goes from May to December. Throughout the dry season, trade winds keep the air continuously cool. In the mountains, the average temperature is between 50 and 60 degrees Fahrenheit.
Time Zone:
Panama time is the same as the United States Eastern Standard Time (GMT -5).
Electricity and Public Services:
The current is 110w - 60hz and 220w. Telephone and international cable services in Panama are excellent. We have a direct-dial system to locations inland and all over the world. Our country code is 507.
Getting Around:
The Pan American Highway , also known as Interamerican Highway , joins Panamanian cities with Costa Rica . At this time, the Darin jungle continues to be impenetrable, preventing access by land to Colombia . A tour by car along the Transisthmic Highway joins Panama City with Coln. Even the most remote areas of Panama are accessible by paved secondary roads. The bus service is good and covers the entire country as well as the other countries in Central America and Mexico .
The transportation to the interior of the country is located in the National Transport Terminal in the Former Albrook base.
Taxis work with a tariff system and most car-rental companies are represented in Panama . The minimum age for driving is 18 years, and foreign licenses are valid for 90 days.
Safety:
Panama is a very Safe country, but as with any foreign destination, it is not advisable to walk around the streets flashing your money or valuable belongings. Reports of people being pick pocketing in Panama are rare, but it's best to assume that pickpockets are around. Just use common sense and your intuition to protect yourself. Remember that the less attention you draw to yourself, the less likely you are to have an unpleasant experience.
Health/Water:
No vaccines or pills are necessary prior to visiting our country. Remember, the tropical sun can be strong; so it's wise to take protective sunglasses and sunscreen with you. Although Panama is indeed a tropical country, mosquito control is effective. Exceptions would include hiking and over-nighting in the jungle, in which case you should use protective insect repellant. Panama is the only country in Latin America where you can drink water straight from the tap.
Although Panama City has some very good hospitals and clinics, medical facilities outside of the capital are limited.
We recommend you consult with your medical insurance company prior to traveling abroad to confirm whether their policy applies overseas and if it will cover emergency expenses such as a medical evacuation. However, many travel agents and private companies offer insurance plans that will cover health care expenses incurred overseas including emergency services such as medical evacuations.
Useful information on medical emergencies and medical expenses can be found at http://www.Pana-Health.com .
EMERGENCY PHONE NUMBERS
ZIP CODE (507)
Police:
Tourism Police: 211-3044
National Police: 104
Hospital:
Hospital Nacional: 207-8110
Hospital Santa F: 227-4733
Hospital San Fernando: 278-6305
Hospital Santo Toms: 227-4122
Hospital del Niño: 225-3677
Hospital Integrado de San Miguel Arcngel: 230-2830
Hospital Psiquitrico Nacional: 224-1670
Hospital de Salud Mental: 217-0068
Emergency:
Alerta: 269-9778 / 800-0911
SEMM Servicio de Emergencia Mdica: 264-4122
SINAPROC Sistema Nacional de Proteccin Civil: 316-0080 231-4209
Fire Department:
Grupo de Bomberos de Panam / Group of Firemen of Panama: Tel: 103
Cruz Roja de Panam - Sede Central de Albrook / The Red Cross of Panama: Tel: 315-1388 / 1389
Advantages to Investing in Real Estate in Panama
p>Foreigners will find that Panama has special regulations which favor investments in real estate.
- Unlike other tourist destinations, foreigners and nationals can:
- Buy almost all kinds of property (except for the rainforest 5km way from the border)
- Own property through shares in corporations, private foundations and trusts
- Open bank accounts in US dollars free from exchange conversion loss, as well as in euros and other hard currencies
- Live without having to file Panama tax returns as long as they are not making an income from their Panama property or their activities inside Panama
- 5 to 20 year property tax holidays, depending on the date of construction of improvements.Foreigners have the added advantage of bilateral investment treaties with the U.S., France, United Kingdom and most European countries which further ensure protection of their investments in Panama.
Just as with any investment, proper due diligence is necessary before paying for any property - even before that first downpayment. A savvy buyer must verify that the seller is the true owner of the property for sale and that no restrictions or liens forbid its sale. The first payment must be accompanied by a written agreement describing the property and executed by a seller property authorized to do so under local law. Appropiate counsel can assist in avoiding unnecessary delays in the transfer of title.
European, Canadian, US and citizens of several Asian countries can stay in Panama with tourist visas for up to 90 days. Full residency is granted to foreigners:
- Investing US$160,000 in a Panama non-retail business and effectively employing 5 Panamanians,
- Holding a US$300,000 CD time deposit (plazo fijo) account in a Panama bank for at least 3 years or in the National Bank yielding US$2000.00 monthly for 5 years,
- Buying a house in Panama mortgage-free for US$300,000 and/or a mixture of the house paid for and time deposit for at least 3 years totalling US$300,000,
- Investing at least US$60,000 to buy at least 10 hectares of rainforest for reforestation
- Earning a pension from a social security or any foreign government pension authority above US$1,000.00 monthly as Pensioner ("Pensionado").Other residence categories exist that are applicable to foreigners sponsored by local employers or educational institutions as part of a foreign worker quota of no more than 10% per company or who marry a Panamanian spouse. Residents for 5 years can apply for naturalization as Panama citizens and have a Panama passport.
Information is valid as of 9/2/2008 and is subject to changes. More information is available from Alvaro Aguilar aaguilar@ nysbar.com Tel. +507 340-6444 / 6638-8707
LOMBARDI AGUILAR & GARCIA - Aquilino de la Guardia St. Ocean Business Plaza, 12th Floor, Panama City, Panama
Tel: +507 340-6444 - Fax: +507 340-6446 - P.O.Box 0831-1110 - http://www.laglex.com
About Panama