There are no restrictions on foreigners purchasing properties in Panama.  The only thing that     
they have to bear in mind is, they cannot acquire land within 10 kilometers of the country       
border and on the islands that have not been declared as a special development area.  


According to the figures given by Autoridad de Turismo de Panama, they have received 108  
projects for new hotels for an amount of about  US$3.7billions that will generate 166,000
positions and 20,600 new rooms for tourists.  This shows that Panama is serious about being
one of the leading destinations for tourists and medical tourism , and increasing confidence
on Panama´s potential and growing economy.  


When you sign up the incentive program of foreign retirees in Panama, you are allowed to
import all your personal & household goods free of taxes, including your car.  Any one who
purchase a property of more than $200,000 will have the right to apply for the residency visa &
on top of that, there is 50% off closing costs for the mortgages & no property taxes for 20 years
on new construction.



What is incentive program for retirees?
50% discount for movies, theatres, concerts, sports
30% off bus, boat & train fares
25% off airline tickets
50% off hotel accommodations (Monday to Thursday)
30% off hotel accommodations (Friday to Sunday)
25% off restaurants
15% off on fast food restaurants
15% off hospital bills (if no insurance applies)
20% off professional and technical services
50% off closing costs for mortgages  
one more I can think of, Express Line in all banks to attend to the seniors, don´t you think it´s
the best incentive program in the world.



On Oct. 24, 2008, the new Clinica Hospital San Fernando was unveiled on Roberto
Eisenmann Ave., Coronado.  The project, which has been under development for several
years, is now a reality, bringing first-class medical facilities to this rapidly developing area.

San Fernando Hospital is one of Panama City´s finest medical establishments, offering the
ultimate technology in all medical fields.  The Coronado branch of the Hospital will now offer the
same level of 24-hour medical services, including an emergency room, laboratory, x-ray,
ultrasound and CAT scan facilities.



To ease off the heavy traffic jam in the city centre, the government is spending $189.l million on
a mega-project  called Cinta Costera (the Coastal Strip) on Avenida Balboa which is projected
to be completed by May 2009.

The project comes with an area of 30 hectares of parks, with amphitheater, cyclist lanes,
parking for 2,000 cars, 5 pedestrians crossings and 6 additional car lanes.   60% of the project
would be paid by the government while the rest 40% would be subsidized by the area´s
residents.           



The online publication of Condé Nast Traveler magazine has selected Panama as one of its
"Top 20 Destinations for 2009", so as the Budget Travel magazine highlighted Panama as one
of its "Top 10 Tourist Destinations".  

Panama is becoming one of the hottest place to visit in Central America.  Its major attractions
are the Caribbean and the Pacific coasts, the Casco Viejo, the cool climate of Boquete, the
wildlife in the national parks,  the fishing in Gamboa,  the skyline of the city, and many more.......
                                                                                                             Jan.  2009  



According to the figures given by the Panama Tourism Authority, more than 1.5 million visitors
came to Panama between Jan. and Dec. of 2008, of which 1.1 million came to the Tocuman
International Airport.  Tourism in Panama increased by 13.2 per cent in 2008, with the arrival of
179,248 more than in 2007, generating $2.2 billion for the Treasury.  Last year 308,991 U.S.
tourist came to Panama.  Colombia is the second source of tourism for the country.
                                                                                                               Feb.5 , 2009


Under the recently enacted Panamanian Immigration Law, all foreign visitors to Panama
must carry their passport as identification at all times, a copy is not accepted.  Foreign legal
residents of Panama may carry their temporary resident permit or cedula in lieu of their
passport as identification in Panama.                                                           Feb. 12, 2009



One of the biggest call centers in Latin America, employing 600 agents is opening in Panama,
and will receive over 3 million calls a year in English and Spanish.

The LG Electronics Information Consumers Center will receive calls from Panama, Venezuela,
Guatemala, Ecuador, Colombia, Peru, Chile, Argentina, Bolivia, Canada, United States,
Central America and the Caribbean.

LG Electronics selected Panama as the location for his call center because of its geographical
position, which is a great advantage for telecommunications.                          Feb. 18, 2009


According to Moisés Cohen, chairman of the Banking Association of Panama, "bank liquidity
remains high" in Panama.  The liquidity of the banking system improved in 2008, closing 25%
higher than in 2007.  Panama seems to be in better shape than many other countries around
the world, including the United States, where 14 financial institutions have declared bankruptcy
so far this year.  
The lack of a central bank in Panama has meant that the individual institutions have to have a
more conservative lending model, said Ernesto Bazán, manager of the risk rating firm on
Equilibrium.  This has led to banks investing in instruments that can be sold quickly if it needs
to raise cash.
Panama´s private banks are maintaining a level of liquidity that far surpasses the amount
required by the government, which puts them in a position to whether any upcoming financial
difficulties.                                                                                                               Feb. 23, 2009


As other markets dry up, more European companies are setting their sites on increasing their
business opportunities in Central America, and Panama in particular.

Two Belgian firms, Jan de Nul is part of one of the four consortiums that aim to build the third
set of locks, and Dredging International, is awarded the contract to dredge the Pacific entrance
to the Canal.

Outside of construction, sectors such as energy, transportation, banking, medical equipment,
green technology, consulting, tourism and drug manufacturing will also be represented in the
mission.

Turbowinds, which manufactures turbines, is currently building a plant in Howard.  Seaderm
which makes cosmetics from materials found in the ocean, is planning to move its regional
distribution hub to the Colón Free Zone in 2010.                                                Feb. 24, 2009



The Association of Real Estate Agents ACOBIR is contacting 500 companies in Canada,
inviting them to visit the country and establish a branch here.  It is to approach Canadian based
multinationals to let them know the fiscal advantages that Panama offers in comparison with
other countries in the region.   The potential free trade agreements with Canada plays an
important part to attract this group of potential buyers and has the support of Canadian Prime
Minister Steven Harper.

ACOBIR has made contact with 500 companies with the idea that they establish logistic
centers here, but at the same time giving them the opportunity to create alliances with other
enterprises.
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