Global Center of
Finance and Commerce
Laura Begley Bloom from Forbes says:
The Scoop: Just like London, New York, Singapore and Hong Kong, Panama City has become a global center of finance and commerce. Plus it’s safe and stable—a rarity in a turbulent world. “Panama’s robust economy weathered the 2008 crisis and Panama will withstand the current global crisis just fine, too,” says McMahon. “Panama is one of those safe havens that sucks in resources when things in the world get volatile.”
Insider Tips: Due to a proposed change in the Panamanian tax code, some real estate developers are enjoying massive tax credits—and passing the savings on to investors. An example: McMahon found a building with beachfront condos in a stunning community close to Panama City that was earmarked to be a hotel. The developer was discounting up to $65,700. “My prediction on gains? Easily six figures within five years,” says McMahon. “I reckon $135,700. And I figure on a gross rental yield of 15.7% when the community’s momentum is realized…and this is true beachfront.
- Concerning Living in Panama
Panama City is the home of the Panama Canal and the busiest International Airport in Latin America. More and more names you are probably familiar with can be found here like Louis Vuitton, PRADA, ROLEX, Maserati, Porsche, Mercedes Benz, BMW, Hilton Hotels, Hard Rock Hotel, TGIF, Starbucks Coffee and many more. It is not a huge city by North American standards, with a population of around 2 million people, but it has pretty much everything you need and more.
Actually, Panama’s prosperity is astounding to those who arrive anticipating to find a Third-World country. Panama City boasts an ever-changing skyline reminiscent of Miami or Hong Kong, growing banking and business sectors, with many cultural and entertainment options to choose from. Panama’s popularity has much to do with its modern infrastructure, proximity to the U.S., beautiful scenery and mild climate. Panama’s cosmopolitan capital, Panama City, is the only true First World city in Central America.
Panama since the beginning have been a business destination. Panamanians are comfortable with foreigners—and have been like that since the Panama Canal was completed in 1914. There isn’t any racial tension.
This is a country where you can find a beauty nature that surprise to those whose think have seen it all. Panama has mountains, beaches & More.
Panama City, the capital is located to the south in front of the Pacific Ocean.
- Panama is Safe
Like any other country, Panama does have some crime, but it is regularly safe.
- Panama uses the U.S. Dollar
Credit cards are well accepted, ATM’s are easy to use, and international wire transfers are allowed without restriction with valid due diligence.
- Panama is a country international connected
Through its Americas Hub that is at Tocumen International Airport it is easy to fly from Panama to nearly anywhere in the world, with direct fly to the main cities at North America, South and Central America, the Caribbean, Europe and Asia with one stop through USA (the United State of America) major airports.
Tocumen International Airport has arrivals from Toronto, Frankfurt, Paris, China, South America, Cuba, Mexico City, and many USA destinations.
Panama is four-hour flight from Houston, eleven-and-a-half-hour flight from Paris, and a five-hour flight from Toronto.
Copa, Panama’s own airline flies to many of Caribbean destinations as well as to the United States. Tocumen International Airport is adding new terminals and gates to allow airlines to establish new routes into the region through Panama.
- Shopping in Panama
You can find almost in every city within Panama Malls and shopping plazas. Panama City has the most attractive Malls in the country where you can find even Worldwide Luxury Brands Locals, including Maserati’s, Porsche, Mercedes Bens cars, etc.
- High-Quality Healthcare
Panama has many top health facilities, including a hospital affiliated to the well-known Johns Hopkins International hospital, located in Panama City.
Panama’s healthcare is at the level of the best in Latin America. Healthcare costs are much less than the USA and the quality of care is excellent. Panama City offers top medical facilities, equipped, and well-trained doctors in all areas of medicine. Panama City have great hospitals and no matter where you are in the country you can find an English-speaking doctor.
Private hospital accepts International Health Insurance.
- Modern infrastructure
Nearly everywhere you go, there’s high-speed internet, reliable power, and clean water. Cable television and cellular service are available and easy to contract the services, the roads are the best in the region.
- Public Transportation
Beside the Tocumen International Airport in Panama City, there are some other smaller airports for domestic destination, but some of them receive International and Charter flights.
Taxi Service is available but do not have meters to calculate the fare. There are standard fares between zones in Panama City, generally around USD$ 3.00 to USD$ 5.00 most places within the city.
There is also transportation service like UBER, Cabify and personal service driver available at hotels.
Bus service is available to almost anywhere in Panama. The Grand Bus terminal at Albrook has buses going to most towns in the country. Prices are relatively inexpensive to most places outside of Panama City.
There is also a modern Metro Train that covers some of the main suburb areas in Panama City.
Cars are abundant in the city during rush hours. All drivers are required to wear seat belts and to have auto insurance. Drivers use the right side of the road, and traffic signals and most of the road signs are standardized.
Foreigners can drive a vehicle for up to 90 days using a valid driver’s license from their home country. Rental cars from major international agencies are available at the airports and in downtown.
- Golf Courses in Panama City
Golf is a year-round sport in Panama which is becoming a premier golf destination. With new courses, redesigned layouts, and remodeled older courses., a new era of professional golf club management is leading to far greater greens than ever before. Get ready to yell “fore!” on the world’s most prestigious courses.
There are several golf courses in the country, just in Panama City you´ll find 3 of them:
- El Club de Golf de Panama: is said to be the country’s best course. This private country club had hosted PGA Tour events for 12 years and counting.
- Santa María Golf & Country Club: This course is the perfect destination conveniently located halfway between the heart of Panama and Tocumen Airport, this private golf course is part of a large residential development, and it’s exclusive to members and invited guests only. Jack Nicklaus signature.
- Tucan Country Club & Resort: is an expat-centric community just 15 minutes outside of Panama City. Previously was an exclusive U.S. Military recreational golf course, where you can see some panoramic views of the Panama Canal, as well as the marvelous city skyline.
- Cost of Living
What does it cost to live in Panama? It depends on where you live and how you live. Some areas of Panama are much more affordable than others. If you moved from New York, California, London or Dubai, you’ll think Panama prices are bargain.
Real Estate Rentals
Anyone can own property in Panama. Foreigners have the same property rights as Panamanians. You do not have to be a resident of Panama; you can even purchase real estate as a tourist not living in Panama.
Panama City Cost of Living: Good neighborhood an apartment for two person goes from $1,800 basic furniture and for families up to $2,200 up to $10,000 high rise.