Full Name : Republic of Panama
Area : 78,200 km2 ( 30,420 square miles)
Population: 3.2 million ( 1.7 % annual growth rate )
Capital City: Panama City ( population 1,653.220 )
Languages : Spanish (official) ; 14 % speak English and indigenous dialects.
Religion : There is absolute freedom of Religion in Panama . Most are Roman Catholics. However , due to the great diversity of the country , there are numerous churches , temples and synagogues.
Government: Constitutional Democracy. centralized republic .
Annual VID : 8.0%
Inflation: 2.9 %
Countries with greater exchange trading : United States, Central America and the Caribbean.
Due to the geographical position, Panama ‘s economy is oriented mainly to the good performance of services; with more than 80 % of gross domestic product. Services include the Panama Canal , the Colon Free Zone , banking and insurance , container ports and international shipping , records, medical and health services , tourism, professional services , among others.
Banks almost everyone established in Panama.
The US dollar as legal tender.
The absence of a central bank, no currency controls in remittances to the outside of the country and there is no currency restrictions.
Tax exemption on the interest earned on time deposits and savings accounts.
territorial tax system (only transactions within Panama are subject to income tax) and tax incentives for a considerable number of activities Protection laws banking secrecy, which protect the right to privacy of users of financial center, except in cases of criminal investigations of activities such as drug trafficking, money laundering, etc.
No restrictions on investment in financial services.
There is no restriction on investing in financial services.
No tax on capital gains in registered securities. wide presence of foreign and local insurance companies and reinsurance.
Panama offers modern telecommunication systems and well-developed infrastructure , supported by international connectivity using fiber optic cables , submarine via the Atlantic and Pacific Oceans and through a variety of satellite systems. Phone, cellular , Internet , fax and other communications services are widely – available in the country . In addition , Panama offers : the Panama Canal , a center of information and multimodal cargo ) and two international airports, among others .
In Panama there is a combined special incentive legislation in all areas of the economy and with it political and economic stability makes it an attractive place to invest and / or reside in it. Panama is a country that offers an adequate legal, fiscal, financial and environmental for those wishing to live and invest in the territory frame.
The geographical position in the center of the Americas; Having the Panama Canal; financial stability (with the US dollar as legal tender); the existence of the largest international banking center of Central America; the (the largest in the Western Hemisphere and the second after Hong Kong) Colon Free Zone; the boom in construction and tourism (buildings and hotels that combine housing, business, leisure, beach and sport) and flexibility in granting visas for retirees and pensioners (Canadians have chosen the country as the second best place to live) .
Specifically, the Panamanian economy grew by 2.1% in the first 9 months of 2009 supported by the performance of the construction, transport and tourism. In recent years they have resulted in the country’s businesses billions of dollars, clear indicator of confidence of foreign investors in the Republic of Panama. In addition, Panama’s Constitution expressly provides that foreigners who are in the country receive the same treatment as nationals.
Panama is recognized worldwide for having the highest grade for tourist safety , as determined by the prestigious intelligence agency Pinkerton ( the same degree awarded to the United States) In addition , Panama has a well developed health system (public and private ) influenced by US standards .
The Panamanian legal system is based on civil law system ; however , some legal instruments such as corporations , private foundations , trusts and other negotiable instruments have been obtained from other systems and incorporated into our legislation.
constitutional protection for private property market economy
Privately owned utilities (electricity , telecommunications, ports , and roads )
Protection contractual obligations
Freedom of place and legislation ( contractual ) Constitutional protection for arbitration
full constitutional protection for human rights
Democratic stability, and no political discussion on the economic model.