There is no need to change currency in Panama, as the US dollar is the national currency. Officially the currency is balboa, but it is available only in the form of coins which is identical to the size of the US coins. This is also one reason why the economy is stable and inflation is very low.
Here are the reasons, why you need to invest in Panama:
1. Panama has excellent infrastructure, hence the Panamanian highway is excellent and takes you to a variety of destinations, including Azuero Peninsula and Pedasi. Panama also is financially very sound, with the help of ATM machines you can access any account anywhere in the world.
2. With 90 commercial banks, Panama is the second largest international banking centre in the world, after Switzerland. Panama is also the second largest home to offshore corporations in the world next to Hong Kong.
3. Panama's geographical position is very unique, no earthquakes or hurricanes occur; hence any investment done here is very safe. Panama has one of the best and affordable medical treatment facilities, very much similar to the facilities available in US, most of the doctors speak English, the medical insurance polices are reasonably priced. You can drink tap water in Panama, which is very rare in Latin America
4. The communication facilities are excellent, Panama has the best fax, phone, cellular and internet connections. Panama is a shoppers paradise, where you can find almost anything!
5. Panama has excellent schools for your kids; Panama also has 3 American accredited schools, oxford international, balboa academy and the international school.
6. In Panama city English is widely spoken, and Spanish is the official language. Situated near North America, Panama is around 4 to 5 hours by flight from US.
7. There are daily flights form NY, Miami, Houston, Orlando and LA. There are weekly flights from Montreal and Toronto too.
8. Foreigners can sell and buy property in Panama easily and legally, and are protected by the same rights as enjoyed by Panamanian citizens, the real estate prices are very reasonable
9. Panama is financially secured than its neighboring countries. The annual inflation for the past 35 years is around 1.5% and in the 1990's it exceeded 1% per year. The main source of income for the government and the majority of the people is the 'Panama Canal'. The annual revenue by means of the Panama Canal has been $650 million, where most of the money is used for the Panama Canal's regular maintenance. The canal is due to be widened and bigger locks are to be built, which would automatically bring in more revenues.
10. In order to attract foreign investment, the government of Panama has set up special economic zones and introduced attractive programs which give people a tremendous opportunity to set up businesses in Panama.
A welcoming community, safe environment, low crime statistics, excellent incentives, together with the natural beauty and ethnic diversity that is Panama, the isthmus of Panama appeals to the increasing number of baby boomers from North America and Europe who are looking for a different option for retirement, coupled with investors and adventurers the world over, Panama has something for everyone.
Opportunities in Panama for both business and investment are increasing as the potential is appreciated. Panama stands alone in its unique set of laws and openness, boasting a well-established dollar-based economy, stable political situation and economic growth, sustained by its Canal (and its subsequent expansion), the Colon Free Zone (the second largest Free Zone in the world), and an unparalleled international financial system the second largest international banking centre in the world after Switzerland, with more than 150 banks from 35 countries. A sophisticated CBD, healthcare system, solid infrastructure and the highest level of communications infrastructure in all of Latin America and the Caribbean.
Panama Is one of the top three countries in Latin America for quality of life Offers the best retiree incentive program in the world boasts first-rate medical services at the only Johns Hopkins International Medical Centre in Latin America has a perfect climate of 25-30 degrees centigrade year round Because of its unique geographical positioning Panama does not suffer natural disasters such as hurricanes, earthquakes etc Foreign investors can operate with the same rights and incentives as locals Panamanian tariffs are the lowest of all the Americas Panama is a shoppers paradise, be it Chanel, Gucci, Canon, LG or Toyota Private education is excellent with many international schools Less than 2% inflation increase over the past forty years No property taxes on new constructions Cost-of-living is low, especially with the exchange rate If you combine these unique offerings with the advantage that foreign source income is not taxable in Panama, many are concluding that Panama offers a terrific package. In 2003 for the first time tourism topped the Canal and the Free Trade Zone as the country's top revenue earner. The growth in tourism leads to increasing investor interest in this sector and there are incredible opportunities for tourist related services and accommodations, encouraged by government incentives in a number of designated areas, called Special Tourism Zones, of which Santa Catalina, Veraguas, Panama is one IPAT, the national tourism bureau has zoned this area precisely because of its outstanding natural beauty and as a result it will soon see a strong rise in interest from further a field. It has been a best-kept secret by Panamanians for a long time and is now beginning to seduce many a traveler, adventurer, investor, and developer. Growth in the area is inevitable; therefore, those who seek to invest early will reap the largest returns. This is where Big World Villas, the unique development project is due to celebrating its ground breaking procedure in early 2008. It is the first such development in the area and offers investors a relaxed lifestyle surrounded by pristine coastline, untouched rain forest and endless opportunities for outdoor adventure.
Santa Catalina is a beautiful town located 300km south-west of Panama City and is the best the best access point for the well-renowned Coiba National Park a UNESCO World Heritage Site. It is also known for having one of the best surf breaks in Central America whilst boasting breathtaking scenery and an outstanding natural environment. World-class fishing is plentiful along the coastline and surrounding islands. Marine activities such as sport fishing, scuba diving, snorkeling and jet skiing opportunities are said to be some of the best in the world.