About Panama

Location:

Panama is located right in the middle of the Americas, a strategic location for world commerce.

Population (2010 census):

3,322,576

Area:

30,193 square miles.

Language:

Spanish, however, many Panamanians are bilingual English/Spanish.

Local Time:

GMT-5.

Political Division:

Panama is divided into 10 provinces, 75 districts and 5 regions populated by a variety of indigenous groups.

Taxes:

Every purchase in Panama is charged with 7% Tax called Tax on the Transfer of Goods (ITBM), except drugs, food and school supplies.

Currency:

The official currency is the Balboa. However, circulating paper currency is the US Dollar.

Climate:

Panama’s climate is pleasantly tropical and temperature is usually uniform through the whole year. Nights are generally cool. The average temperature is 27°C. The country has two seasons: rainy and dry season.

Economy:

There are several outstanding and very attractive factors for business people such as the Panama Canal, the Colon Free Zone, the International Financial Center, Processing Zones and others. Therefore.. the investor finds unique advantages for investment in our country.

Religions:

More than 93% of the population are Catholics. The National Constitution establishes that "the profession of all religions as well as exercise of all cults, without any other limitation than the respect to the Christian morality and public order, is free".

Legal System:

Based on the Civil Law system, judicial revision of legislative acts on the Supreme Court of Justice; accepts jurisdiction of International Courts, with certain restrictions.

Others News