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Plaza Credicorp Bank, 5th Floor, Calle 50, Panama

WHY PANAMA

Location

Panama is located on an isthmus that extends over 75,517 km2, joining Central America and South America. Bordered on the north by the Caribbean Sea and on the south by the Pacific Ocean. By land it borders on the east with Colombia and on the west with Costa Rica.

Population (2010 census): 3,322,576.   Area: 30,193 square miles.

Language: The official language is Spanish, English is also spoken frequently.

Local Time: UTC / GMT-5 (Same as Eastern Standard Time, but does not follow light-saving time.)

Climate

Panama has a tropical climate, throughout the year in the lowlands and temperate climate in the highlands.

Panama has 2 stations: Dry from December to April and rainy from May to November.

Culture

Panama has  a cultural multiplicity that makes it unique in the region, to which the constant presence of visitors from all over the world also contributes. The origin of this unique cultural mix is ​​undoubtedly the crossroads characteristic that the country has always had, but so is the intense connection of Panama with the sea that makes it very similar to an island in the Caribbean. It is particularly rich, because although it comes from very diverse cultural origins and traditions, it has been stimulated by the atmosphere of tolerance and harmony that has always prevailed in the territory. 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”.

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.

Currency: The US Dollar circulates freely. The Panamanian currency, the Balboa, has parity with that of the United States.

Taxes: Every purchase in Panama is charged with 7%, except pharmaceutical, food and school supplies.