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A REALISTIC LOOK AT
PANAMA BUSINESS, INVESTING & TRAVEL
DOING
BUSINESS FROM OF THE USA
Why is Panama an attractive
option?
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The Fraser Institute of
Canada and the
Cato Institute rated Panama 7.2 out of 10 in their
2004 Economic Freedom of the World
Report. Hong Kong was rated number 1 at 8.7.
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Freedom House release
ratings
Freedom in the World ranking Panama as 1 on political rights and 2
on civil rights. The overall assessment is that Panama is ranked
as FREE. Ranking results are available
here. Also, see the Freedom Map
here.
- Panama is not
dependent on the British legal and banking structure.
- There's no need for
Panama to compromise privacy to obtain security.
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The U.S. has built a
tremendous infrastructure of highways, roadways, submarine fiber
optics and telecommunication systems, installations and, of course,
the Panama Canal.
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U.S. currency
is the standard in Panama. You can enter, stay and
leave Panama without converting currency. All business is done
here in US dollars in terms of purchasing real estate, paying a taxi,
restaurants and all other services.
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The
purpose of using the USD is pragmatic: Panama doesn't need to maintain
a national mint and there's some protection against inflation.
Since so many standards in Panama is based on the US, it only makes
sense to use the US Dollar.
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Converting all currencies into USD is simple and easy at the airport, or
at any bank.
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Stores are up to U.S.
standards. Malls, and the brand names that are offered, are
everywhere.
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Highways are
well-maintained.
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Internet access is
commonplace and standard.
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Education is a high priority among Panamanians.
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Although the Republic of Panama is a well-developed, and independent
nation. Panama city (nations capital) looks like a U.S. city.
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Investors in Panama
possess equal rights protected by law. Residence is not required
to start a business.
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Property rights are
protected equally among Panamanians and foreigners. There
is no preference of one over another.
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The Banking system
rivals the U.S. because it actually respects your privacy. In
addition, the bank employees are professionally trained, speak several
languages, and are trained competently in banking and finance.
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The banking system in
Panama has received a flood of deposits after the passing of the U.S.
Patriot Act. Many foreigners don't want to deal with the
surveillance, harassment, and the presumption that you're "guilty until
proven otherwise." They prefer Panama and it's form of banking.
Panama banks are hyper-vigilant and opening an account is not a walk
in the park. They are more careful than U.S. banks and take the
"know your customer" rules to it's limits. Although
this may seem contradictory on its face, the purpose is to respect
depositor's privacy from outside encroachments while protecting the
banking system in Panama.
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Interest rates are
higher in Panama for savings accounts.
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Panama is business
focused. All of it's decisions and it's direction to facilitate
an easy and conducive environment for business.
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Panama's
Colon Duty
Free Zone is only second to Hong Kong's as a free trade center.
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Law Number 8 was
passed in 1994. An investment of $30,000 in Panama, or an
investment of $50,000 in real estate is depreciable at the accelerated
rate of 10% per year.
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20 year exemption of
import duties for all equipment, vehicles and materials.
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20 year exemption on
business real estate taxes.
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Tocumen International
Airport is available within 30 minutes of Panama City, Panama.
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Quick and easy to
shipping and transportation.
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There are over 100
landing strips in Panama.
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Law No. 8 was passed
in 1994 providing a cut in taxes for investors who are foreign and
local.
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Electrical outlets are the same in Panama. All U.S. appliances
work here without the need of adapters.
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According to the Office of
the United States Trade Representative:
"The
United States and Panama have enjoyed long-standing strong economic ties
and a mutual commitment to deepening the trade relationship through a
free trade agreement. A free trade agreement with Panama is an
important link in the Administration's strategy of opening markets in
the Hemisphere through competitive liberalization.
In 2003,
bilateral trade between the United States and Panama totaled $2.1
billion, with U.S. exports accounting for $1.8 billion of that amount.
Between 2002 and 2003, U.S. exports to Panama grew over 30%.
Nearly half of Panama's total imports come from the United States.
U.S. foreign direct investment in Panama totals roughly $25 billion.
Panama currently enjoys broad access to the U.S. market. In 2002,
over 90% of Panama's goods exports to the United States came in duty
free under unilateral benefits programs like the Caribbean Basin
Initiative (CBI) and the Generalized and the Generalized Systems of
Preferenes (GSP) or under 0% MFN tariffs."
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Panama
CONTACT
LIC.
ROBERTO I. GUARDIA R.
ORILLAC,
CARLES & GUARDIA,
Abogados-Attorneys at Law
Ave Samuel Lewis y
Calle 58
P.H. Torre ADR
Technologies, Piso 7, Office 7-A
Apartado 0816-04373
Panama 3, Republica
de Panama
Office:
507.263.3917
Cell:
507.612.5429
Fax:
507.263.3924
RIG@ORIGUA.COM |
