About Panama

Panama is a tiny country with big plans and a bright future. The $5.3 billion Canal expansion started in 2007 is scheduled for completion in 2014. With its healthy banking sector, service industries, and tourism just beginning to gain momentum, Panama’s economy promises to hold strong. In fact, Panama is one of the few countries in the Western Hemisphere that has weathered the world economic crisis in 2009, with positive GDP growth.

Panama City is situated on the eastern side of the Panama Canal. It is a city of 1.2 million inhabitants. It was founded in 1519 and its history is evident throughout the city, from Casco Viejo, to Panama Antigua and the Canal itself, completed in 1913. There’s no shortage of things to do in the city. If you’re looking for world-class shopping, there are four up-scale malls, including the newly opened Metro Mall. Restaurants and nightclubs abound in Panama City. Take a ferry to nearby Isla Taboga for a day trip, or a quick twenty-five minute flight from the Albrook Regional Airport puts you on Contadora in the Pearl Islands, made famous by three seasons of Survivor.

Panama’s weather can vary as much as its landscape. There are two distinct seasons; wet – from late May to mid-December and dry – from mid-December to late May. In the low-lying areas, temperatures typically range from 23°C (74°F) at night to 31°C (88°F) in the daytime. Even in the rainy season, most days are sunny and clear, with clouds moving in later in the afternoon bringing a short heavy rain in the early evening. Temperatures are lower and rainfall increases in areas at higher elevations, such as Altos del Maria, El Valle and Boquete.

Foreigners have the same rights to property ownership as Panamanians, with few exceptions or limitations. Titled property changes hands in much the same way as it would in Canada or the United States.

Panama currently offers attractive incentives to foreigners seeking residence in the country, which allow for discounts for medical, pharmacy, entertainment, dining and travel. There are several methods to acquiring residency from Pensionado, Forestry, Economic Solvency, to Business Investment. You should consult a law firm that specializes in residency applications, such as MyPanamaLawyer.com

Panama City Panorama