WHY PANAMA

Panama City is one the most modern cities in Latin America. Often called the virtual nation and also a perfect combination of business and tax haven, Panama is on its way to being the next Hong Kong. It has it all: over 130 first rate international banks, a tax-free Free Trade manufacturing zone, capacity to do business at an international level from the center of the world. The Fortune 500 companies have their corporate offices in Panama - as do oil companies, along with all the richest international companies from Europe, Asia and Latin America.

To be sure, Panama is not just one of the best places to form an offshore company or conduct banking, it is also a very reasonably priced and comfortable place to live or retire as well.

Facts and Figures on Panama

Official Name:
Republic of Panama (República de Panamá)

Capital:
Panama City

Nationality:
Panamanian

Motto:
Pro Mundi Beneficio (For the benefit of the world)

Languages:
Spanish is the official and dominant language spoken in Panama. However, English is now a second official language.

Population:
July 2008, estimate 3,309,679

Currency:
Balboa and US Dollar

Population Growth Rate:
1.6% (July 2006 est.)

Government Type:
Constitutional Democracy

Panama Climate:
Due to its proximity to the equator, Panama does not suffer from the frequent hurricanes (or any other natural catastrophes) that plague its neighboring Caribbean and southern US coasts. Bordered by the Atlantic and Pacific oceans, Panama experiences hot and humid tropical weather conditions all year round with an average annual temperature of 27°C (80°F). Panama’s weather is divided into two seasons, the dry (or summer) season which lasts between the months of December and April, and the wet (or winter) season for the remainder of the year. Temperature variations across different regions of the country are present primarily due to their altitude and proximity to the ocean.

RELATED INFORMATION
Investments and Business in Panama
Panama Banks