Panama: "Center of the world, heart of the universe"

Panama has been described by some as the “Center of the world, heart of the universe”. And this is not far from the truth. Panama is a small, but geographically privileged country, located in the heart of the American continent, uniting the two greatest oceans: the Pacific and the Atlantic. Until a few years ago, the beauty and perks of the Republic of Panama were a secret known by few.

Panama is a small country occupying the thin strip of land which joins North and South America. It is at an international crossroads between the two continents, and the Atlantic and Pacific Oceans.

Panama is of course home to the famous Panama Canal, which makes its way through the capital, Panama City. A good place to view the Canal is at Miraflores Locks, which has a viewing patform where you can watch the ships passing through. Other attractions of the capital include the old cities, Casco Vieja and Panama Vieja, where you can see the ruins and remains of the old Indian and Spanish colonial cities.

Panama City is also famous for its nightlife, with lots of nightclubs, discoes and casinos, found in the business district and Amador Causeway areas of the city.

Elsewhere, Panama has over 1000 miles of coastline and more than 1500 islands, so there plenty of beach resorts where you can enjoy fishing, diving, kayaking and rafting. Panama has a huge amount of rainforest – both tropical and highland – which hosts many unique species of plants, animals and birds. Birdwatching, eco-tours and trekking are popular ways to enjoy the native wildlife.

Spanish is the main language spoken in Panama, and the currency is the Balboa.

Amongst the advantages of settling or having a second home in Panama, we can mention various good reasons, such as:

Beautiful and diverse environmental scenarios
Barely visible in a world map, Panama is set in the center of the occidental hemisphere, with a total area of 75,517 square kilometers. However small, Panama is surrounded by two great oceans separated only by a distance of 80 kilometers, gifting Panama with beautiful and paradisiacal beaches and islands both in the Pacific and Caribbean side.

This position allows Panama to offer a diversity of sea related activities, such as diving, snorkelling, surfing, sailing, sport fishing or just relaxing under the sun, simply enjoying nature.

In contrast to our ocean fronts, Panama enjoys a tropical exuberance with its National Parks within the city, its rainforests in the area of Gamboa, an hour away from the city and has been internationally proclaimed as the place where the most variety of birds have been watched, and its highlands specially in the area of El Valle or the Province of Chiriqui, where you can enjoy an average temperature of 70º Fahrenheit and a landscape rich in green.

It has become the Hub of the Americas
Located in Central America, it is near to the United States, offering direct flights to Miami, Orlando, Atlanta, Houston, Los Angeles, Newark, New York and a weekly charter to Toronto, Canada. It has also direct flights to certain destinies in South America such as Argentina, Ecuador, Peru, amongst others and to certain destinies in Europe.

Panama has the US dollar as the currency of legal tender
Since 1904 Panama has used the US dollar as its legal currency. This is a very convenient perk for foreigners who decide to visit, invest or live in Panama, allowing them to quickly and efficiently determine the value of goods and/or properties in Panama.
The US dollar as the legal currency has contributed to the fact that Panama has a low inflation rate and a stable economy.

Solid and stable Banking sector
Another important fact is that Panama has a strong and stable banking sector, with approximately 80 banks, local and international. The banking sector is regulated by the Panamanian Superintendence of Banks, providing you with a security that your money is responsibly handled. Also, the Panamanian government has not established any exchange restriction, allowing you to comfortably transfer money from an account abroad to an account in Panama or vice versa.

It is hurricane and tornado free
Fortunately, Panama is a completely hurricane and tornado free zone. Also no major destructive earthquakes have occurred in Panama in centuries.

Panama has a stable democracy and economy and it is safe
Panama enjoys a democratic government, with a democratically elected president. It also enjoys a very stable economy in comparison to other Latin American countries. The current President Martin Torrijos is working hard on eliminating corruption, promoting national and foreign investments and lowering unemployment. Another very important objective of this administration is to reduce crime, which until now has done a very good job.

Panama is one of the safest countries in the world. As every country, it has some specific areas that should be avoided, especially at night, but in general you can go about in Panama City and its outside Provinces feeling safe.

Good Cuisine at reasonable good prices
Serving as a transit route for centuries, Panama has been influenced by different cultures, and this reflects in the diversity of cuisine, you will find restaurants offering dishes of different cultures as well as a variety of fast foods franchises. Panama is well known for its excellent sea food at very reasonable prices.

Your property will increase in value
Due to the boom that is just beginning in Panama, your investment will surely increase in value as more people invest and discover Panama as a great place to live and retire. Also, unlike other countries, foreigners who buy property in Panama enjoy the same rights as Panamanians.

Friendly and open people
Since Panama has been a commercial transit route for centuries, the Panamanian natives have been exposed and influenced by different cultures; as a result Panamanian people are very open and friendly to foreigners.

Great Place to Retire
In addition to being fairly easy to apply for a Pensioner Retiree Visa in Panama, the Panamanian government also offers many benefits to retirees, such as:
50% discounts on general entertainment tickets such as movies, concerts, sport events, et.al.)

• 50% discount on home loans
• 50% discount on hotel
• 25% discount on restaurants
• 25% discount on domestic airline tickets
• 30% discount on bus, train or boat fares
• 15% discount on dental and eye exams
• 10% discount on prescription medicines

And those who obtain the pensioner visa may also:

• Import one car every two years free of custom duties.
• Import furniture up to US$10,000 (only once) free of custom duties.