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Property and Investments in Panama
WELCOME TO PANAMA
Panama 's history has been shaped by its strategic location between the Pacific Ocean and the Caribbean . The native Cuevas and Cocole tribes quickly disappeared after the Spanish arrived with their weapons and diseases in the early 16th century. Panama City , on the Pacific coast, thrived as Spain conquered and plundered Peru .
Caravans loaded with gold traveled overland across the narrow isthmus from Panama City to be loaded on galleons bound for Spain . However, this wealth attracted pirates and, in the early 1700s, Panama 's Caribbean shore was dotted with so many pirate strongholds that shippers chose instead to sail around Cape Horn to Peru . Panama 's importance rapidly declined, and Spain did not contest its inclusion as a province of Colombia when that country won its independence from Spain in 1821.
Panama Canal History
The history of the Panama Canal is fascinating. In the 1880s, Colombia made a treaty with France for the construction of a canal across Panama 's narrow isthmus, but yellow fever claimed the lives of more than 22,000 workers over a five-year period, and construction was halted.
Over Colombia 's objections, one of the French investors negotiated a deal to have the United States construct a canal just at the time that |
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Panama 's independence movement needed tactical and financial assistance.
When Panama declared its independence from Colombia in November 1903, U.S. troops were already present to "protect" the new government. In return for constructing a canal, the new Panamanian government granted U.S. control over rights on either side of the canal "in perpetuity," and U.S. president Theodore Roosevelt's "Panama Doctrine" began with the eradication of mosquitoes, which carried malaria and yellow fever. The Panama Canal was completed in 1914 and has remained an important shipping route ever since.
In 1921, the United States paid Colombia US$25 million in exchange for revoking all claims on Panama, and in 1936, the United States finally gave up the legal right to use its troops outside the borders of the Canal Zone. With the onset of World War II, the canal became one of America 's most valuable strategic assets and was heavily protected by fleets of U.S. warships. Work is now underway to extend the Panama Canal and the project is estimated to last up to 10 years. This will bring an influx of engineers and foreigners working in related industries and create demand for good quality accommodation.
Panama Currency
The Panamanian balboa (B) = 100 centesimos. The official paper currency is the U.S. dollar, which is accepted everywhere at the rate of B1 = US$1. Real Estate transactions can be undertaken in dollars.
Panama Real Estate Investment
Because of the increased interest in Panama as a retirement destination over the past few years, analysts have predicted Panama as the next hot-spot for increased property value.
Increases in tourism and Panama as a hot spot for trade and commerce will also lead to increasing tenancy rates and rental values. This is in addition to the rental market being created by the Canal works. |
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Retirement Incentives in Panama
When you consider Panama’s low cost of living, affordable real estate, world class health care system and most of all, benefits to retirees, it’s no wonder industry insiders are calling this exotic hot spot the top retirement destination in the world.
Immigration and Residency in Panama
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People wishing to immigrate to Panama have several options and each choice can be easily facilitated with Cpanama Real Estate Corp.’s industry alliances. Non-residents can apply for one of several visas that will allow them to legally live in Panama .
The following is a list of the most popular residency visas offered to foreigners, starting with the most popular. Read more... |
Facts and Figures on Panama
Official Name: Republic of Panama
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: 3,191,319 (July 2006 est.)
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